BIR Ruling No. 453-2017

REPUBLIC OF FHE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quezor City

Certificate of Tax Exemption No: 45-017

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

May 9, 2014, for a period of 4 years beginning from May 2014 or actual start of commercial incone received directly in connection with its low-cost housing project, Mercedes Homes Sorosoro. consisting of 1,770 units located at Brgy. Sorosoro Haya, Batangas City. a project duly registered with the Board of Investments (BOI) under Registration No. operations/selling, whichever is earlier, but in no case earlier than the date of registration of the project with the BOI. pursuant to Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B)(2) of Revenue Regulatious No. 2-98, as amended. Number This certifies that ASTRA REALTY CORPORATION, with Tax Identification , is exempt from income tax and creditable withholding tax on its dated

helow, or house and lot and other residential dwellings valued at P3.199.200.00 and helow. is VAT-exempt under Section 109(1)(P) of the 1997 Tax Code, as amended. Moreover. the sale by thc Company of residential lot valued at P1.919.500.00 and

applicable BIR rules and regulations and the Terms and Conditions stated at the back hereof. The Company is liable, however, to all other applicable taxes not enumerated above. The grant of tax exemption herein is subject to the compliance with the provisions of

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_SEP 1 3 2017?

AC G

Commissioner of Internal Revenue CAESAR R. DULAY W 009 159

K-I-JAC

Page 2 of 2 Astra Realty Corporation Datc issued , 9-15-2017 CIE No. 453-X I7

OF THE CERTIFICATF OF TAX EXEMPTION TERMS AN) CONDITIONS

1. The exemption from income and creditable withholding taxes covers only income directty revenues from units with selling price excecding P3.000.000.00. atributable to the revenues generated from the project, Mercedes Hlomes Sorosoro consisting of L770 units, located at Brgy. Sorosoro llaya. Batangas City. Such exemption shall not cover

2 The Company is obligated to construet and sell housing units based on the foltowing schedules/sales revenues:

Year 3 (No of{nis} Volume 443 143 (Php0(00} 395,561 395.564 Value

Total 1,770 44 t:582,256 395.564 395.564

3. In the computation of the project's ITH, interest income from in-house financing shall not be considered as part of the revenues generated from the registered housing project.

4.The Company's entitlement to ITH for its BOI-registered housing project is subject to the compliance with the provisions of the Specific Terns and Conditions of its BO} Registration.

5.Pursuant to Section 4 of Republic Act (RA) No. 10708'. the Company is required to tile its tax returns and pay its tax liabilities, on or beforc the deadline as provided under the 1997 Tax Code, as aimended, using the electronic system for filing and payment ot taxes ot the BiR. It provided under E.0). 226, within thirty (30) days from the deadline for tiling of tax returns and pavment ot taxes. shall tile with BOl a complete annual tax incentives report of its income-based tax incentives. VAr and duty exemptions. deductions, credits or exelusions from the tax base, as may be

6. The Company shall be constituted as a withhoiding agent for the government it it acts as employer and any of its employees received compensation income subject to compensation withholding taxes as souree as required under Chapter X!11 and Section 57 of the f ax Code ot withholding tax, or if it makes payments to individuals or corporations subject to the 1997. as amended and implemented by Revenne Reguluions (RR) No. 2-98, as amended.

The Company is required to fite on or before the 15th day of the fourth month following the Information Return under oath. stating its gross income and expenses incurred during the ctose of its accounting period of a Profit and Loss Statement and Batance Sheet with the Annual taxable year.

8. Finally. the Company's books of accounts and other pertinent records shail be sthject to periodic examination by revenue enforcement officers of this Bureau for the purpose of ascertaining whether it is complying wih the conditions under which it has been granted tax exemption or tax incentives and its tax tiability, if any, pursuant to Section 235 of the Tax Code of 1997. as amensted

: Au Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by Investntent Promot ion Agencies.