BIR Ruling No. 553-2017

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE Quezon City

Certificate of T Exemption No:

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

Identification Number withholding tax on its income received directly in connection with its project. Hacienda Balai. consisting of 1,260 units located at Zabarte Avenue. Barangay Kaligayahan. Quezon Citv. a project duly registered with the Board of Investments (BOI) under Registration No of commercial operations/selling. whichever is earlier. but in no case earlier than the date of registration of the project with the BOI, pursuant to Executive Order (EO) No. 226. otherwise dated February 03. 2014, for a period of 3 years beginning from February 2014 or actual start known as the "Omnibus Invcstments Code of 1987" and Section 2.57.5 (B) (2) of Revenue This certifies that PHINMA PROPERTY HOLDINGS CORPORATION,with Tax is exempt from income tax and creditable

Regulations (RR) No. 2-98, as amended.

and below, is VAT-exempt under Section (09(1)(P) of the National Internal Revenue Code of 1997, as amended. Moreover, the sale by the Company of residential dwellings valued at P3.199.200.00

commercial units and 319 parking slots shall be subject to the payment of appropriate taxes under the National Internal Revenue Code of 1997, as amended. However, the sale of residential units in excess of I.260 units, as well as the sale of

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 shall 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 NOV 2 4 2017

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K-1-LMAT Commissioner of Internal Revenuc CAESAR R. DULAY 011363

PHINMA PROPERTY HOLDINGS CORPORATION (Hacienda Balai) CTE No. Date issued11-2l-2017 553-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

I The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the project, Hacienda Balai, consisting of 1,260 not cover revenues from units with selling price exceeding P1,250.000.00. units located at Zabarte Avenue, Barangay Kaligayahan, Quezon City. Such exemption shall

2 The Company is obligated to construct and sell 1,260 units based on the following schedules

sales revenues:

Year C No.of Units Volume 600 330 (P'000) Value

3 330 Total 1,260

3.In the computation of the project's ITH. interest income from in-house financing shall not be considered as part of the revenues generated from the registered housing project.

The Company's entitlement 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.10708the Company is required to file its tax returns and pay its tax liabilities, on or before the deadline as provided under the National of taxes of the BIR.It shall file with BOI a complete annual tax incentives report of its income- base,as may be provided under EO No.226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No.I-2016 Internal Revenue Code of 1997,as amended,using the electronic system for filing and payment based tax incentives,VAT and duty exemptions.deductions, credits or exclusions from the tax dated September I, 2016.

6: The Company shall be constituted as a withholding agent for the government if it acts as employer and any of its employees received compensation income subject to compensation Internal Revenue Code of 1997,as amended,and implemented by RR No.2-98.as amended. withholding tax. or if it makes payments to individuals or corporations subject to the withholding taxes as source as required under Chapter XIII and Section 57 of the National

1 The Company is required to file on or before the 15t 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 incurred during the taxable year.

8. Finally, the Company's books of accounts and other pertinent records shall be subject to periodic examination by revenue enforcement officers of this Bureau for the purpose of exemption or tax incentives and its tax liability, if any, pursuant to Section 235 of the National Internal Revenue Code of 1997, as amended. ascertaining whether it is complying with the conditions under which it has been granted tax

An Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by Investment The maximum selling price is P1,250.000.00 per unit pursuant to HLURB License to Sell No Promotion Agencies.

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