BIR Ruling No. 318-2021

T

REPUBLICOF THE PHHLIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City.

FTI Certificate of Tax Exemption No: 1i1---318-202

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

housing project, WOODCRESS PHASE 5 - Brgy. Tapia, General Trias, Cavite, consisting withholding tax on its income receivea airecuy in connection with its economic and low-cost of 307house and lot units used solely for family home or dwelling purposes, located at Brgy. as amended, provided that the selling price of said house and lot units does not exceed Identification Number (TIN) Tapia, General Trias, Cavite, a project dulv registered with the Board of Investments (BOl) under Certificate of Registration No. years beginning. from January whichever is earlier, but in no case earlier than the date of registration of the project with the BOI, pursuant to Executive Order (EO) No. 226, otherwise known as' the "Omnibusl Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98) P2,000,000.00 per house and lot urit. This certifies that PROPERTY COMPANY OF FRIENDS, INC. with Taxpayer 2021 or actual start of commercial operations/selling. dated December 29, 2020, for a period of 3 is exempt from income tax and creditabie

below, or house and lot and other residential dwellings valued at P3, 199,200.00' and below, is shall only apply to sale of house and lot and"other residential dwellings2valued at P3,199,200.00. VAT-exempt under Section 109(!)(P) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January 01, 2021, the VAT exemption Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

registered with the BOI (per Provisional License to Seil No. units), inctuding those house and lot units used for commercial purposes such as leasing, retail stores, offices, etc. shail be subject to the payment of appropriate taxes under the Tax Code of 1997, 'as amended. However, the sale of house and lot units in excess of the 307 house and lot units the excess is 81 house and lot

applicable BlR rules and regulations and the Terms and Conditions stated at the back hereof. T'he 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 shail be considered nutl 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 G3

WM

K I MDT Commissioner of Internal Revenue CAESAR R. DULAY

U

2 Sate otlot onby.tecardless of the price. shitl he subect to Vr scartmg Januatv 01 202 pursuant to RA No 10963 : As adjusted using the 20t0 Consumer Price Index values pursuant to RR N0. 8-2021 dated June H1. 2021

nage 2 of 2 Woodcress Phase 5 Date issued CTF NO

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the project. WOODCRESS PHASE 5 - Brgy. Tapia, General Trias, Cavite, consisting of 307 house and lot units used solely for family home or dwelling purposes located at Brgy. Tapia, General Trias, Cavite. Such exemption sha!l not cover revenues froin units with sciling price exceeding P2,000,000.00.

2.The enterprise shall observe the following project timetable:

Land Acquisition Activity August 2017 Period

license/permit/registration from the Secure necessary August 2018 - February 2020

Start of Coinmercial Operations Site preparation and development Building/House construction government/training costs September 2020 - December 2025 March 2020 - December 2025 January 202]

3. In the computation of the project's I'TH. interest income from in-house financing shall not be

considered as part of the revenues generated from the registered housing project.

4 The Conpany's entitlement to ITH for its B3Ol-registered housing project is subject to the Compliance with the provisions of the Specitic Terms and Conditions of its BOI Registration.

5. Pursuant to Section + of Republic Act (RA) No. 107083. the Coinpany is required to file its tax

returns and pay its tax liabilities, on or before the deadline as provided under the T'ax Code of 1997.

as amended, using the eiectronic system for filing and payinent of taxes of the BIR. It shall file with

BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty

:xemptions. deductions. credits or exclusions from the tax hase. as may he provicted under FO) No. 226, within the periods prescribed under RA No. 10708's implementing Rules and Regulations and Joint Memorandun Circular No. 1-2016 dated September t. 2016.

( The Company shall be constituted as a withholding agent for the government if it acts as employer and any of its employees received compensation income subject to compensation withholding tax.

or it it makes payments to individuals or corporations subject to the withhoiding taxes as source as required under Chapter X111 and Section 57 of the Tax Code of 1997, as amended. and implemented by RP. No. 2-98. as amerded.

7. The Company is required to ttie on or before the 15t day of the fourth month following the close

of its accounting period of a Protit and Loss Statement and Balance Sheet with the Annual Intorination Return under oath, stating its gross incoine and expenses incurred during the taxabte

y car.

8. Finally. the Company's books of accounts and other pertinent records shall he subject to periodic

xamination by revenue cntorcement ot ticer rs of this Bureu for the purrpose of ascertaining whether it is complying with the conditions under which it has been granted tax exenption or tax incentives and its tax liahiity, if any. pursuant to Section 235 of the fax Code of 1997. as amended.

An Yet Thhaneing Trinspareney Th fe Yanaement md Keeouafng or Tax mcentrves Promotion Naencics