BIR Ruling No. 289-2020

BUREAU OF INTERNAL REVENUE REPUBLIC OFTHE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No:

PSH-0289-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

(CWT) pursuant to Section 20 (d) (1) of Republic Act (RA) No. 7279, as amended by RA'No. income received directly in connection with its sale of socialized house and lot units for residential and dwelling purposes to qualified beneficiaries in Bellavita -- Cagayan De Oro, consisting of 1,600 house and lot units, located at Indahag, Cagayan De Oro City, a project duly registered with the Housing and Land Use Regulatorv Board (HLURB) under Certificate said units does not exceed P450,000.002 per house and lot. Number (TIN) of Registration No. : i10884 (Balanced Housing Development Program Amendments) dated July 17, 2016, on its This certifies that BELLAVITA LAND CORP.1 with Taxpayers Identification and License to Sell No. , is exempt from income tax and creditable withholding tax ", provided that the selling price of

below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal 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 dwellings3 with selling price of not more than P2,000,000.00. Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

conveying the properties shall be subject to DST imposed under Section 196 of the National being covered by RA No. 7279, shall be subject to the payment of appropriate taxes. covered by the tax exemption clause in Section 20 of RA No. 7279. Thus, the documents Internal Revenue Code of 1997, as amended, based on the consideration contracted to be paid for such realties or on their fair market value determined in accordance with Section 6 (E) of the same Code, whichever is higher. Likewise, lots/units classified as Economic Housing, not It is observed, however, that documentary stamp tax (DST) is not one of the taxes

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 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_MAY 2 6 202Q

Maeamy

CAESAR R. DULAY

K-I-LMAT Commissioner of Internal Revenue 035079

O L

Formerly: South Maya Ventures Corporation 2 Per HLURB License to Sell No. 031703 dated August 22, 2016. Sale of lot only, regardless of the price, shll be subject to VAT starting January O1, 2021 pursuant to RA No. 10963.

(Bellavita - Cagayan De Oro) BELLAVITA LAND CORP. CTE No.: Date issued: PSH,M MAY 2 6 202 2892020

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption from income and creditable withholding taxes covers only income directly

attributable to the revenues generated from the 1,600 socialized house and lot units in Bellavita -- Cagayan De Oro, located at Indahag, Cagayan De Oro City.

2 The developer shall submit the sworn statement of the buyer that he is eligible as a socialized

housing beneficiary under Section 5 (A) of Revenue Regulations (RR) No. 11-97 to the Bureau of Internal Revenue (BIR) during the processing of the Certificate Authorizing Registration

(CAR) for the transfer of the title of the socialized housing unit.

3 It is understood that the CAR shall only be issued after it is estabiished upon proper verification

by the Revenue District Officer (RDO) concerned that, considering the rules on valuation of real property, the actual selling price per sale transaction of the socialized house and lot packages in this case does not really exceed P450,000.00.

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