BIR Ruling No. 392-2021

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No: BOI-LEH -3 9 2 - Z 0 2 t CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN:

Order (EO) No. 226, otherwise known as the "Omnibus Investmenis Code of 1987" and no case earlier than the date of registration of the project with the BOI. pursuant to Executive Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. Novaliches, Quezon City, consisting of 220 housing units used solely for family home or project duly registered with the Board of Investments (BOI) under Cer tificate of Registration (COR) No. December 2016 or actual start of commercial operations/selling, whichever is earlier, but in (horizontal), Amaia Series Novaliches Sector 2 Susano Road, Brgy. San Agustin, dwelling purposes, located at Susano Road, Brgy. San Agustin, Novaliches, Quezon City, a income received directly in connection with its economic and lov.-cost housing project (TIN This certifies that AMAIA LAND CORP.1, with Taxpay er (dentification Number dated December 15, 2016, for a period of three (3) years beginning from ', is exempt from income tax and creditable withholding tax on its

residential dwellings2 with selling price of not more than P3,199,200.00.3 Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January 01, 2021, the exemption 'from VAT shall only apply to'sale of house and lot and other below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (I) (P) f the National Internal Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

Board, the excess is 10 housing units), including those units used for conimercial purposes such the Tax Code of 1997, as amended. as leasing, retail stores, offices, etc., shall be subject to the payment of appropriate taxes under the BOI (per License to Sell No. However, the sale of housing units in excess of the 220 housir:g units registered with issued by the Housing and Land Use Regulatory

documents as represented and submitted. However, if upon investigation, the BIR ascertains that the facts are different, then this Certificate shall be considered null and void. applicable BIR rules and regulations and the Terms and Conditions st:.ted 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 This Certiricate of Tax Exemption is being issued on the hasis of the facts and

Issued this day of OCT 1 8 2021

K- Commissioner of Ii.ternal Revenue CAESAR R: DULAY ( 46'368

2 Sale of iot only, re;ardless of the price, shall be subject to VAI starting January 01, 2021 ursuant to Republic Act (RA) 3 As adjusted using He 2010 Consumer Price Index values per RR No. 8-2021 dated June i, 021. 1 Formerly: First Coimunities Realty. Inc No. 10963

AMAIA LAND CORP (Amaia Series Novaliches S.:ctor 2) CTE No.: Date issued: .1 BOI-LEJ: 1 2 92-Z0Zf

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption fro'u income and creditable withholding taxes covers oniy income directly Novaliches, Quezon City. Such exemption shall not cover revenues from units with selling price attributable to the revenues generated from the project, Amaia Series Novaliches Sector 2 Susano Road, Brgy. San Agustin, Novaliches, Quezon City, consisting of 220 housing units used solely for family home or dwelling purposes, located at Susano Road, Brgy. San Agustin, exceeding P3,000,0(0).00.

The Company is ofligated to construct and sell 220 housing units based on the following schedules/sales reve'tues:

Total Year (No. of Units) Volume 220 120 80 20 (PhP'OCO) Valuc

3. In the computation of the project's ITH, interest income from in-house financing shall not be considered as part ot' the revenues generated from the registered housing project. 4. The Company's en'itlement to ITH for its BOI-registered housing project is subject to the compliance with the provisions of the Specific Terms and Conditions of its BOI Registration. 5 Pursuant to Section 4 of Republic Act (RA) No. 107084, the Company is required to file its tax Joint Memorandum ("ircular No. 1-2016 dated September 1,2016. as amended, using th : electronic system for filing and payment of taxes of the BIR. It shall file with exemptions, deductions. credits or exclusions from the tax base, as may be provided under'EO No 226, within the perio Is prescribed under RA No. 10708's Implementing Ruies and Regulations and returns and pay its tax liabilities, on or before the deadline as provided under the Tax Code of 1997 BOI a complete anrual tax incentives report of its income-based tax incentives, VAT and duty

6. The Company shall he constituted as a withhoiding agent for the government if it acts as employer and any of its emplo: ees received compensation income subject to compen at ion withholding tax. or if it makes payme:its to individuals or corporations subject to the withhol: ling taxes as source as required under Chapter XHII and Section 57 of the Tax Code of 1997, as amen ed, and implemented by'RR No. 2-98, as ainended.

7. The Company is req':ired to file on or before the 15th day of the fourth month following the close of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annual Information Return under oath, stating its gross income and expenses incurre.i during the taxable year.

8. Finaily, the Compans's books of accounts and other pertinent records shall be : ubiect to periodic it is complying with he conditions under which it has been granted tax exemp: : : -or tax incentives examination by revenue enforcement officers of this Bureau for the purpose of a -.: ertaining whether and its tax liability, if any, pursuant to Section 235 of the Tax Code of 1997, as : - nended.

+ An Act Enhancing Transp -ency in the Management and Accounting of Tax Incentives Adminis ered by Investment Promotion Agencies.

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