BIR Ruling No. 343-2020

BUREAU OF INTERNAL REVENUE REPUBLICOF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City 1301-CFU-0343-2020

JUN 2 5 2020

Mandaue City, Cebu 6014 TIU LATONIO & ASSOCIATES LAW OFFICE 2nd Floor, Arcada 5 Building, Highway Tipolo,

Attention:MA. CRISTINA L. LATONIO

Gentlemen:

Section 2.57.5 (B)(2) of Revenue Regulations No. 2-98, as amended. in connection with Happy Homes -- Talisay Subdivision, consisting of 28 housing units, cost housing project (horizontal) with the Board of Investments (BOI) under Registration No. Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and located at Brgy. Tabunoc, Talisay City, Cebu, a project duly registered as economic and low- of LIMBROS REALTY AND DEVELOPMENT CORPORATION, for a Certificate of] Tax Exemption from income tax and creditable withholding tax on its income received directly This refers to your request, with attachments, dated May 11, 2018, applying on behalf dated May 30, 2016, for a period of 3 years beginning from July 2016, pursuant to]

Records submitted disclosed that Happy Homes - Talisay Subdivision is also registered with the Housing Land Use Regulatory Board (HLURB) under Certificate of

Registration No. and License to Sell No. , both dated February 01, 2016, albeit with indication of its classification as "Open Market".

It should be noted that HLURB Memorandum Circular No. 13; series of 2017 provides

that the Price Ceiling for an Open Market is above P4,000,000.00 which is beyond the threshold

and/or price ceiling for economic and low cost housing units as prescribed in Happy Homes --

Talisay Subdivision's BOI Specific Terms and Condition.

In view of the foregoing, particularly the difference in the classification, we regret to

inform you that your request and/or application for a Certificate of Tax Exemption in

connection with Happy Homes -- Talisay Subdivision, consisting of 28 housing units, located

at Brgy. Tabunoc, Talisay City, Cebu, is denied for lack of legal and factual basis.

Please be guided accordingly.

1e8ar

CAESAR R.DULAY

Commissioner of Internal Revenue

K-1-JAC Q A 035468