BIR Ruling No. 446-2017

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quczon City

Certificate of Tax Exemption No. 446-2017

CERTIFICATE OF TAX EXEMPTION

issued to

Stella Hizon Reyes Rd., Bo. Pampanga, Lanang. Davao City 8000 UDENNA FOUNDATION INC. SEC. Company Reg. No. TIN:

This certifies that the abovc-named corporation is a non-stock, non-profit corporation and has proven by actual operation that ius p rimary purpcse fal's under Section 30 (E) of the National Internal Revenue Code of 1997. as amended. It is exempt from INCOME TAX only on the following revenues or receipts:

I. Donations.

nothing follows

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

This certification shall bc valid for three (3) years from the date of issuancc unless 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.

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

period.

This Certificate of Tax Exemption is being issued on the basis of the facts and documents as represented and submitted. However, it upon investigation. the BIR ascerains that the facts are different, then this Certificate shall be considercd null and void.

Issued this day of_SEP CS 2017

CAESAR R. DULAY Commissioner of Internal Revenue

-K-1-JAC Udenna Foundation, Inc. K1-FR-14-1282 CELIA C. KINGO Cua C

Deputy Commissioner Resource Management Group

Page 2 of 3 Udenna Foundation, Inc. Date issued 9-6=2017 C ['E No. 446-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION

l) INCOME TAX. UDENNA FOUNDATION_INC. is only exempt from the payment of

under Revenue Memorandum Order No. 20-2013. Moreover, to be entitled to' the tax exemptions enumerated herein. the association/corporation/ organization must continue to meet the requiremcnts set forth income tax on revenues and receipts enumerated on the Certificate of Tax Exemption.

LIABILITY FOR INTERNAL REVENUE TAXES

1) INCOME TAX

UDENNA FOUNDATION INC. is subiect to income tax on all its income/receipts/revenues not expressly exempted and stated in the (ertificate of Tax Exemption. Moreover, it is

regardless of the disposition thereof, which income shouid be returned for taxation. derived from any of its properties. real or personal, or any activity conducted for profit subject to the corrcsponding internal revenue taxes imnosed under the NIRC on its income

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

2) VALUE ADDED TAX

of a business pursuit, including trarsactions incicental thereto. in general. it shall he liabie for VAT on the revenues derived the"efrom. If UDENNA FOUNDATION INC. is engaged in the sale of goods or services in the coursc

Notwithstanding that it is a non-stock, nor-profit corporation.. its purchase of goods or properties or services and importatior of goods shall nevertheless be subicct to the 12% VAT pursuant to Sections 106 and 107 of the NIRC.

3) WITHHOLDING TAX

UDENNA FOUNDATION, INC. shall be constituted as withholding agent for the government if it acts as an employer and its empioyees receive compensation income subject to the withholding tax under Section 79 ( A ), Chapter XIHI. Title II of the NIRC. as implemented by Revenue Regulations No. 2-98. as anended. or if it makes income 57 of thc NIRC. as implemented by Revenue Regu:lations No. 2-98. as amended. payments to individuals or corporations subiect to the withholding tax pursuant to Section

Udenna Foundation, Inc. Page 3 of 3 CTE ND. Date issued 9-6-2017 201

TAXPAYER'S DUTIES & RESPONSIBHLISIES

1) UDENNA FOUNDATION, INC. is required to file on or before the 15th day of the fourth as sources and disposition of income. Copy of this Certificate of 'T'ax Fxcmption shall he month following the end of the accounting period a Protit and Loss Statement and Balance incurred during the preceding period and a ccrtificate showing that there has not been any change in its By-laws, Articles of Incorporation, manner of operation and activities as well attached to the aforementioncd Annual Information Return. Sheet with the Annual Information Return under oath, stating its gross income and cxpenses

2) Under Section 235 of the NIRC, any provision of existing general and special law to the tax exemptions or tax incentives, and its tax liabilities. it any. contrary notwithstanding, the bocks of acco ints and other pertinent records of tax-exempt purposes of ascertaining compliance with the conditions under which it has been granted 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 Seetion 237 of the NIRC to which the Association is registered. (Revenue Meinorandum Circular No. [RMC] No. 76- issue duly registered'receipts or sales or conmercial invoices for each sale or transfer of merchandise or for services rendered which art not directiy related to the activities for 2003)

4) Finally, it is subject to the payment of rexistration fec of PhP 500.00 as prescribed in Section 236(B) of the NIRC.