BIR Ruling No. 320-2021

REPUBLICOF THE PHLIPPINES

DEIARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

n1-11320-2021

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

housing project, WESTWOOD PHASE 7"- Brgy. Pasong Camachile, General Trias, exceed P2,000,000.00 per house and lot unit. No. 2-98, as amended, provided that the selling price of said house and lot units does not Cavite, consisting of 756 house and lot units used solety for family home or dwelling purposes. tocated at Brgy. Pasong Camachile, General Trias, Cavite, a project duly registered with the Board of Investments (BOI) under Certificate of Registration No. 29, 2020, for a period of 3 years beginning from January 2021 or actual start of 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 (EO) No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) Identification Number (TIN) withholding tax on its income received directly in connection with its economic and low-cost This certifies that PROPERTY COMPANY OF FRIENDS, INC. with 'Taxpayer , is exempt from income tax and creditable dated December

below, or house and lot and other residential dwellings valued at P3, 199,200.00' and below, is shall or!y apply to sale of house and lot and"other residential dwellings-valued at P3,199,200.00 VA'T-exempt under Section 109(1)(P) of the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided. however. that beginning January 01, 2021. the VAT exemption Moreover, the sale by, the Company of residential lot valued at P1,919,500.00 and

registered with the BOI, if any, including those units used for commercial purposes such as Tax Code of 1997, as amended. leasing, retail stores, offices, etc. shall be subject to the payment of appropriate taxes under the However, the sate of house and lot units in excess ot' the 756 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 applicabie taxes not discussed above. The grant of tax exemption herein is subject to the compliance with the provisions of

docunents 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 IG

e3oMy

K.I MDT Commissioner of internat Revenue CAESAR R. DULAY ?

I As adjusted using the 2010 Consumer Price index values porsuant to RR N0. 8-2021 dated June H. 202. Sate ot lot sonly,teeatdless ot the price shal be subect (o V' Mtoutng fanuars 01. 221 pursuant to RN Mo Tt03

page 2 of 2 Westwood Phase 7 Dute issued

TERMS AND CONDITIONS OF THE CERTIFICATE OF TAX EXEMPTION

The exemption from income and creditable withholaing taxes covers only income directly attributable to the revenues generated from the project. WESTWOOD PHASE 7 -- Brgy. Pasong Camachile, General Trias, Cavite, consisting of 756 housc and lot units used solely.

for family home or dwelling purposes located at Brgy. Pasong Camachile, General Trias.

Cavite. Such exempiion shall not cover revenues from units with selling price exceeding P2,000,000.00.

2. The enterprise shall observe the following project timetable:

Land Acquisition Activity August 2017 Period

Iicenserpermit/registration from the Secure necessary August 2018 - July 2020

Start of Commercial Operations Buiiding/House construction Site preparation ard developinent government/training costs january 2019 - December 2023 J:ly 2018 -- june 2023 January 2021

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 fron the registered housing project.

4. The Coupany's entitlement to ITH for its BOI-registered housing proiect is subject to the

conpliance with the provisions ot the Specitic t erms and Conditions of its BOl Registration.

5. Pursuant to Section 4 of Republic Act (RA) No. 107083. the Company is required o ile Hs tex

returns and pay its tax liabilities. on or before the deadtine as provided under the T'ax Code of 1)o7.

as amended. using the electronic svstem for filing and payment of taxes of the BiR. It shall file with BOl a complete annual tex incentives report of its income-based tax incentives. VA F and duty

exemptions, deductions. credits or exelusions from the tax base. as may be provided under H) No 226, within the periods prescribed under RA No. 10708's Implementing Rules and Reguiations and

Joint Memorandum Circutar No. i -2016 dated Septeinber I, 2016.

The Company shall be constituted as at withhotding agent for the government if it acts as employer and any of its einployces received compensation income subject to compensation withholaing tax. or if it makes payinents to individuals or corporations subiect to the withhoiding taxes as source as required under Chapter Xil and Section 57 of the T'ax Code ot' 1o97. as amerded. and implemented by RR No. 2-98. as amended.

The Company is required to tile on or before the tsh tiay ot the tourth nonth toilowing the close of its accounting period of a Protit and toss Statement and Balance Shcet with the Annual Intormation Return under oath. stating its gross income and expenses Incurred during the taxable year.

Finatiy, the Company's books ot aceounts and other pertinent records shall be suhject to periodie

exumination by reveuue enforcement otlicers of ghis Bureaa for the purpose of ascertaining whether it is coinplying with the conditions under which it has been granted tax exemption or tax incentives and its tax Hiabitity. if any, pursuant to Section 235 of the fax (ode of 1997. as amended.

n Ae Inhancing Transpareney in ng Atnsenent md veronin f T Ineeite Admini tered he Tnvesmen Pronotion Yeertctes