BIR Ruling No. 626-2017

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

Certificate of Tax Exemption No. 526-2017

CERTIFICATE OF TAX EXEMPTION

issued to

4 RONALDO R. BABASA THEODORE R. ARANZA JONATHAN B. BARGAYO REYNANTE C. DE LA RAMA Tandang Sora, Quezon City Pio del Pilar, Makati City Area C; Caloocan City Bocauc, Bulacan

8 6 CATHERINE A. PAJARILLO LIGAYA M. MENDOZA DARWIN T. NATNAT MA. YSABEL GERODIAS Camarin, Caloocan City Tukan, Taguig City. San Pedro, Iaguna Cabuyao, Laguna

11. CRISANTO A. SAN GABRIEL T0. ELAINE B. SABIO O HILARION T. PALMA Almanza, Las Pinas City Sta. Cruz. Manila Paco, Manila

received by the above-named taxpayers or by their heirs from the employer as a consequence of No. 2-98. as amended by Revenue Regulations No. 6-2001 and 12-2001. separation from the service of the employer regardless of age or iength of service. shall be excluded tax as prescribed by Section 79 of the 1997 Tax Codc, as implemented by Revenuc Regulations of the employer because of RETRENCHMENT, a cause beyond their contro!. hence. thc amount from their gross income and shall be exempt from taxation pursuant to Section 32(B)(6)(b) of the 1997 Tax Code. as amended. Likewise. the separation benefits shall be exempted from withholding INCORPORATED with principal office address at 12/F PDCP Bank Centre. Rufino cor. Leviste Sts. Salcedo Village. Makati City, have proven to have bcen separated from the service This. certifies that the above-named taxpayers. employed with AXENT

during the year are not subject to income tax and consequently to the withholding tax. Conversely. the cash equivalent of vacation leave cxceeding ten (10) days is subject to tax. However, this same be able to avail of'said leave credits. commutation and payment of monetized unused vacation leave credits not exceeding ten ( 10) days principle cannot apply to SICK leave credits since an employee must actually go on sick leave to Moreover, pursuant to Section 2.78.1(A)(7) of RR 2-98, as amended. the terminal pay. i.c..

employees' salaries and the payment of the 13th month pay and other benefits in excess of the Php82.000.00' threshold under Section 2.78.1 (A)(3)(a) and (A)(7) of RR 2-98, as amended) It is. however, understood that this exemption does not include the payment of the separated

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 documents Issued this day of DEC 1 8 201Z

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Commissioner of Internal Rovenue CAESAR R. DULAY