BIR Ruling No. 642-2017

REPUBLC OF THE PH.IPPINES

BUREAU OF INTERNAL REVENUE DEPARIMENT OF FINANCE Quezon City

Certificate of Tax Exemption No: 542-2017

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

This certifies that BRIA HOMES, INC. with TIN is exempt from income tax and creditable withholding tax on its income received directly in connection with its economic and low-cost housing project, Lumina Tanza Phase 2 - Brgy. Bagtas. Tanza, Cavite consisting of 286 housing units located at Brgy. Bagtas. Tanza, Cavite, a dated December 12, 2016, for a period of 3 years beginning from December 2016 or actual project duly registered with the Board of Investments (BOI) under Registration No.

start 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 No. 226 otherwise known as the "Omnibus Investments Code of 1987" and Sec.2.57.5 (B)(2) of RR No. 2-98, as amended.

below, or house and lot and other residential dwellings valued at P3,199.200.00 and below, is VAT-exempt under Section 109(1)(P) of the 1997 T'ax Code, as amended. Moreover, the sale by the Company of residential lot valued at P1.919.500.00 and

The grant of tax exemption herein is subiject 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 ali other applicable taxes not discussed above.

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 -.nEC.1 9 2017

A usaM

Commissioner of Internal Reyen. CAESAR R. DULAY 011928 K-1

Page 2 of 2 Bria Homes, Inc. Date issucd T-19-?017 (TE NO. 642-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

L The exemption from income and creditable withholding taxes covers only income directly not be sold for more than P1,700,000.00 per house & lot. attributable to the revenues generated from the project, Lumina Tanza Phase 2 - Brgy. P3,000,000.00. Moreover, the 286 housing units covered by License to Sell No. Cavite. Such exemption shall not cover revenues from units with sefling price exceeding Bagtas, Tanza, Cavite consisting of 286 housing units. located at Brgy. Bagtas, Tanza. sha!!

2. The Company is obligated to construct and seli 286 housing units based on the following schedules/sales revenues:

Year 2 1 (No. of Units} Volume 100 04 Value(Php '000)

Tota 286 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 compliancc with the provisions of the Specific 't'erms and Conditions of its BOI Registration. 5. Pursuant to Section 4 of Republic Act (RA) No. 107081, the Company is required to file its 6 The Company shall be constituted as a withholding agent for the government if it acts as Rules and Regulations and Joint Memorandum Circular No. 1-20 16 dated September 1. 2016. provided under E.O. 226, within the periods prescribed under R.A. 10708's Implementing VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may he tax returns and pay its tax liabilities, on or before the deadiine as provided under the 1997 Tax Code, as amended. using the electronic system for filing and payment of taxes of the BIR. It shall file with BOI a complete annual tax incentives report of its income-based tax incentives,

7. The Company is required to file on or before the !5t" day of the fourth month following the Annual Information Return under oath, stating its gross income and expenses incurred during the taxable year. close of its accounting period of a Profit and Loss Statement and Balance Sheet with the employer and any of its employees received compensation income subject to compensation 1997, as amended and implemented by Revenue Regulations (RR) No. 2-98, as amended. withholding tax, or if it makes payments to individuals or corporations subiect to the withholding taxcs as source as required under Chapter XHII and Section 57 of the Tax Code of

8. Finally, the Company's books of accounts and other pertinent records shall be subjcct to

ascertaining whether it is complying with the conditions under which it has heen granted tax Code of 997. as amended. periodic examination by revenue enforcement officers of this Bureau for the purpose of exemption or tax inccntives and its tax liability, if any, pursuant to Section 235 of the Tax

1 An Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by