BIR Ruling No. 421-2017

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No.

41-27

CERTIFCATE OF TAX EXEMPTION

issued to

P. ILUSORIO FOUNDATION, INC Unit 71 I The Infinity Tower, 26th St.. Bonifacio Giobal City Fort Bonifacio, Taguig City NCR, Fourth District Philippines 1630

SEC Company Reg. No. TIN:

and has proven by actual operation that its primary purpose falls under Section 30 (E) of the on the following revenues or receipts: Nationai Internal Revenue Code of 1997, as amended. It is exempt from INCOME TAX only This ccrtifies that the above-named corporation is a non-stock, non-profit corporation

1. Donations.

-nothing follows

subject to the provisions of applicable BIR rules and regulations and the tax exemptions. integral part hereof. It is liable, however, to all other taxes not enumerated above. liabilities and responsibilities stated in the Terms and Conditions hereto attached and made an

of BIR, or the terms and conditions herein set forth. earlier revoked by this Office for violation of any provisions of applicable rules and regulations This certification shall be valid for three (3) years from the date of issuance unless

This Certificate may be renewed upon filing of a subsequent application for revalidation

period. provided under Revenue Memorandum Order (RMO) No. 20-2013. Failure to renew this Ccrtificate shall be deemed a revocation thereof upon the expiration of the three (3)-year

that the facts are different, 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

Commissioner of Internal Revenue CAESAR R. DULAY

K-! Cuta c.la CeLia C.KiNG

Page 2 of 3 P. Ilusorio Foundation, Inc. CTE No. Date issued 9 I-2017 421-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION 1)INCOME TAX. P. ILUSORIO FOUNDATION INC. is only exempt from the payment of association/corporation/ organization must continue to meet the rcquircments set forth under Revenuc Memorandum Order No. 20-2013. income tax on revenues and receipts enumerated on the Certificate of I`ax Exemption. Moreover, to be entitled to' the tax exemptions enumerated herein.' the

LIABILITY FOR INTERNAL REVENUE TAXES 1) INCOME TAX

activity conducted for profit regardless of the disposition thereof, which incomc should be returned for taxation. income/receipts/revenues not expressly exempted and stated in the Certificatc of Tax Exemption. Moreover, it is subject to the corresponding internal revenue taxes imposed under the NIRC on its income derived from any of its propertics, real or personal, or any P.ILUSORIO FOUNDATION..INC. is subject to income taxon all its

seven and one-half percent (7-1/2%) final withholding income tax pursuant to Section depository bank under the expanded foreign currency deposit system shall be subject to 27(D)(1) in relation to Sec. 57(A) both of the NIRC. Likewise, interest income from currency bank deposits and yield or any other monetary benefits from deposit substitute instruments and from trust funds and similar arrangements. and royalties derived from sources within the Philippines are subject to the twenty percent (20%) final withholding tax: Provided, however. that interest income derived by it from a

2) VALUE ADDED TAX

course of a business pursuit, including transactions incidental thereto, in general. it shall be If P. ILUSORIO FOUNDATION, INC. is engaged in thc sale of goods or services in the liable for VAT on the revenues derived therefrom. Notwithstanding that it is a non-stock, non-profit corporation. its purchase of goods or VAT pursuant to Sections 106 and 107 of the NIRC. properties or services and importation of goods shall nevertheless be subject to the 12%

3) WITHHOLDING TAX

57'of the NIRC. as implemented by Revenue Regulations No. 2-98, as amended. subject to the withholding tax under Section 79 (A), Chapter XIII, Title iI of the NIRC, as government if it acts as an employer and its employees receive compensation income implemented by Revenue Regulations No. 2-98, as amended, or if it makes income payments to individuals or corporations subject to the withholding tax pursuant to Section P. ILUSORIO FOUNDATION, INC. shall be constituted as withholding agent for the

Page 3 of 3 P. Ilusorio Foundation, Inc. CIF NO Date issued

TAXPAYER'S DUTIES & RESPONSIBILITIES

1) P. ILUSORIO FOUNDATION, INC. is required to fiic on or before thc 15th day of thc

fourth month following the end of the accounting period a Profit and Loss Statement and Balance Sheet with the Annual Information Return under oath. stating its gross income and expenses incurred during the preceding period and a certificate showing that therc has not been any change in its By-laws. Articles of Incorporation, manner of operation and activities as well as sources and disposition of income. Copy of this Certificate of Tax Exemption shall be attached to the aforementioned Annual Information Return.

2) Under Section 235 of the NIRC, any provision of existing general and special law to the contrary notwithstanding. the books of accounts and other pertinent records of tax-cxempt

organization or grantees of tax incentives shall be subiect to examination by the BIR for purposcs of ascertaining compliance with the conditions under which it has bcen granted tax exemptions or tax incentives, and its tax liabilities. if any.

3) Further. it is also required under Section 6(C) in relation to Section 237 of the NIRC to

issue duly registered receipts or sales or commercial invoices for each sale or transfer of merchandise or for services rendered which are not directy related to the activities for which the Association is registered. (Revenue Memorandum Circular No. !RMC! No. 76- 2003

4 Finally, it is subject to the payment of registration fee of Phl' 500.00 as prescribed in Section 236(B) of the NIRC.