BIR Ruling No. 445-2017

REPUBLIC OF THE PHILIPPINES

e T BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE Quezon City

Certificate of Tax Exemption No. 445-2017

CERTIFICATE OF TAX EXEMPTION

issued to

ASIA SOCIETY PHILIPPINE FOUNDATION,INC 2/F Aim Conference Center. Benavidez corner.Trasierra streets. Legaspi Village,Makati City 1229

SEC Company Reg. No. TIN:

This certifies that the above-named corporation is a non-stock.non-profit corporation and has proven by actual operation that its primary purpose falls under Section 30 (E of the on the following revenues or receipts: National Internal Revenue Code of 1997.as amended.It is exempt from INCOME TAX only

I.Donations and Contributions.

-nothing follows

subject to the provisions of applicable BIR rules and regulations and the tax exemptions liabilities and responsibilities stated in the Terms and Conditions hereto attached and made an integral part hereof. It is liable, however, to all other taxes not enumerated above.

This certification shall be valid for three (3 years from the date of issuance unless earlier revoked by this Office for violation of any provisions of applicable rules and regulations of BIR, or the terms and conditions herein set forth.

This Certificate may be renewed upon filing of a subsequent application for revalidation provided under Revenue Memorandum Order (RMO No.20-2013. Failure to renew this Certificate shall be deemed a revocation thereof upon the expiration of the three (3-year period.

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

Issued this day of_SEP 0 6 2017

Commissioner of Internal Revenue CAESAR R.DULAY

K- Cuc.h CELIAC.KING

Deputy Commissioner Resource Management Group

OfficorIn-fhnraa

Page 2 of 3 ASIA SOCIETY PHILIPPINE FOUNDATION, INC CTE No. Date issued L

A

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION

U) INCOME TAX. ASIA SOCIETY PHILIPPINE FOUNDATION, INC. is On(y cxCmpt of Tax Exemption. Moreover. to be entitled to the tax exemptions enumerated herein. from the payment of income tax on revenues and receipts enumerated on the Certificate the association/corporation/ organization must continue to meet the requirements set forth under Revenuc Memorandum Order No. 20-20 t 3.

LIABILITY FOR INTERNAL REVENUE TAXES

1) INCOME TAX

activity conducted for profit regardiess of the disposition thercof. which income should be incomc/reccipts/revcnucs not expressly exempted and stated in the Certificate of Tax Exemption. Moreover. it is subject to the corresponding internal revenuc taxes imposed under the NIRC on its income derived from any of its properties, real or personal. or any returned for taxation. ASIA SOCIETY PHILIPPINE FOUNDATION, !NC.is subject to income taX on alI its

Likcwisc. interest income from currency bank deposits and yicld or any other monetary benefits from deposit substitute instruments and from trust funds and similar arrangements. and royalties derived from sources within the Philippines are subject to the twenty percent (20%) final withholding tax: Provided. however. that interest income derived by it trom a depository bank under the expanded foreign currency deposit system shall be subject to seven and onc-half percent (7-1/2%) final withholding income tax pursuant to Section 27(D)(1) in relation to Sec. 57(A) both of the NIRC 4

2) VALUE ADDED TAX/PERCENTAGE TAX

services in the course of a business pursuit. including transactions incidental thereto. its lf ASIA SOCIETY PHILIPPINE FOUNDATION INC, is engaged in the sale of goOds or revenues derived therefrom shall be 'subject to the 12% VAT, in casc thc gross receipts from such sales exceeds One Million Nine Hundred Nincteen 'T`housand Five Hundred Pesos (P1.919.500.00). or to the 3% percentage tax. if gross receipts do no1 exceed P1.9[9.500.00

Notwithstanding that i is a non-stock, non-profit corporation. its purchase of goods or properties or services and importation of goods shall ncvertheless be subject to the 12% VAT pursuant to Sections 106 and 107 of the NIRC.

3) WITHHOLDING TAX

Section 57 of the NIRC. as implemented by Revenue Regulations No. 2-98. as amended. agent for thc govemment if it acts as an employer and its employees receive compensation NIRC. as implemented by Revenue Regulations No. 2-98. as amended. or if it makes ASIA SOCIETY PHILIPPINE FOUNDATION, INC. incomc subiect to the withholding tax under Section 79 (A). Chapter XIII. Titte I1 of the income paymcnts to individuals or corporations subject to the withholding tax pursuant to : shall be constituted as withhoiding

ASIA SOCIETY PHILIPPINE FOUNDATION, INC. Page 3 of 3 Date issued_9-6-2017 CTE. No. 445-2017

TAXPAYER'S DUTIES & RESPONSIBILITIES

{} ASIA SOCIETY PHILIPPINE FOUNDATION INC, is rcquired to file on or before the |5th gross incomc and expenses incurred during the preceding period and a certificate showing that there has not been any change in iis By-laws. Articies of Incorporation, manner of Statement and Balance Sheet with the Annual Information Return under oath. stating its Certificate of Tax Exemption shall be attached to the aforementioned Annual Information day of the"fourth month following the end of' the accounting period a Profit and Loss operation and Return. activities as well as sources and disposition of income. Copy of this

2) Under Section 235 of the National Internal Revenue Code of 1997. any provision of Iiabilities. if any. conditions under which it has been granted tax exemptions or tax incentives, and its tax existing general and special law to the contrary notwithstanding, the books ot accounts and other pertinent records of tax-exempt organization or grantees of tax incentives shall be subject to examination by the BIR for purposes of ascertaining compliance with the

3) Further. it is also required under Section 6(C) in relation to Section 237 of the National Internal Revenue Codc of 1997 to issuc duly registered receipts or sales or commercial directly related to the activities for which the Association is registered. (Revenue invoices for each sale or transfer of merchandise or for services rendered which are not Memorandum Circular No. {RMC} No. 76-2003).

4} Finally. it is subject to the payment of registration fee of PhP 500.00 as prescribed in Section 236(B) of the National internal Revenue Code of 1997. as amended.