BIR Ruling No. 408-2021

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No:

BOI-LEH-4 0 8 - 2 0 2 1

CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN:

(4) years beginnin, from June 20i5 or actual start of commercial operations/selling. BOI, pursuant " to Ixecutive Order "(EO)" No. 226," otherwise known as"the "Omnibus Investments Code ol 1987 and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. whichever is earlier, but in no case earlier than the date of registration of the project with the consisting of 384 hcusing units used solely for family home or dwelling purposes, located at Sta. Cruz, Sta. Maria, Bulacan, a project dulv registered with the Board of Investments (BOI) under Certificate of Registration (COR) No. income received directly in connection with "its economic and low-cost housing project (horizontal), Amaia Scapes Buiacan Sector 1-A -- Sta. Cruz, Sta. Maria, Bulacan, (TIN) This certifie:; that AMAIA LAND CORP.1, with Taxpayer Identification Number is exempt from income tax and creditable withholding tax on its dated June 18, 2015, for a period of four

01, 2021, the exemption 'from VAT shall only apply to'sale of house and lot and other residential dwellings w ith selling price of not more than P3,199,200.00.3 below, or house and lot and other residentiai dwellings valued at P3, 199,200.00 and below, is exempt from value-dded tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

the excess is 13 housing units), 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 Tax Code of 199 7, as amended. the BOI (per License to Sell No. However, the sale of housing units in excess of the 384 housing units registered with issued by the Housing and Land Use Regulatory Board.

applicable BIR rules and regulations and the Terms and Conditions stated at the'back hereof. The Company is lia-le, 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 diff rent, 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 NOV 0 4 2021

1Oe30 Ny

K-I -MDT Commissioner of Internal Revenue CAESAR R. DULAY 046862

2 Sale of Jot only. regardle: o1 the price, shall be subject to VAT starting January O1. 2021 pursuant to Republic Act (RA) 3 As adjusted using the 201 C..nsumer Price Index values per RR No. 8-2021 dated June I1. 2021. : Formerly: First Communi:ies Realty, Inc. No. 10963

AMALA LAND CORP (Aniaia Scapes Butacan Sector . :) Date issued: CTE No.: BOI -LEH 4U0-.2021

OF THE CERTIFICATE OF TAX EXEMPTIGN TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes cover'; only income directly revenues from units w .th selling price exceeding P3,000,000.00. Moreover, the 384 housing units Covered by License to Sell No. Cruz, Sta. Maria, b ulacan, consisting of 384 housing units used solely-for family home or unit. attributable to the rev: nues generated from the project, Amaia Scapes Bulacan Sector 1-A -- Sta. dwelling purposes, lo :ated at Sta. Cruz, Sta. Maria, Bulacan. Such exemption shall not cover shall not be sold for more than P: .250,000.00 per housing

2 The Company is oblig ated to construct and sell 38+ housing units oased on the following schedules/saies revenues :

Year Total 4 2 (No. of Units) Volume 38 1 97 130 24 33 (PhP'000) Value

3. In the computation of th.e project's ITH, interest income from in-hous: financing shall not be considered as part of the revenues generated from the registered housing : roject. 4. The Conpany's entitlenent to ITH for its BOl-registered housing p.oject is subject to the compliance with the provisions of the Specific Terms and Conditions of its BOI Registration.

5 Pursuant to Section 4 of Republic Act (RA) No. 107084, the Company is required to file its tax 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circuiar No. 1-2016 dated September 1, 2016. returns and pay its tax liabilities, on or before the deadline as provided und er the Tax Code of 1997 as amended, using the electronic system for filing and payment of taxes of the BIR. It shall file with BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may be provided under EO No.

The Company shall be constituted as a withholding agent for the governn ent 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 Tax Code of 1997, as amended, and impiemented by RR No. 2-98, as amended.

1 The Company is required to file on or before the 15th day of the fourtl. m onth following the close Information Return under oath, stating its gross income and expenses int urred during the taxabie of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annual year.

8 Finally, the Compaty's books of accounts and other pertinent records sh.ll be subject to periodic it is complying with the conditions under which it has been granted tax excmption or tax incentives and its tax liability, if any, pursuant to Section 235 of the Tax Code of 197, as amended. examination by.revenue enforcement officers of this Bureau for the purpos.e of ascertaining whether

An Act Enhancing Transp. rency in the Management and Accounting of Tax Incentive: Administered by Invesunent Promotion Agencies.

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