BIR Ruling No. 485-2020

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE

BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

BOI-LEH-0485-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

This certifies that CITYLAND DEVELOPMENT CORPORATION with

creditable withholding tax on its income received directiy in connection with its low-cost mass Taxpayers Identification Number (TIN) is exempt from income tax and

Mandaluyong City, a project duly registered with the Board of Investments (BOI) under housing project (vertical), Pines Peak Tower I, consisting of 1,192 housing units used solely for family home or dwelling purposes, located at Union corner Pines Streets, Brgy. Barangka, Registration No dated June 01, 2012, for a period of three (3) years beginning from

No. 2-98, as amended. July 19, 2012 to July 18, 2015, pursuant to Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR)

below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

exemption from VAT shall only apply to sale of house and lot and other residential dwellings Revenue Code of 1997, as amended' Provided. however, that beginning January 01, 2021, the with selling price of not more than P2,000.000.00. exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal

those units used for commercial purposes such as leasing, retail stores, offices, etc., shall be subject to the payment of appropriate taxes under the National Internal Revenue Code of 1997. the BOI, if any, as well as the 9 storage units, 6 auxiliary units, and 165 parking slots, including However, the sale of housing units in excess of the 1,192 housing units registered with

as amended.

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

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. This Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this day ofAUG2 0202

Aeea CN

K-1-LMAT Commissioner of Internal Revenue CAESAR R. DULAY 036394 O

: Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963.