BIR Ruling No. 647-2020

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No: B0-LEH-0647-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

This certifies that PROPERTY COMPANY OF FRIENDS, INC.,with Tax Identification Number is exempt from income tax and creditable

for family home or dwelling purposes, iocated at Brgys. Tapia and Pasong Camachile i, housing project, BRIGHTON PHASE 4, consisting of 469 house and lot units used solely General Trias, Cavite, a project duly registered with the Board of Investments (BOI) under withholding tax on its income received directly in connection with its economic and low-cost

December 2019 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 BOI, pursuant to Executive Registration No. dated December 27, 2019, for a period of 3 years beginning from

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 lots valued 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 amended. Provided, however, that beginning January 1, 2021, the VAT exemption shall apply only to sale of house and lot

and other residential dwellings2 with selling price of not more than Two Million Pesos (P2,000,000.00)

The sale of housing units with selling price of more than Two Million Pesos3, including those units used for commercial purposes such as leasing, retail stores, offices, etc., shall also

be subject to other applicable taxes under the 1997 Tax Code, as amended.

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 1 26u

nasoww

CAESAR R.DULAY

Commissioner of Internal Revenue

K- 038060

to Department of Human Settlement and Urban Development Southern Tagalog, the number of units with selling price of not Based on HLURB License to Sell No. , the total number of units for the project is . . However, per letter addressed

2 Sale of lot only, regardless of the prce.shall be subject toVAT starting January 1, 2021 pursuant to KA NO.10903. more than 3 Based on HLURB License to Sell No. pesos is onlywhile the remainingunits are being sold for more than I, there are 66 units being sold for more than pesos.