BIR Ruling No. 310-2021

REPUBLICOFTHE PHHLIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No:

BO1 -LEH -3(0 -2021

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

dwelling purposes, tocated at Brgy. Sta. Rosa, Concepcion, Tarlac, a project duly registered the date of registration of the project with the BOI, pursuant to Executive Order (EO) No. 226. Concepcion, Tarlac, consisting of 2,5681 house and iot units used solely for family home or with the Board of Investments (BOI) under Certificate of Registration (COR) No. actual start of commercial operations/selling, whichever is earlier, but in no case earlier than otherwise known as the "Omnibus Investments Code of 1987 and Section 2.57.5 (B) (2) of Revenue Reguiations (RR) No. 2-98, as amended. creditable withholding tax on its income received directly in connection with its economic and low-cost housing project, Sunnyvale and Sunnyvale Premiere dated February 19, 2021, for a period of four (4) years beginning from February 2021 or Taxpayer Identification Number (TIN) This certifies that SUMMERHILLS HOME DEVELOPMENT CORP., with is exempt from income tax and Brgy. Sta. Rosa,

residential dwellings2 with selling price of not more than P3, 199,200.00.3 exempt from vatue-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal 01, 2021, the exemption from VAT shall only apply to sale of house and iot and other below, or house and lot and other residential dwetlings valued at P3,199,200.00 and below, is Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January Moreover, the saie by the Company of residential lot valued at P1,919,500.00 and

the Tax Code, as amended. registered with the BOI, if any, including those units used for commercial purposes such as ieasing, retail stores. offices, etc., shall be subject to the payment of appropriate taxes under However, the sale of house and iot units in excess of the 2,568 house and lot units

applicable BiR rules and regulations and the Terms and Conditions stated at'the back hereof. The Company is liable, however, for atl other applicable taxes not discussed 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 At :G

ARw 0

K- Commissioner of Internal Revenue CAESAR R. DULAY

Sale of (ot only, regardless of the price. Shall he subject to VAT starting January 01, 2021 pursuant to Repuhlic Aet (R.) :As adjusted using the 2010 Consumer Price Index values per Revenue Regulations (RR) No. 8- 2021 dated June H, 20)21 1.155 house and lot units is covered by Provisional COR No whife + +13 house and lot units is covered by Provisional COR No. No. (0963 Ill issued by the Department of H fuman Setternents and t trban Development. and D-nvisional License to Sell No Ind Provisionat t icense to Sell No.

SUMMERHILLS HOME DEVELOPMENT CORP (Sunnyvale and Sunnyvale Premiere) (TE NO. Date issued: BOI - LEH

TERMS AND CONDITIONS OF THE CERTIFICATE OF TAX EXEMPTION

The exemption from income and creditable withholding taxes covers only income directly

attributable to the revenues generated from the project, Sunnyvale and Sunnyvale Premiere

Brgy. Sta. Rosa, Concepcion, Tarlac, consisting of 2,568 house and lot units used soiely for

family home or dwelling purposes, located at Brgy. Sta. Rosa, Concepcion, Tartac. Such exemption

shall not cover revenues from units with selling price exceeding P2.000,000.00 Moreover. the

2.568 house and lot units covered by Provisional License to Sell Nos. and

both dated February 2, 2021 issued by the Department of Human Settlements and Urban

Development shall not be sold for more than P1,700.000.00 per house and lot.

2. In the computation of the project's iTH, the following shall apply:

Oniy income generated from the sale of housing units (Sunnyvaie and Sunnyvale Premiere -- Brgy. Sta. Rosa, Concepcion, Tarlac) with selling price not exceeding Php2.0M and used solely for family home or dwelling purposes and not for commercia! purposes such as leasing, retail stores, offices, etc. shall be quatified.

b. Interest income from in-house tinancing shall not be considered as revenues generated

from the registered activity.

3. The Company's entitlement to ITH for its BOi-registered housing project is subject to the

compliance with the provisions of the Specific Terms and Conditions of its BOI Registration.

Pursuant to Section + of Republic Act (RA) No. 107084, the Company is required to file its tax

returns and pay its tax liabilities, on or betorc the deadline as provided under the 'Iax Code of 1997.

as amended. using the electronic system for filing and payment of taxes ot the BiR. It shall file with

BO! a complete annua! tax incentives report of its income-based tax incentives, VA T and duty exemptions, deductions, credits or exc!usions from the tax base. as may be provided under EO No 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No. l-2016 dated September 1. 2016.

5 The Company shall be constituted as a withholding agent for the governm. and any of its employees received compensation income subject to compensation withholding tax t acts as employer

or if it makes payments to individuals or corporations subject to the withholding taxes as source as required under Chapter XHI and Section 57 of the Tax Code of 1997. as amended, and implemented by RR No. 2-98. as amended.

6. The Company is required to file on or before the I5th day of the fourth month following the close

of its accounting period ot a Protit and Loss Statement : and Balance Sheet with the Annual Information Returm under oath, stating its gross income and expenses incurred during the taxable

year.

7. Finally, the Company's books of accounts and othe. pertinent records shall be subject to periodic

examination by revenue enforcement officers of this Bureau for the purpose of ascertaining whether it is complying with the conditions under which it has been granted tax exemption or tax incentives and its tax liability. if any. pursuant to Section 235 of the Tax Code of 1997, as amended.

in Aet t nhaneng tranparency m the Management aind Aceounting ot T.is Incenises Adninistered by Investment Pronotiou Ageneies P tGE?OF?