BIR Ruling No. 321-2021

BUREAU OF INTERNAL REVENUE REPUBLICOF THE PHHLIPPINES DEPARTMENT OF FINANCE Quezon City

Certificate of Tax Exemption No: "-L:32/-2021

CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN:

housing project, REDFERN PHASE 3-- Brgy. Pasong Kawayan, General Trias, Cavite, at Brgy. Pasong Kawayan, General Trias, Cavite, a project ...- Identification Number (TIN) withholding tax on its income received directly :n connection with its economic and low-cost consisting of 284 house and lot units used solely for family home or dwelling purposes, located of Investments (BOI) under Certificate of Registration No. 2020, for a period Of 3 years beginning from January.2021 or actual start of commercial No. 2-98, as amended, provided that the selling price of said house and lot units does not exceed P2,000,000.00 per house and lot unit. operations/selling, whichever is earlier, but in no case eartier than the date of registration of the project with the 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) This certifies that PROPERTY COMPANY OF FRIENDS, INC. with Taxpayer , is exempt from income tax and creditable -stered with the Board dated December 29

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 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 dwellings2 P3 199.200.00. Moreover, the safe by the Company of residential lot valued at P1,919,500.00 and valued at

units), including those house and lot units used for commercial purposes such as teasing, retaii stores, offices, etc. shall be subject to the payment of appropriate taxes under the Tax &ode of registered with the BOI (per Provisional License to Sell No. 1997, as amended. However, the sale of house and iot units in cxcess of the 284 house and lot units the excess is 72 house and tot

applicable BiR rufes and regulations and the Terms and Conditions stated at the back hereof. The Company is liable, however, for atl other applicabte taxes not discussed above. The grant of tax exemption herein is subject to the comptiance 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 H

Draaal

K 1 MDT Commissioner of Internal Revenue CAESAR R. DULAY

2Sale of lot oniy, regardtess of the price. shail he subrect to V T startimg January 01. 2021 pursuant to RA No (0)63 1 As adjusted using the 2010 Consumer Price Index vatues pursuant to RR N0. 8-2021 dated June [1, 2021

Redfern Phase 3 CTE NO Hge 2 of 2 Date issued

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITHONS

The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the project, REDFERN PHASE 3 -- Brgy. Pasong Kawayan, General Trias, Cavite, consisting of 284 house and lot units used solely for family home or dwelling purposes tocated at Brgy. Pasong Kawayan, General Trias, Cavite. Such exemption shall not cover revenues from units with selling price exceeding P2.000.000.00.

2. The enterprise shall observe the following project timetable:

Land Acquisition Activity May 20 i7 Period

Ticense/permit/registration from the Secure necessary May 2018 - February 2020

Start of Commercial Operations Building/House construction Site preparation and development goveriment/training costs October 2020 -December 2025 April 2020 - December 2025 January 2021

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

The Conpany's entitlement to ITH for its BOl-registered housing project is subject to the Compliance with the provisions of the Specilic Terms and Conditions of its BOl Registration.

5. Purstant to Section 4 of Republic Act (RA) No. 107081. the Company is required to file its tax

returns and pay its tax liabiities. on or before the deadline as provided under the f'ax Code of' 1 997 as amended. using the electronic system for filing and payment ot taxes ot the BIR. It shall file with BOl a complete annual tax incentives report of its income-based tax incentives. VAT aund duty exemptions. deductions. credits or exclusions from the tax base. as inay be provided under EO No. 226. within the periods prescribed under RA No. !0708's Implementing Rules and Regulatious and Joint Memorandum Circular No. 1-2016 dated September 1. 2016.

(} I he Company shall be consuituted as a withholding agent for the government if it acts as employer

and any of its employees received compensation income cubject to compensation withholding tax. or if it makes payments to individuals or corporations subject to the withholding taxes as source as required under Chapter XH1t and Section 57 of the Tax Code of 1997. as amended. and implemented by RR No. 2-98. as amended.

The Company is required to file on or before the 15th day of the fourth month tollowing the close of its accounting period of a Profi and L.oss Suatement and Balance Sheet with the Annual Information Return under oath, stating its gross incoine and expenses incurred during the taxable Y car.

8. Finallv. the Company's books of accounts and other pertinent records shall be subject io periodic

examination by revenue enforeement oificers of this Dureau for the purpose ot ascertaining whether it is complying with the conditions under which it has heen granted tax exemption or tax incentives and its tax liability. if any- pursuant to Section 235 of the Tax Code ot 1997. as amended.

Yu tet Fnhancing Transparency in the 4inngement and Tecounting ar Tay Incentives Admmiatered Tv Investmen Piootion Nactictes