BIR Ruling No. 415-2021

BUREAU OF INTERNAL REVENUE REPUBLICOF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate ot Tax Exemption No:

BOI-LEH - 2 15 - 2 0 2 1 CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN:

Revenue Regulations (RR) No. 2-98, as amended. income receiveu uuetly in connection with its economic and fo.v-cost housing_project purposes, located at Arnaldo Highway, Brgy. Santiago, General Tria-, Cavite, a project duly registered with the Board of Investments (BOI) under Certificate of Registration (COR) No. actual start of commercial operations/selling, whichever is earlier, bu: in no case earlier 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 (horizontal), Amaia Scapes General Trias -- Arnaldo Highway, B.gy. Santiago, General Trias, Cavite, consisting of 2492 housing units used solely for fainily home or dwelling (TIN) This certifies that AMAIA LAND CORP., with Taxpay er Identification Number dated June 18, 2015, for a period of four (4) years beginning from June 2015 or n" is exempt from income tax and creditable withholding tax on its

residential dwellings3 with selling price of not more than P3,199,200.00.4 01, 2021, the exemption "from VAT shall only apply to'sale of' house and" lot and other below, or house and lot and other residentiail dwellings valued at P3,109,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided, howev er, that beginning January Moreover, the sale by the Company of residential lot valueu at P1,919,500.00 and

the BOI, if any, including those units used for commercial purposes such as leasing, retail stores, offices, etc., shall be subject to the payment of appropriate taxe: under the Tax Code of 1997, as amended. However, the sale of housing units in excess of the 249 housi.g units registered with

applicable BiR rules and regulations and the Terms and Conditions st.ited 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 complianc: 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 investiga ion, the BIR ascertains Issued this This Certificate of Tax Exemption is being issued on the oasis of the facts and day of NOV 4 2021

K-I-MDT Commissioner of Internal Revenue CAESAR R. DULAY C 46809

Sale of lot only, reardless of the price, shall be subject to VAT starting January O1, 2021 ursuant to Republic Act (RA) 2 Per License to Sell No + As adjusted using tie 2010 Consumer Price Index values per RR No. 8-2021 dated June t1. :021. Formerly: First Coramuniti. Realty, Inc. No. 10963 issued by the Housing and Land Use Regulatory Board (HLL B).

AMAIA LAND CORP. {Amaia Scapes General Tria':} CTF No.: Date issued: BOI - LEH 415-2021

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

l. The exemption froni income and creditable withholding taxes covers only income directly

attributable to the res enues generated from the project, Amaia Scapes General Trias -- Arnaldo Highway, Brgy. San tiago, General Trias, Cavite, consisting of 249 housing unjts used solely for family home or dwe!ling purposes, located at Arnaldo Highway, Brgy. Santiagb, General Trias. Cavite. Such exemtion shall not cover revenues from units with selling price exceeding P3.000.000.00

2. The Company is obli gat:d to comply with the following schedules/sales revenues:

Total Year (No. of Units) Volume 3785 265 38 15 (PhP'000) Value

3. In the computation of the project's ITH, interest income from in-house finanging 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 fs subject to the compliance with the provisions of the Specific Terms and Conditions of its BOI Registration.

5. Pursuant to Section + of Republic Act (RA) No. 107086, the Company is requi'red to file its tax returns and pay its ta: liabilities, on or before the deadline as provided under the T[ax Code of 1997 as amended, using th : electronic system for filing and payment of taxes of the BIR. It shall file with exemptions, deductions. credits or exclusions from the tax base, as may b provided under EO No 226, within the perio.Is prescribed under RA No. 10708's Implementing R ules ang Reguiations and Joint Memorandum ('irc ular No. 1-2016 dated September 1, 2016. BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty

6. The Company shall te constituted as a withholding agent for the government if it acts as employer or if it makes payments to individuals or corporations subject to the withholding taxes as source as required under Chapt er XIII and Section 57 of the Tax Code of 1997, as amended, land implemented by RR No. 2-98, as arnended. and any of its emplo: ees received compensation income subject to compensatior withholding tax,

I The Company is required to file on or before the isth day of the fourth mon h following the close of its accounting period of a Profit and Loss Statement and Balance Sh :et Jwith the Annual Information Return under oath, stating its gross income and expenses incurr d during the taxable year.

8. Finally. the Compan: 's books of accounts and other pertinent records shall t, subject to periodic it is complying with he conditions under which it has been granted tax exempti: r or tax incentives examination by revenue enforcement officers of this Bureau for the purpose of a :certaining whether and its tax liability, if any, pursuant to Section 235 of the Tax Code of 1997, as imended.

% An Act Enhancing Transp renzy in the Management and Accounting of Tax Incentives Adminif .eitu by Investment While the company is oblig:ted to construct 378 housing units, the exemption from income and cre di able withholding tax covers only revenues generet ed from the 249 housing units allowed per HLURB License to Sell No. Promotion Agencies.

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