BIR Ruling No. 582-2017

REPUBLIC OF THE PHILIPPINES

DEPARIMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

CT

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

This certifies that BELLEFONTE PROPERTIES, INC.. with Tax Identification

income received directly in connection with its economic and low-cost housing project, The Number , is exempt from income tax and creditable withholding tax on its

Bellecourt, consisting of 336 units located at Brgy. Balibago. Sta. Rosa City, Laguna. a project duly registered with the Board of Investments (BOI) under Registration No. dated

December 21, 2016. for a period of 4 years beginning from January 2017 or actual start of

commercial operations/selling, whichever is earlier, but in no case earlier than the date of

registration of the project with the BOl. pursuant to Executive Order No. 226. otherwise known

as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B)(2) of Revenue Regulations No. 2-98. as amended.

Moreover. the sale by the Company of residential lot valucd at P1,919,500.00 and 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 Tax Code, as aniended.

The grant of tax 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 investigation. the BIR ascertains that the facts are different. then this Certificate shall be considered null and void.

Issued this day of DEC 0 7 2Q1Z

AC o

Commissioner of Internal Revenue CAESAR R. DULAY 4 011658

K-

Page 2 of 2 Beflefonte Properties, Inc. CIF No Date issued 1-7-70? CA

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

L The exemption from income and creditable withhoiding taxes covers only inconie directly attributable to the revenues generated from the project. The Bellecourt consisting of 336 units. from units with selling pricc cxcecding P3,000.000.00. located at Brgy. Balibago. Sta. Rosa City. Laguna. Such exemption shalt not cover revenues

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

Year 3 (No. of Units) Volume 115 12 O (Php`000) Valuc

Total X 336 30

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.

4. 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.

S Pursuant to Section 4 of Republic Act (RA) No. 10708', the Company is required to file its tax

returns and pay its tax liabilities, on or bcfore thc deadline as provided undcr thc 1997 Tax Code, as amended, using the electronic system for filing and payment of taxes of the BIR. It VAT and duty exemptions, deductions. credits or exclusions from the tax base. as may be provided under E.O. 226, within the periods prescribed under R.A. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No. 1-2016 dated September i, 2016. shall file with BOl a complete annual tax incentives report of its income-based tax incentives.

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

7. The Company is required to file on or before the l5th day of the fourth month foltowing the ciose 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 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 of 1997. as amended.

: An Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by Investment Promotion Agencies.