BIR Ruling No. 494-2017

REPUBLIC OF THE PHILIPPINES

DEPARIMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezou City

Certificate of Tax Exemption No: 494-2017

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

This certifies that CITIHOMES BUILDER AND) DEVELOPMENT, INC. with

TIN is exempt from income tax and creditable withholding tax on its

income received directly in connection with its economic and low-cost housing project. Natania Homes Phase 1A - Barangay Pasong Kawayan 2, General Trias, Cavite consisting of 62t units located at Barangay Pasong Kawayan 2. General Trias. Cavite. a project duly registered with the Board of Investments (BOI) under Registration No. dated May 12. 2016. for a period of 4 years beginning from May 2016 or actual start of commerciai operations/sclling. whichever is earlier. but in no case earlier than the date of registration of the project with the BOI. pursuant to Executive Order No. 226. otherwise

known as the "Omnibus lnvestments Code of 1987" and Sec.2.57.5 (B)(2) of RR No. 2-98. as

amended.

Moreover. the sale by the Company of residential lot 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 VA'T-exempt under Section 109(1)(P) of 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 othet 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. .0CT 23 2017

1euU3 f

CAESAR R. DULAY Commissioner of Internal Reveuue

010051 K -

CTIHOMESRUHDYERNDDHELOPMENTNG Page 2ot . Date issuea0-23-2017 (TE: No. 494-2017

OF THE CERTIFICATE OF TAX FXFMPTION TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes covers only income directiy. Barangay Pasong Kawavan 2. General Trias. Cavite. Such exemption shatl not cover revenues from units wjth selting price execeding P3.000.000.00. attributable to the revenues generated from the project. Natania Homes Phase IA Barangay Pasong Kawayan 2, General Trias. Cavite consisting of 621_units. located at

2.The Company is obtigated to construet and sell 621 housing units based on the fotiow ing schedutes 'sales rev enues

Ycar 2 Volume of'Units Value (Php 000)

33 5(

1& tota 21

3. In the computation ot the project's FTH. interest income from in-house tinancing shall not be considered as part ot'the revenues gencrated from the registered housing projeet.

4.The Conmpany's entitlement to Ifl for its BOl-registered housing project is subjeet to the compliance with the prov isions of the Specifie Terms and Conditions ot its BOl Registration.

5. Pursuant to Section 4 of Repubiic Aet (RA) No. 107081. the Company is required to tile its Code. as amended, using the electronie sy stem for filing and payment of taxes of the BR. I shall file with BOl a complete annual tax incentiv es report of its income-based tax inceniv es Rules and Regulations and toint Memorandun &ireular No. 1-2016 dated September 1. 2016. tax returns and pay its tax liabilities. on or before the deadfine as provided under the 19o: Tas VAf and duy exemptions. deductions. credits or exelosions from the tax base. as nay be provided under f.0. 226. within the periods prescribed under R.A. 10708's tmplementing

6.The Company shall be constituted as a withholding agent for the goveroment if it acts as empioyer and any of its employees received compensation income suoject to compensation withholding tax. or if it makes paymenis to individuals or corporations subjeet to the w ithholdiag taxes as source as required under Chapter Xill and Section 5? of the Tax Code ot 1997. as amended and implemented by Revente Regulutions (RR) No. 2-9s. as amended)

.The Company is requtred to file on or before the F5% day of the fourth month fotlowing the Annual information Return under oath. stating its gross ineome and expenses ineurred during the taxable year. ckose of its accounting period ot a Profit and I.oss Statement and Balance Sheet sith the

8. Finally, the Company's books of accounts and other pertinent records shall be subject to Code of' 1997. as amended. exemption or tax incentives and its tax liability. it ans. purstant to Section 235 ot the Tax sccrtaining whether it is comply ing with the conditions under which it has heen granted tax periodic examination by revenue enforcement ofticers of this Bureau tor the purpose of

Investment Promotion Agencies. : An Act Enhancing I'ranspareney in the Manngement and Accounting of Pay Ineentives Administered by