BIR Ruling No. 279-2020

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OFRINANCE

BUREAU OF INTERNAL REVENUE

o Quezon City

Certificate of Tax Exemption No:

PSH-027g-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOMITMAY CONCERN

consisting of 2,317 house and lot units, located at Zone 1, Brgy. Pacol,Naga Citya project duly registeredwith the Housing and Land Use Regulatory Roard (HLURB) under Certificate CWT) pursuant to Section 20 d)(1) of Republic Act (RA)No. 7279, as amended by RA No. 10884(Balanced Housing Development Program Amendments) dated July 17,2016,on its income received directly in connection with its sale of socialized house and lot units for residential and dwelling purposes to qualified beneficiaries in Bella Vita - Naga (SHP) of Registration No. said units does not exceea r450,000.002 per house and iot. Number (TIN) This certifies that BELLAVITA LAND CORP.1 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 exemption from VAT shall only apply to sale of house and lot and other residential dwellings with selling price of not more than P2,000,000.00. exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code of 1997, as amended. Provided, however, that beginning January 01, 2021, the Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

conveying the properties shall be subject to DST imposed under Section 196 of the National the same Code, whichever is higher. Likewise, lots/units classified as Economic Housing, not 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 for such realties or on their fair market value determined in accordance with Section 6 (E) of Internal Revenue Code of 1997, as amended, based on the consideration contracted to be paid It is observed, however, that documentary stamp tax (DST) is not one of the taxes

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. 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_MAY 2 6 20ZC

1aay

K-1-LMAT Commissioner of Internal Revenue CAESAR R.DULAY : 035077

af nyegards of thepricehallesut tATsaring January1,201ursuant t Ao10963. 2 Per HLURB License to Sell No. 030613 dated March 28, 2019. Formerly: South Maya Ventures Corporation

(Bella Vita - Naga [SHP) BELLAVITA LAND CORP. Date issued: CTE No.: PSH -0279020 20 MAY 2 6 2020

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 2,317 socialized house and lot units in Bella Vita -- Naga (SHP), located at Zone 1, Brgy. Pacol, Naga City.

2. The developer shall submit the sworn statement of the buyer that he is eligible as a socialized Oof Internal Revenue (BIR) during the processing of the Certificate Authorizing Registration housing beneficiary under Section 5 (A) of Revenue Regulations (RR) No.11-97 to the Bureau (CAR) for the transfer of the title of the socialized housing unit.

3. It is understood that the CAR shall only be isued 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 iot packages in this case does not really exceed P450,000.00.

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