BIR Ruling No. 276-2021

REPUBLICOF THE PHLIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

PSH - :1.2

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

a project duly registered with the Housing and Land Use Regulatorv Rnari rHLURB) under the selling price of said units does not exceed P580,000.002 per house and lot. 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 Villa Almira Subdivision, consisting of 426 house and iot units, located at Brgy. Buanoy, Balamban, Cebu, Certificate of Registration No. withholding tax (CWT)`pursuant to Section 20 (d) (1) of Republic Act (RA) No. 7279, as Identification Number (TIN) This certifies that KENRICH DEVELOPMENT CORPORATION with Taxpayer and License to Sell No. is exempt from income tax and creditabie -:, provided that

01, 2021, the exemption 'from _VAT shall only apply to sale of house and" lot and other residential dwellings4 valued at P3, 199,200.00. below, or house and lot and other residential dwellings valued at P3,199,200.003 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (l) (P) of the National Internal Revenue Code (Tax Code) of 1997, as amended; provided, however, that beginning January Moreover, the sale by the Company of residentiai lot valued at P1,919,500.00 and

covered by the tax exemption clause in Section 20 of RA No. 7279. Thus, the documents of 1997. as amended, based on the consideration contracted to be paid for such realties or on their fair market value determined in accordance with Section 6 (E) of 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. conveying the properties shall be subject to DST imposed under Section 196 of the Tax Code 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 I!

K- Commissioner of Internal Revenue CAESAR R. DULAY 044274

C

Per License to Sell No.. + Now: Department of Humin Co++te-- .ts and Uirban Devclopment (DHSt D). 3 As adjusted using the 2010 (onsumer Price Index values per Revenue Regulations (RR) No. 8-2021 dated June 11. 2021 + Sale of lot only, regardless of the price. shall he subject to VAT' starting January 01. 2021 purstant to RA vo. 10063. - Hated March (6. 2020 issued by the DHSt :D.

KENRICH DEYELOPMENT CORPORATION (Villa Alnira Suhdivision) (TE No.. Date iss ued: PSH H

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

I. The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the 426 socialized house and lot units in Villa Almira Subdivision, located at Brgy. Buanoy, Balamban, Cebu.

2 The developer shall submit the sworn statement of the buyer that he is eligible as a socialized housing beneficiary under Section 5 (A) of Revenue Regulations (RR) No. ! 1-97 to the Bureau of Internal Revenue (BIR) during the proccssing of the Certificate Authorizing Registration (CAR) for the transfer of the titie of the socialized housing unit.

3 It is understood that the CAR shall only be issued after it is established upon proper verification

by the Revenue District Ofticer (RDO) concerned that, considering the rules on valuation of real this case does not really exceed P580.000.00. property, the actual selling price per sale transaction of the socialized house and lot packages in

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