BIR Ruling No. 316-2021

REPUBLICOFHHHE PHLIPPINES

BUREAU OF INTERNAL REVENUE DEIARTMENT OF FINANCE

Quezon City D0

Certificate of Tax Exemption No: 111-316 -2021

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

housing project, WOODCRESS PHASE 2 -- Brgys. Tapia & Pasong Kawayan, Generai purposes, located at Brgy. Tapia & Pasong Kawayan, General Trias, Cavite, a project d rentered with the Board of Investments (BOl) under Certificate of Registration No. known as the "Omnibus investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue withholding tax on its income received directly in connection with its economic and low-cost start of commercial operations/selling, whichever is earlier, but in no case eartier than the date of registration of the project with the BOI, pursuant to Executive Order (EO) No. 226, otherwise Regulations (RR) No. 2-98. as amended, provided that the selling price`of said house and Iot units does not exceed P2,000,000.00 per house and lot unit. Identification Number (TIN) Trias, Cavite, consisting of 308 house and lot units used solely for family home or dwelling Hated December 29, 2020, for a period of 3 years beginning from January 2021 or actual This certifies that PROPF p ANY OF FRIENDS, INC. with Taxpayer , is exempt from income tax and creditable

below, or house and lot and other residential dwellings valued at P3, 199,200.00' and below, is VAT-exempt under Section 109(1)(P) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January 01, 2021, the VAT exemption shall only apply to sale of house and lot and other residential dwellings? P3.199.200.00 Moreover, the sale by the Company of residential lot valued at Pi,919,500.00 and valued at

registered with the BOI (per Provisional License to Sell No. t units), including those house and lot units used for commercial purposes such as leasing, retai! stores, offices, etc. shall be subject to the payment of appropriate taxes under the I'ax Code of 1997, as amended. However, the sale of house and lot units in excess of the 30s house and lot units the excess is 63 house and lot

applicable BiR rules and regulations and the Terms and Conditions stated at the'back hereof. The Company is liable, however, for all other applicable taxes not discussed above. The grant of tax exemption herein is subject to the compliance with the provisions of

that the facts are'different, then this Certificate shalt be considered null and void. documents as represented and submitted. _ However, if upon investigation. the BIR ascertains This Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this day of

DUr C

K I MDT Commissioner of interna! Revenue CAESAR R. DULAY

+ As adjusted using the 2010 Consuner Price Index vahies pursuant to RR N0. 8-2021 dated Jone +1. 2021 H Sale ot tot only, teraudless of the piuee shall be ubect io VAI stautmg Jaarv ot n2t parsant to RA No itx

Duqe of e Woodcress Phase 2 Doe shot I.TF M

TERMS AND CONDITIONS OF THE CERTIFICATE OF TAX EXEMPTHON

t.The exemption trom hncone and creditabie withholding taxes covers only incone directty

utributab!e to the revenues generated froin the project. WoODCRESS PHASE 2 - Brgys.

Tapia & Pasong Kawayan, General Trias, Cavite, consisting ot 308 house and lot units

used solely tor tamty home or dweiling purposes located at Brgys. Tapia & Pasong

Kawayan, General Trias, Cavite. Such exemption sha!l not cover revenues fron units with

Selling price exeeeding P2,000.000.00.

2. The enterprise shall observe the following project timetable:

Tand Acquisition license/permit/registraton from the ecure necessary Activity November 2018 - February 2020 Novemher 20!7 Period

Stat of Commercial Operations. Puilding/House construction government/training costs Site preparation and development November 2019-- December 2024 Vay 2020 - December 202 tauuary 202]

3. In the computation of the project's iTH. interest income from in-house tinancing shall tiot he

Considered as part of the revenues generated fron the registered housing project.

IThe (annay' Cenplianee whth the provisious ot the specific Terins and conditions of fs Bot Registraton.t entitlement to Frt for its BO-registered housing project is suhject to the

5.Pursuant to Section + :t Republie Ast (RA) Nn. H070Xt. the (ompany s reaiired to tile its ta

returns and pay its tax Hahilities. on or before the deadline as provided under the Tax Code of' foo7. as ainended, using the electronic sy stem for thling and payment of exes of the BiR. It shall file with 1ot a complete annual tax incentives report et its income-based iax mcentives. VA f 'and duty exemptions. deductions. credits or exclusions from the tax hase, as may be provided under Eo No. 226, within the periods preseribed anier RA No. 10708's Implementing Ruies and Regulations and koint Memorandum Cireular No. 1-2016 dated September t. 2016.

The Conpany shall he constituted! as i withhoiding cugent for the government H it hets as emplok er and any ot is employees received compensation tncome subject to conpensation w ithholding tax.t or it it makes payments to individuals or eorporations subject to the withholding taxes as source as requtred under Chapter xlll and Seerion s 7 Mt the Tax ('ode of :vo7. :s amended. and inpiemeuted (y RR No.2.us need

The Company is required to tle on or before the 15t day of the fourth nonth following the ckose Intorntation Return under ouh. stating ies gross ineome and expenses incurred dering the taxable o Hs aecounting period ot Proth md l.oss stateneni cnd Balance Sheet with the Anal

I caht.

8.Tinally. the t'cnoany's hooks ot .iccounts and other pertitent tecords shatl te stbject to periodie atitieg by : revenue entoreement oltice ot this Bureau hy the ourpose o iseerening heter

tt :s connply ing with the condtittons under which it has been granted tex exempiiou or rax ineenisest snd its tix tiability. it :uny. pursuant (o Section 235 of the rax (Code of 1997. us amended.

An ict I'nhancing fransparencr i he ianszenent md Aeeountina af Ta: Incentire Xaininistered hy invetment