BIR Ruling No. 281-2020

REPUBLICOF THE PHILIPPINES

DEPARTMENT'OF FINANCE

nr BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

PSH-231-202

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN

Number(TIN) This certifies that BELLAVITA LAND CORP.1 with Taxpayers Identification is exempt from income tax and creditable withholding tax (CWT) pursuant to Section 20 (d) (1) of Republic Act (RA) No. 7279, as amended by RA No. income received directly in connection with its sale of socialized house and lot units for Cavite, a project duly registered with the Housing and Land Use Regulatorv Board (HLURB) residential and dwelling purposes to qualified beneficiaries in Bellavita -- General Trias, Cavite Phase 2, consisting of 247 house and lot units, located at Brgy. Tapia, General Trias! under Certificate of Registration No. selling price of said units does not exceed P400,000.002 per house and lot. i10884 (Balanced Housing Development Program Amendments) dated July 17, 2016, on its and License to Sell No. , provided that the

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

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

with selling price of not more than P2,000,000.00. exemption from VAT shall only apply to sale of house and lot and other residential dwellings3

covered by the tax exemption clause in Section 20 of RA No. 7279. Thus, the documents It is observed, however, that documentary stamp tax (DST) is not one of the taxes

conveying the properties shall be subject to DST imposed under Section 196 of the National Internal Revenue Code of 1997, as amended, based on the consideration contracted to be paid for such realties or on their fair market value determined in accordance with Section 6 (E) of being covered by RA No. 7279, shall be subject to the payment of appropriate taxes. the same Code, whichever is higher. Likewise, lots/units classified as Economic Housing, not

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 other applicable taxes not discussed above.

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 MAY 2 6 2020

i&eaw

CAESAR R. DULAY

K-1-LMAT Commissioner of Internal Revenue 035095

3Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963. 1Formerly: South Maya Ventures Corporation 2Per HLURB License to Sell No.032857 dated July 14,2017

BELLAVITA LAND CORP (Bellavita - General Trias, Cavite Phase 2) Date issued: MAY 2 6 2020 CTE No.: PSH-0281-2020

TERMS AND CONDITIONS OF THE CERTIFICATE OF TAX EXEMPTION

The exemption from income and creditable withholding taxes covers only income directly General Trias, Cavite Phase 2, located at Brgy. Tapia, General Trias, Cavite. attributable to the revenues generated from the 247 socialized house and lot units in Bellavita

2 The developer shall submit the sworn statement of the buyer that he is eligible as a socialized

housing beneficiary under Section 5 (A) of Revenue Regulations (RR) No. 11-97 to the Bureau of Internal Revenue (BIR) during the processing of the Certificate Authorizing Registration (CAR) for the transfer of the title of the socialized housing unit.

3 It is understood that the CAR shall only be issued after it is established upon proper verification

by the Revenue District Officer (RDO) concerned that, considering the rules on valuation of real property, the actual selling price per sale transaction of the socialized house and lot packages in this case does not really exceed P400,000.00.

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