BIR Ruling No. 610-2020

REPUBLICOFTHE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No:

BOI-LEH--202

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

commercial operations/selling, whichever is earlier, but in no case earlier than the date of (vertical), Amaia Steps Alabang -- Delicia -- Alabang-Zapote Road, Almanza Uno, Las Pinas City, consisting of 256 residential units used solely for family home or dwelling income received directly in connection with its economic and low-cost housing project purposes, located at Alabang-Zapote Road, Almanza Uno, Las Pinas City, a proiect duly registered with the Board of Investments (BOI) under Registration No. April 26, 2017, for a period of three (3) years beginning from April 2017 or actual start of known as the "Omnibus Investments Code of 1987 and Section 2.57.5' (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. registration of the project with the BOI, pursuant to Executive Order (EO) No. 226, otherwise (TIN) This certifies that AMAIA LAND CORP.1, with Taxpayers Identification Number is exempt from income tax and creditable withholding tax on its dated

with selling price of not more than P2,000,000.00. below, or house and lot and other residential dwellings valued at P3, 199,200.00 and below, is Revenue Code of 1997, as amended. Provided, however, that beginning January 01, 2021, the exemption from VAT shall only apply to sale of house and lot and other residential dwellings2 exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

with the BOI, if any, as well as the 70 parking slots, including those units used for commercial purposes such as leasing, retail stores, offices, etc., shall be subject to the payment of appropriate taxes under the National Internal Revenue Code of 1997, as amended. However, the sale of residential units in excess of the 256 residential units registered

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

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 ofOCT 2 7 20Z0

awam

K-1-LMAT Commissioner of Internal Revenue CAESAR R.DULAY 037284

Formerly: First Communities Realty, Inc. 2Sale of iot only,regardless of the price, shall be subject to VATstarting January 01,2021 pursuant to Republic Act (RA) No. 10963.

(Amaia Steps Alabang-Delicia AMAIA LAND CORP. Date issued: CTE No.: UCT7 BOLLEH-2O0

TERMS AND CONDITIONS

OF THE CERTIFICATE OF TAX EXEMPTION

l The exemption #rom income and creditable withholding taxes covers only incomedirectly

attributable to the revenues generated from the project, Amaia Steps Alabang - Delicia -

Alabang-Zapote Road, Almanza Uno,Las Pinias Cityconsisting of 256 residential units used

solely for family home or dwelling purposes, located at Alabang-Zapote Road, Almanza Uno, Las

Pinas City. Such exemption shall not cover revenues from units with selling price exceeding

P3,000,000.00.

2.. The Company is obligated to construct and sell 256 residential units based on the following

schedules/sales revenues:

Year 3 2 (no.of units) Volume 86 85 85 (in PhP 000) Value.

Total 256

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

compliance with the provisions of the Specific Terms and Conditions of its BOI Registration.

5.. Pursuant to Section4 of Republic Act (RA) No. 107083, the Company is required to fileits tax

returns and pay its tax liabilities, on or before the deadline as provided under the National Internal Revenue Code of 1997, as amended, using the electronic system for filing and payment of taxes of

incentives, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may the BIR. It shall file with BOIa complete annual tax incentives report of its income-based tax Rules and Regulations.and Joint Memorandum Circular No. 1-2016 dated September 1, 2016. be provided under E.O.226, within the periods prescribed under RA No.10708's Implementing

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 withholding taxes as source as required under Chapter XIII and Section 57 of the National Internal Revenue Code of 1997, as amended, and implemented by Revenue Regulations (RR) No. 2-98, as amended.

The Company is required to file on or before the 15th day of the fourth month following the close

Information Return under oath, stating its gross income and expenses incurred during the taxable of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annual

year.

8. Finally, the Company's books of accounts and other pertinent records shall be subject to periodic as amended. 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-National Internal Revenue Code of.1997,

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