BIR Ruling No. 660-2017

BUREAU OF INTERNAL REVENUE REPUBLIC "F TH PHILIPPINES DEPARTMENT OF FINANCE Quezon City

Certificate of Tax Exemption No:

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

2.57.5 (B)(2) of Revenue Regulations No. 2-98, as amended, received directly in connection with its economic and low-cost housing project, The Hive Phase 1 -- Towers A & B, consisting of 428 units located at Ortigas Avenue Extension, Brgy. San Isidro, Taytay, Rizal, a project duly registered with the Board of Investments (BOI) under case earlier than the date of registration of the project with the BOI, pursuant to Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section Registration No. August 2016 or actual start of commercial operations/selling. whichever is earlier, but in no This certifies that MYSPACE PROPERTIES, INC., with Tax Identification Number is exempt from income tax and creditable withholding tax on its income dated August 26. 2016, for a period of 4 years beginning from

VAT-exempt under Section 109(1)(P) of the 1997 Tax Code, as amended. 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

Tax Exemption. hence, subject to applicable taxes under the 1997 Tax Code. as amended. The sale by the Company of the 116 parking slots is not covered by the Certificate of

The Company is liable, however, to all other applicable taxes not enumerated above. applicable BIR rules and regulations and the Terms and Con'ditions stated at the back hereof. 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 differcnt, 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 ofDEC 1 S: 2i1::

K-{-jac Commissioner of Internal R: CAESAR R. DULAY 0^'92?

MYSPACE PROPERTIES, INC Page 2 of 2 Date issued 12-19-2017 CTE No. 660-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption from income and creditable withholding taxes covers only income directly consisting of 428 units,located at Ortigas Avenue Extension,Brgy.San Isidro,Taytay,Rizal. Such exemption shall not cover revenues from units with selling price exceeding attributable to the revenues generated from the project,The Hive Phase 1-Towers A& B P3.000.000.00.

2. The Company is obligated to construct and sell 428 housing units based on the following schedulesisales revenues:

Year (No.of Units Volume Value (Php000

Total 2 3 144 428 96 144 44

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.10708,the Company is required to file its tax returns and pay its tax liabilities, on or before the deadline as provided under the 1997 Tax Code, 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. provided under E.O.226,within thirty(30 days from the deadline for filing of tax returns and VAT and duty exemptions, deductions, credits or exclusions from the tax basc,as may be payment of taxes.

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 Tax 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. of 1997, as amended. Finally, the Company's books of accounts and other pertinent records shall be subject to exemption or tax incentives and its tax liability,if any, pursuant to Section 235 of the Tax Code 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

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