BIR Ruling No. 99-2018

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE Quezon City

Certificate of Tax Exemption No. 099-2018

CERTIFICATE OF TAX EXEMPTION issued to

PUNTA FUEGO VILLAGE FOUNDATION, INC. Peninsula de Punta Fuego, Bo. Balaytigue, Nasugbu, Batangas SEC Reg. No. TIN:

National Internal Revenue Code of 1997, as amended. It is exempt from INCOME TAX only and has proven by actual operation that its primary purpose falls under Section 30 (G) of the on the following revenues or receipts: This certifies that the above-named corporation is a non-stock, non-profit corporation

1. Contributions, Donations and Gifts.

nothing follows.

subject to the provisions of applicable BIR rules and regulations and the tax exemptions, liabilities and responsibilities stated in the Terms and Conditions hereto attached and made an integral part hereof. It is liable, however, to all other taxes not enumerated above.

earlier revoked by this Office for violation of any provisions of applicable rules and regulations of BIR, or the terms and conditions herein set forth. This certification shall be valid for three (3) years from the date of issuance unless

Certificate shall be deemed a revocation thereof upon the expiration of the three (3)-year provided under Revenue Memorandum Order (RMO) No. 20-2013. Failure to renew this period. This Certificate may be renewed upon filing of a subsequent application for revalidation

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. This Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this day of iAN 3 1 2018

80M

Commissioner of Internal Revenue AESAR R. DULAY

012840 K-1-spf

PUNTA FUEGO VILLAGE FOUNDATION, INC. Page 2 of 3 Date issued 1-31-2018 CTE No. 099-2018

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION

1) INCOME TAX association/corporation/ organization must continue to meet the requirements set forth under PUNTA FUEGO VILLAGE FOUNDATION, INC. is only exempt from the payment of Moreover, to be entitled to the tax exemptions enumerated herein, the Revenue Memorandum Order No. 20-2013 income tax on revenues and receipts enumerated on the Certificate of Tax Exemption.

LIABHLITY FOR INTERNAL REVENUE TAXES 1) INCOME TAX activity conducted for profit regardless of the disposition thereof, which income should be returned for taxation. Exemption. Moreover, it is subject to the corresponding internal revenue taxes imposed under*the NIRC on its income derived from any of its properties, real or personal, or any PUNTA FUEGO VILLAGE FOUNDATION, INC. is subject to income tax on all its income/receipts/revenues not expressly exempted and stated in the Certificate of Tax

seven and one-half percent (7-1/2%) final withholding income tax pursuant to Section Likewise, interest income from currency bank deposits and yield or any other monetary and royalties derived from sources within the Philippines are subject to the twenty percent (20%) final withholding tax: Provided, however, that interest income derived by it from a 27(D)(1) in relation to Sec. 57(A) both of the NIRC. benefits from deposit substitute instruments and frorn trust funds and similar arrangements, depository bank under the expanded foreign currency deposit system shall be subject to

2) VALUE ADDED TAX/PERCENTAGE TAX revenues derived therefrom shall be subject to the 12% VAT, in case the gross receipts Pesos (P1,919,500.00), or to the 3% percentage tax, if gross receipts do not exceed If PUNTA FUEGO VILLAGE FOUNDATION, INC. is engaged in the sale of goods from such sales exceed . One Million Nine Hundred Nineteen Thousand Five Hundred P1,919,500.00. or services in the course of a business pursuit, including transactions incidental thereto, its

Notwithstanding that it is a non-stock, non-profit corporation, its purchase of goods or amended properties or services and importation of goods shall nevertheless be subject to the 12% VAT pursuant to Sections 106 and 107 of the National Internal Revenue Code of 1997, as

3) WITHHOLDING TAX it makes income payments to individuals or corporations subject to the withholding tax pursuant to Section 57 of the NIRC, as implemented by Revenue Regulations No. 2-98, as withholding agent for the government if it acts as an employer and its employees receive PUNTA FUEGO VILLAGE FOUNDATION, INC. shall be constituted as compensation income subject to the withholding tax under Section 79 (A), Chapter XIII] Title II of the NIRC, as implemented by Revenue Regulations No. 2-98, as amended, or if amended.

PUNTA FUEGO VILLAGE FOUNDATION, INC Page 3 of 3 CTE No. Date issued-3120 8 099-2018

TAXPAYER'S DUTIES & RESPONSIBILITIES

I that there has not been any change in its By-laws, Articles of Incorporation, manner of Certificate of Tax Exemption shall be attached to the aforementioned Annual Information PUNTA FUEGO VILLAGE FOUNDATION, INC. is required to file on or before the gross income and expenses incurred during the preceding period and a certificate showing operation and activities as well as sources and disposition of income. Copy of this Return. 15th day of the fourtl month following the end of the accounting period a Profit and Loss Statement and Balance Sheet with the Annual Information Return under oath, stating its

2) Under Section 235 of the NIRC, any provision of existing general and special law to the purposes of ascertaining compliance with the conditions under which it has been granted tax exemptions or tax incentives, and its tax liabilities, if any. contrary notwithstanding, the books of accounts and other pertinent records of tax-exempt organization or grantees of tax incentives shall be subject to examination by the BIR for

3) Further, it is also required under Section 6(C) in relation to Section 237 of the NIRC to which the Association is registered. (Revenue Memorandum Circular No. [RMC] No. 76. issue duly registered receipts or sales or commercial invoices for each sale or transfer of 2003). merchandise or for services rendered which are not directly related to the activities for

4) Finally, it is subject to the payment of registration fee of PhP500.00 as prescribed in Section 236(B) of the National Internal Revenue Code of 1997, as amended.