BIR Ruling No. 448-2021

^IPPT^ REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OFINTERNAL REVENUE Quezon City Certificate of Tax Exemption No: i a - z(121 CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN: This certifies that BRIA HOMES,INC'. with Taxpayer Identification Number(TIN) is exempt from income tax and creditable withholding tax on its income received directly in connection with its economic and low-cost hojising project, Bria Flats Cagayan de Ore-Magenta Building- Kauswagan,Cagayan de C>ro City,consisting of^ residential units used solely for family home or dwelling purposes] located at Kauswagan, Cagayan de Ore City,a project duly registered with the Board of [nvestments(BOI)under Certificate ofRegistration No. dated December 26,20191 for a period of 3 years beginning from January 2020 or actual start ofcommercial operatians/selling, whichever is earlier, but in no case earlier than the date ofregistration ofthe proje(Jt with the BOI,pursuant to Executive Order(HO)No. 226, otherwise known as the "Omnibus Investments Code of 1987"and Section 2.57.5(B)(2)ofRevenue Regulations(RR)No.2-98,as amended. Moreover, the sale by the Company of residential lot valued at PI,919,500.00 and below, or house and lot and other residential dwellings valued at P3,l 99,200.00 and below, is VAT-exempt under Section 109(I)(P)ofthe National Internal Revenue Code(Tax Code)of 1997, as amended. Provided, however,that beginning January 01,2021,the VAT exemption shall only apply to sale of house and lot and other residential dwellings^ with selling price of not more than P3,199,200.00^. However,the sale ofresidential units in excessofthe80residential units registered with the BOI, if any, including those units used for commercial purposes such as leasing, retail stores, offices,etc.shall be subject to the payment ofappropriate taxes under the Tax Code of 1997,as amended. 1 s The grant oftax exemption herein is subject to the compliance with the provisions 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. This Certificate of Tax Exemption is being issued on the basis of the facts and documents as represented and submitted. However, if upon investiga ion,the BIR ascertains that the facts are different, then this Certificate shall be considered null and void. Issued this day of {) (J /ij2l K-l-GPS CAESAR.DULAY Commissioner ofIntemal Revenue 04 )i 0 'Formerly: Casa Regalia,Incorporated ^ Sale oflot only,regardlessofthe price,shall besubjectto VATstartingJanuary01,2021 pursuant to RA No. 10963. 'Asadjusted usingthe2010Consumer Price Index values pursuantto RR No.8-2021 dated Ju|te 11,2021