BIR Ruling No. 451-2019

BUREAU OE INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE JuezonCi

Certificate of Tax Exemption No: 0451-2019

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

the date of registration of the project with the BOI, pursuant to Executive Order No. 226, Iloilo. a nroject duly registered with the Board of Investments (BOI) under Registration No. otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. its income received directly in connection with its economic and low-cost housing project, Emerald Estates Subdivision -- Brgy. Cagbang, Oton, Iloilo consisting of 292-house and lot units used solely for family home or dwelling purposes, located at Brgy. Cagbang, Oton, or actual start of commercial operations/selling, whichever is earlier, but in no case earlier than Number (TIN) This certifies that Iloilo Southprime Developers Inc. withTaxpayersIdentification dated December 12, 2018,for a period of 4years beginning from December 2018 is exempt from income tax and creditable withholding tax on

below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is apply to sale of house and lot and other residential dwellingst with selling price of not more amended. Provided, however, that beginning January 01, 2021, the VAT exemption shall only than P2,000,000.00. VAT-exempt under Section 109(1)(P) of the National Internal Revenue Code of 1997, as Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

amended. to the payment of appropriate taxes under the National Internal Revenue Code of 1997, as registered with the BOI (per HLURB License to Sell No. lot units), including those house and lot units used for commercial purposes, shall be subject However, the sale of house and lot units in excess of the 292 house and lot units the excess is 310 house and

applicable BIR rules and regulations and the Terms and Conditions stated at the'back hereof. The 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 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_AUG 2 0 2019

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K-1-GPS Commissioner of Internal Revenue CAESAR R. DULAY 027975

I1 Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963. 2 Per HLURB License to Sell No. 602 house and lot units are authorized for sale..-