BIR Ruling No. 336-2020

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE Quezon City

Certificate of Tax Exemption No: B0-0336=2020 1

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONSERN:

actual start ot commercial 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, housing project, GRANDVILLE SUBDIVISIONDalipuga, Iligan City consisting of 231 house and lot units used solely for family home or dwelling purposes, located at Dalipuga, 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. Iligan City, a project duly registered with the Board of Investments (BOI) under Registration Identification Number (TIN) withholding tax on its income received directly in connection with its economic and low-cost. No. This certifies that JOHNDORF VENTURES CORPORATION with Taxpayers dated March 29, 2019, for a period of 4 years beginning from April 2019 or is exempt from income tax and creditable

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

registered with the BOI, if any, including those house and lot units used for commercial purposes such as leasing, retail stores, offices, etc. shall be subject to the payment of appropriate taxes under the National Internal Revenue Code of 1997, as amended. However, the sale of house and lot units in excess of the 2312 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 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 JUN 1 7 202g

taeaniy

Commissioner of Internal Revenue CAESAR R.DULAY

K-1-MDT 035475

I Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 2Per HLURB License to Sell No. 033737, 231 house and lot units are authorized for sale. 10963. C

(page 2 of 2) Ventures Corporation -- Grandville Subdivision CTE No. Date issued L

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption from income and creditable withholding taxes covers only income directly Iligan City consisting of 231 house and lot units located at Dalipuga, Iligan City. Such attributable to the revenues generated from the GRANDVILLE SUBDIVISION- Dalipuga, e

exemption shall not cover revenues from units with selling price exceeding P2,000,000.00. P1,700,000.00 per house and lot package. Moreover, the 231 lots/units covered by License to Sell No. 033737 shall not be sold for more than

The enterprise shall observe the following project timetable:

Activity Period Land acquisition June 2015

Building/House construction from the government/training costs Site preparation and development Secure necessary license/permit/registration May 2018 -April 2019 February 2019-December 2022 August 2019-December 2022

Start of commercial Operations April 2019

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 Terms and Conditions of its BOI Registration.

5.Pursuant to Section 4 of Republic Act (RA) No.107083,the Company is required to file its tax

returns and pay its tax liabilities, on or before the deadline as provided under the National Internal

Revenue Code of 1997,as amended, using the electronic system for filing and payment of taxes of

the BIR. It shall file with BOI a complete annual tax incentives report of its income-based tax

incentives, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may be provided under E.O.226, within the periods prescribed under RA No.10708's Implementing Rules and Regulations and Joint Memorandum Circular No. 1-2016 dated September 1, 2016.

6.The Company shall be constituted as a withholding agent for the government if it acts as employer

and any of its employees received compensation income subject to compensation withholding tax, or if it makes payments to individuals or corporations subject to the withholding taxes as source as

required under Chapter XIII and Section 57 of the National Internal Revenue Code of 1997; as

amended, and implemented by Revenue Regulations (RR) No.2-98, as amended.

7.The Company is required to file on or before the 15th day of the fourth month following the close

of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annual

Information Return under oath, stating its gross income and expenses incurred during the taxable

year.

8.Finally,the Companys books of accounts and other 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 National Internal Revenue Code of 1997,

as amended.

An Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by Investment

Promotion Agencies.