BIR Ruling No. 413-2021

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

BOI-LEH-2 1 3 - 2 0 21

CERTIFICATE OF TAX EXEMPTIOiN TO ALL WHOM IT MAY CONCERN:

226, otherwise known as the Omnibus Investments Code of 1987 and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. purposes, located at Brgy: Canlurang Isabang and Ilayang-Talim, Lucena City, Quezon, a than the date of registration of the project with the BOI, pursuant to Executive Order (EO) No. income received directly in connection with its economic and lov:-cost housing project (horizontal), Amaia Scapes Lucena - Brgy. Canlurang Isabang and Ilayang-Taiim, Lucena City, Quezon, consisting of 607 housing units used solely for family home or dwelling 2015 or actual start ot commercial operations/selling, whichever is earlier, but in no case earlier project duiv registered with the Board of Investments (BOI) under Certificate of Registration (COR) No. (TIN) This certifiec that AMAIA LAND CORP.1, with Taxpayer (dentification Number dated June 18, 2015, for a period of four (4) years beginning from June is exempt from income tax and creditabie withholding tax on its

residential dwellings2 with selling price of not more than P3,199,200.00.3 Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January 01, 2021, the exemption 'from VAT shall only apply to'sale of house and iot and other below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Moreover, the sale by the Company of residential lot valied at P1,919;500.00 and

stores, offices, etc., shall be subject to the payment of appropriate taxes under the Tax Code of 1997, as amended. the BOI, if any, including those units used for commercial purposes such as leasing, retail However, the sale of housing units in excess of the 607 housin units registered with

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. applicable BIR rules and regulations and the Terms and Conditions staed 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 tasis of the facts and The grant of tax exemption herein is subject to the compliauce with the provisions of

Issued this day of_NOV 0 4 2021

8aw v

K-1 Commissioner of Iniernal Revenue CAESAR R. DULAY

046754

Sale of Iot only, regardless f the price, shail be subject to VAT starting January O1, 202 pt.rsuant to Republic Act (RA) 3 As adjusted using the 2010 Consumer Price Index values per RR No. 8-2021 dated June I 1. 221 Formerly: First Communities Realty, Inc. No. 10963.

AMAIA LAND CORP. (Amaia Scapes Lucena) Datt! issued. CL.: No.: BOI-LEH- 4 13 - 2 0 21

OI THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption froni income and creditable withholding taxes covers only income directly Isabang and Ilayang-Talim, Lucena City, Quezon, consisting of 607 housing units used solely for family home or .Iwelling purposes, located at Brgy. Canlurang Isabang and Ilayang-Talim. Lucena City, Quezon. Such exemption shall not cover revenue: from units with selling price exceeding P3,000,001.00. Moreover, the 607 housing units covered by License to Sell No. : shall not be sold for more than P1,250.000.00 per housing unit. attributable to the rev enues generated from the project, Amaia Scapes Lucena -- Brgy. Canlurang

2. The Company is obigated to construct and sell 607 housing units based on the following schedules/sales reverues:

Total Ycar (No. of Units) Volume 33 2 60 62 S (PhP'000) Value

3. In the computation of the project's ITH, interest income from in-house financing shall not be considered as part of the revenues generated from the registered housing project.

4. The Company's entitlement to ITH for its BOI-registered housing project 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 returns and pay its tax liabilities, on or before the deadtine as provided under the Tax Code of 1997. BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty 226, within the perio is prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum (ircular No. 1-2016 dated September 1, 2016. as amended, using th electronic system for filing and payment of taxes of the BIR. It shall file with exemptions, deductions. credits or exclusions from the tax base, as may be provided under EO No

6. The Company shall he constituted as a withholding agent for the government if it acts as emp'oyer and any of its emplovees received compensation income subject to compensation withholding tax. required under Chapter XIII and Section 57 of the Tax Code of 1 997, as amended, and implement ed or if it makes payments to individuals or corporations subject to the withholding taxes as source" as by RR No. 2-98, as amended.

7. The Company is required to file on or before the 15th day of the fourrh month following the close Information Return under oath, stating its gross income and expenses incurred during the taxable of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annual year.

8. Finally, the Company's books of accounts and other pertinent records s.tall be subject to periodic and its tax liability, :f any, pursuant to Section 235 of the Tax Code of 19 7, as amended. it is complying with the conditions under which it has been granted tax ex -mption or tax incentives examination by revenue enforcement officers of this Bureau for the purpo: e of ascertaining whether

+ An Act Enhancing Transp 'rency in the Management and Accounting of Tax Incentives Administered by Investment Promotion Agencies.

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