BIR Ruling No. 279-2021

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

B0}~LEH-2 7 3 - 2 921

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

three (3) years beginning from April 2021 or actual start of commercial operations/selling. Taxpayer Identification Number (TIN) low-cost housing project, Eastwood Villa Extension -- Brgy. San Isidro, Rodriguez, Rizal. BOI, pursuant to Executive Order (EO) No. 226, otherwise known as' the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, creditable withholding tax on its income received directly in connection with its economic and consisting of 141 house and lot units used solely for family home or dwelling purposes located at Brgy. San Isidro, Rodriguez, Rizal, a project dulv registered with the Board of Investments (BOI) under Certificate of Registration No. whichever is earlier, but in no case earlier than the date of registration of the project with the as amended. This certifies that CENQHOMES DEVELOPMENT CORPORATION, with dated April 27, 2021, for a period of , is exempt from income tax and

below, or house and lot and other residential dwellings valued at P3,199,200.00' and below, is Code), as amended. Provided, however, that beginning January 01, 2021, the VAT exemption VAT-exempt under Section 109(1)(P) of the National Internal Revenue Code of 1997 (Tax shall only apply to sale of house and lot "and other residential dwellings2 valued at P3.199,200.00 Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

leasing, retail stores, offices, etc. shall be subject to the payment of appropriate taxes under the registered with the BOI, if any, including those units used for commercial purposes, such as Tax Code, as amended. However, the sale of house and lot units in excess of the 141 house and lot units

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 ofjUL 3 1 ?O21

Wc

K-1 &p Commissioner of Internal Revenue CAESAR R. DULAY 044293 #

: As adjusted using the 2010 Consumer Price Index values pursuant to RR No. 8-2021 dated June 11, 2021 2 Sale of lot only, regardless of the price. shall he subject to VAT starting January 01. 2021 pursuant to RA No. 10963

Date issued CTE No.

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the project. Eastwood Villa Extension -- Brgy. San Isidro, Rodriguez. Brgy. San Isidro, Rodriguez, Rizal. Such exemption shall not cover revenues from units with selling Rizal,consisting of 141 house and iot units used solely for family home or dwelling purposes located at

price exceeding P2,000,000.00. Moreover, the 141 house and lot units per Department of Hurman Settlements and Urban Development (DHSUD) Provisional License to Selil No. for more than P1,700,000.00 per house and lot package. shall not be sold

2. The enterprise shall observe the following project timetable:

Start of Commercial Operations Site preparation and development Secure necessary license/permit/registration Building/House construction Land acquisition from the government/training costs Activity November 2021 - November 2022 September 2019 - March 202 August 2020 - March 2021 June 2017 Schedule April 2021

3. In the computation of the project's ITH, the following shall apply:

2 Only income generated from the sale of housing units (Eastwood Villa Extension - Brgy. San

{sidro, Rodriguez, Rizal) with selling price not exceeding PhP2.0M and used solely for family home or dwelling purposes and not for commercia! purposes such as ieasing. retail stores. offices, etc.

b. Interest income from in-house financing shall not be considered as revenues generated from the shall be qualified.

registered activity.

The Company's entitlement to [TH 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. 107083, the Company is required to file its tax returns and pay its tax liabilities, on or before the deadline as provided under the Tax Code. as amended, using tax incentives report of its income-based tax incentives, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may be provided under EO No. 226, within the periods prescribed the electronic system for filing and payment of taxes of the BIR. It shall file with BOi a complete annual under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No. 1- 2016 dated September 1, 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 withholding tax, or if it makes payments to individuals or corporations subject to the withhoiding taxes as source as required under Chapter XII1 and Section 57 of the Tax Code, as amended, and implemented by RR No. 2-98, as amended.

7. The Company is required 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 incurred during the taxable year.

8. Finally, the Company's books of accounts and other pertinent records shail be subject to periodic

examination by-revenue_enforcement-officers.of this Bureau for the purpose of ascertaining whether it is complying with the conditions under which it has been granted tax exemption or tax incentives and its tax liability. if any- pursuant to Section 235 of the Tax Code, as amended.

An Act Enhancing Transparency in the Management and Accounting of Tax Incentives \dministered hy Investment Iromotion Agencies.

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