BIR Ruling No. 439-2021

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OFINTERNAL REVENUE Quezon City Certificate ofTax Exemption No: pel-LEH'-'4 3 9 - 2 0 2 1 CERTIFICATE OF TAX EXEMP ION TO ALL WHOM IT MAY CONCERN: This certifies that CENQHOMES DEVELOPMENT CORPORATION with Taxpayer Identification Number (TIN) ), is exempt from incoipe tax and creditable withholding tax on its income received directly in connection with its economic and low-cost housing project (horizontal), TERRAVERDE RESIDENCE PHASE 2 - Brgy. Bancal,Carmona,Cavite,consisting ofL267house and lot units used solelyforfamily home or dwelling purposes, located at Brgy. Bancal, Carmona, Cavite, a project dulv registered with the Board ofInvestments(BOI)under Certificate of Registration No. dated May 25, 2017, for a period of 3 years and 7. months begoinniing from June 01, 2017 to December 31, 2020\ pursuant to Executive Order(EG)No. 2:>6, otherwise known as the "OmnibusInvestments Code of1987"and Section 2.57.5(B)(2)(f~Revenue Regulations(RR) No.2-98,as amended. Moreover, the sale by the Company of residential lot v ilued at PI,919,500.00 and below,or house and lot and other residential dwellings valued at 1^3,199,200.00 and below,is VAT-exempt under Section 109(1)(P) ofthe National Internal Rkvenue Code(Tax Code)of 1997,as amended. Provided, however, that beginning January 01,,2021,the VAT exemption shall only apply to sale of house and lot and other residential dwellings^ with selling"price of not more than P3,199,200.00^. However, the sale of house and lot units in excess of the 1,267 house and lot units registered with the BOI, if any, including those units used for commercial purposes such as leasing,retail stores,offices,etc.shall be subjectto the payment ofappropriate taxes under the TaxCodeof1997,as amended. f The grant oftax exemption herein is subject to the complmnce 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 all other applicable taxes not discussed above. This Certificate of Tax Exemption is being issued on the basis of the facts and documents as represented and submitted. However, if upon invel,,itigation, the BIR ascertains that the facts are different,then this Certificate shall be considered null and void. Issued this day of DEC fl 6 2021 CAESAR R.DULAY ^ Commissioner ofInternal Revenue K-l 3476 1 0 The ManCom and Board,in its meeting of08 April 2021 and by virtue ofResolution No. 12-08 Series of2021, APPROVED the firm's lered project with BOI CR No;2017-136 request for extension ofITH entitlement period from May 2020 to December 2020 for its regis id the incentives granted to it for reasons dated 25 May 2017,pursuant to Article 7(14){b)ofE.G.226,as the projept has not fully enjoy �IBIG Fund,frequent closure of Registry ity quarantine. beyond the firm's control due to COVID-19that caused delays in the release ofloansfrom PAG ofDeeds,lockdowns imposed by the National Governmentand abrupt imposition ofthe commui Sale oflot only,regardless ofthe price,shall be subjectto VAT startingJanuary01,2021 pursuer As adjusted using the 2010Consumer Price Index values pursuant to RR No.8-2021 dated June I toRANo. 10963. ,2021