BIR Ruling No. 440-2021

SSTFpi^ REPUBUC OF TEIE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVE,NUE Quezon City Certificate of Tax Exemption No: mi' '-'4 4fl - 2 Q Z I CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN: This certifies that CENQHOMES DEVELOPMENT CORPORATION with Taxpayer Identification Number (TIN) is exempt from income tax and creditable withholding tax on its income receivcu uncony in connection with its economic and low-cost housing project, TERRAVERDE RESIDENCES P^SE 5 - Brgy. Bancal, Carmona,Cavite,consisting of units used solely for family[home or dwelling purposes located at Brgy. Bancal, Carmona, Cavite, a project dulv registered with the Board of Investments(BOI)under Certificate ofRegistration No. dated July 19,2021,for a period of3years beginningfrom August2021 or actual startofcommercial operations/selling, whichever is earlier, but in no case earlier than the date ofregistration ofthe project with the BOI, pursuant to Executive Order (EO) No. 226, otherwise 'known as the "Omnibus Investments Code of1987"and Section 2.57.5(B)(2)ofRevenue Regulations(RR)No.2-98, as amended. Moreover, the sale by the Company of residential lot valued at Pl,919,500.00 and below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is VAT-exempt under Section 109(1)(P)ofthe National Internal Revenue Code(Tax Code)of 1997,as amended.Provided, however,that beginning January Oil, 2021,the VAT exemption shall only apply to sale ofhouse and lot and other residential dwellings' with selling price of not more than P3,199,2000.00^. However, the sale of units in excess of the 226 units re gistered with the BOI,(per ProvisionalLicenseto SellNo.331,the excessis66 units),as well isthe 30lotsonly,including those units used for commercial purposes such as leasing, retail Stores, offices, etc. shall be subjectto the paymentofappropriate taxes under the Tax Code of1997,as amended. The grant oftax exemption herein is subject to the compliance with the provisions of applicable BIR rules and regulations and the Terms and Conditiops stated 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 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 DEC (] K ; t ;� D CAESAR R.DULAY Commissioner ofInternal Revenue K-l 047508^ 'Sale oflot only,regardless ofthe price,shall be subject to VAT starting January 01,2 21 pursuantto RA No.l0963. ^ Asadjusted using the 2010 Consumer Price Index values pursuant to RR No.8-2021 < ated June 11,2021.