BIR Ruling No. 409-2021

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate ot Tax Exemption No:

BOI - LEH 409-2021

CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN:

Order (EQ) No. 226, otherwise known as the "Omnibus Investments Code of 1987"" and project duly revieterai with the Board of Investments (BOl) under Certificate of Registration case earlier than the date of registration of the project with the BOI. pursuant to Executive Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. income received directiy in connection with its low-cost mass housing project, Amaia Scapes located at Sto. Tomas, Lipa Road (Mahogany Road), Brgy. Dagatan, Lipa City, Batangas,2 a (COR) No. October 2012 or actual start of commercial operations/selling, whichever is earlier, but in no - Lipa, consisting of 647 housing units used solely for family home or dwelling purposes, (TIN) This certifies that AMAIA LAND CORP.1, with Taxpa er Identification Number dated October 11, 2012, for a period of four (4) years beginning from is exempt from income tax and creditabie withholding tax on its

residential dwellings3 with selling price of not more than P3,199,200.00.4 01, 2021, the exemption from VAT shall only apply to sale of ho.use and lot and other below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (l) (P) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

such as leasing, retail stores, offices, etc., shall be subject to the payment of appropriate taxes the BOI (per License to Sell No. [HLURB], the excess is 51 housing units), including those units used for commercial purposes under the Tax Code of 1997, as amended. However, the sale of honsing inits in excess of the 647 housii.g units registered with issued by the Housing and Lana Use Regulatory Board

applicable BIR rules and regulations and the Terms and Conditions st:ted at the'back hereof. The Company is liable, however, for all other applicable taxes not discussed above. The grant of tax exemption herein is subject to the compliance with the provisions of

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 NOV 0 4 202}

aercia

I Formerly: First Communities Realty, Inc. 3 Sale of iot only, regardless of the price, shall be subject to VAT starting January 01, 2021 parsuant to Republic Act (RA) 2 Per COK No. + As adusted using the 2010 Consumer Price Index values per RR No. 8-2021 dated June 1. 021. K-1-MDT Dagatat and Sapac, Lipa City, Eatangas. No. I(963. and Licenst to Sell No both issued by the HLURB, Amaia Sca,ves - Lipa is located at Brgys. Commissioner of I ternal Revenue CAESAR R. DULAY (46750

AMAIA LAND CORP. (Amaia Scapes - Lipa) CTE No.: Date issued. BOI-LEH- 4 0 9 - 2 0 2 1

(F 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 project, Amaia Scapes - Lipa, consisting of 647 housing units used solely for family home or dwelling purposes, located at Sto. Tomas, Lipa Road (Mahogany Road), Brgy. Dagatan, Lipa City, Batangas.5 Such exemption shall not cover revenues from units with selling price exceeding P2,500,000.00. Moreover, the 647 housing units covered by License to Sell I o. : shall not be sold for more than P1,250,000.00 per housing unit. 2. The Company is :-bligated to construct and sell 647 housing units based on the following schedules/sales rev inues:

Y'ear Total 4 2 I 3 (In no. of Units) Sales Volume 64 425 126 96 0 {in PhP'000} Sales 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 eititlement to ITH for its BOI-registered housing project is. subject to the compliance with th: provisions of the Specific Terms and Conditions of its BOI Registration.

5.Pursuant to Section 4 of Republic Act (RA) No. 107086, 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. as amended, using the electronic system for filing and payment of taxes of the BIR. It shail file with 226. within the peri ds prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No. 1-2016 dated September 1, 2016. BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may be provided under EO No.

6. The Company shall be constituted as a withholding agent for the government if it ac.s as employer

by RR No. 2-98, as amended. and any of its empl yees received compensation income subject to compensation withholding tax or if it makes paymants to individuals or corporations subject to the withholding tax :s as source as required under Chapter XIII and Section 57 of the Tax Code of 1997 as amended, an: implemented

7. The Company is required to file on or before the 15th day of the fou rth month follov ving the close of its accounting period of a Profit and Loss Statement and Balance Sheet wit1 the Annual Information Return under oath, stating its gross income and expenst s incurred duri ig the taxable

year.

8 Finally, the Comparry's books of accounts and other pertinent record shall be subje at to periodic and its tax liability. if any- pursuant to Section 235 of the Tax Code of 1997. as amented. examination by rev.nue enforcement officers of this Bureau for the put nose of ascertai ning whether it is complying witl the conditions under which it has been granted tax exemption or t.ix incentives

$ Per COR No. 6 An Act Enhancing Tran narincy in the Management and Accounting of Tax Incer :ives Administered by (nvestment Dagatan and Sapac. Lipa ( ity. Batangas Promotion Agencies. And I icense to Sell No. 1 both issued by the HLURB. Amai:Scapes - Lipa is locat:ed at Brgys. PAGE2OF 2