BIR Ruling No. 486-2020

REPUBLICOF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

BOI-LEH-086-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

No. 21 Evangelista St., Brgy. Santolan, Pasig City, a project duly registered with the Board of Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section received directly in connection with its low-cost mass housing project, Brentwood Mansion, consisting of 2i9 housing units used solely for family home or dwelling purposes, located at four (4) years beginning from August 26, 2008 to August 25, 2012, pursuant to Executive Investments (BOI) under Registration No. This certifies that CITYLAND, INC., with Taxpayers Identification Number (TIN) is exempt from income tax and creditable withholding tax on its income dated August 26, 2008, for a period of

2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended.

Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is

with selling price of not more than P2,000,000.00. exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code of 1997, as amended. Provided, however, that beginning January 01, 2021, the exemption from VAT shall only apply to sale of house and lot and other residential dwellings

appropriate taxes under the National Internal Revenue Code of 1997, as amended. the BOI, if any, as well as the 35 parking slots, including those units used for commercial purposes such as leasing, retail stores, offices, etc., shall be subject to the payment of However, the sale of housing units in excess of the 219 housing units registered with

The grant of tax exemption herein is subject to the compliance with the provisions of 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.

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

Issued this day of AUG 2 0 2020

Auaa

K-1-LMAT Commissioner of Internal Revenue CAESAR R.DULAY

1 Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963.