BIR Ruling No. 434-2022

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Certificate of Tax Exemption No: NSH+.434-2022

CERTIFICATF OF TAXEXEMPTION

TO ALL WHOM IT MAY CONCERN:

engaged by the Sarimagdaleno Village Homeowners Association, Inc.SVHOAI, is This certifies that BUMBARAN DEVELOPMENT CORPORATION, an entity

exempt from project-related income tax and creditable withholding tax pursuant to Section 20 Development Program Amendments dated July 17,2016,on its income received directly in d1) of Republic Act (RA) No.7279,as amended by RA No.10884(Baanced Housing

connection with the development/ construction of 4312 socialized housing units in be exempt from value-added taxVATpursuant to Section 1091Pof the National Internal exceed P3,199,200.003 per house and lot package;provided further,that beginning January 01. Pablo Rehabilitation Plan PRPthru the Community Initiative Approach Program (CIAPof the National Housing Authority.Moreover,the delivery of 431 socialized-housing units shall Revenue Code of 1997, as amended, provided that the selling price/value thereof does not 2021, the exemption from VAT shall only apply to sale of house and lot and other residential dwellings with selling price of not more than P3,199,200.00. Sarimagdaleno Village located at BrgyOlaycon,Monkayo,Compostela Valley under the TS

socialized housing project. CORPORATION must issue VAT Exempt official receipts on its gross receipts from the said CORPORATION,shall be subject to VATeven if the said purchases are tobe used for the socialized housing project, since VAT is an indirect tax which can be passed on by the seller of the goods/services.It shall be understood that BUMBARAN DEELOPMENT However, the purchases of goods/articles by BUMBARAN DEVELOPMENT

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_NOV 11 2022

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K-1-JAC Commissioner of Internal Revenue LILIA CATRIS GUILLERMO 002412

3 As adjusted using the 2010 Consumer Price Index values per Revenue Regulation No. 8-2021 dated June 11, 2021. 1 Per Contract Agreement dated April 24, 2014. 2 The 225 socialized housing units originally covered ynder BIR Ruling No. 500-2014 dated December 29,32014 was increased to 431 socialized housing units as approved by the NHA in its letter dated November 12, 2014. 4 Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to R No. 10963.