BIR Ruling No. 395-2020

REPURLICOTHE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No

PSH-0395-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

Number (TIN) (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 -- Alaminos, Laguna. duly registered with the Housing and Land Use Regulatory Board (HLURB) under Certificate said units does not exceed P400,000.002 per house and lot. consisting of 508 house and lot units, located at Brgy. San Andres, Alaminos, Laguna, a project of Registration No. 10884 (Balanced Housing Development Program Amendments) dated July 17,2016, on its This certifies that BELLAVITA LAND CORP. 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 residential dwellings valued at P3,199,200.00 and below, is 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 dwellings exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal 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

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 conveying the properties shall be subject to DST imposed under Section 196 of the National 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 JUL 1 7 2020

aesanmu

CAESAR R. DULAY

Commissioner of Internal Revenue

K-I-LMAT 035892 3

Formerly: South Maya Ventures Corporation Per HLURB License to Sell No. 032973 dated May 10. 2018. Sale of lot only. regardless of the price. shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963.

BELLAVITA LAND CORP. (Bellavita-Alaminos,Laguna) 'Date issued: CTE NO.: PSH 32 2 32

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 508 socialized house and lot units in Bellavita Alaminos, Laguna, located at Brgy. San Andres, Alaminos, Laguna.

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 established 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 P400,000.00.

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