BIR Ruling No. 315-2021

REPUBLIG OF THE PHHLIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

*-it315 -2021

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

housing project. WOODCRESS PHASE 1-- Brgy. Tapia, General Trias, Cavite, consisting of 70s house and tot units used solely for family home or dwelling purposes, located at Brgy. Tapia, General Trias, Cavite, a project duiv reoistered with the Board of investments (BOf) withholding tax on its income received directly in connection with its economic and low-cost under Certificate of Registration No. years beginning from "January 2021 or actual start of commercial operations/selling. BOI, pursuant to Executive Order (EO) No. 226, otherwise known as`the "Omnibus Investments Code of 1 987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98] whichever is earlier, but in no case earlier than the date of registration of the project with the as amended, provided that the selling price of'said house and lot units does not exceed P2,000,000.00 per house and lot unit. Identification Number (TIN) This certifies that PROPERTY COMPANY OF FRIENDS, INC. with Taxpayer dated December 29, 2020, for a period of 3 is exempt from income tax and creditable

below, or house and lot and other residential dwellings valued at P3, 199,200.00' and below, is VAT-exempt under Section 109(1)(P) of the National (nternal Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January 01, 2021, the VAT exemption shall oniy apply to sale of house and lot" and other residential dwellings2 P3,199.200.00 Moreover, the sale by the Company of residential lot valued at P1,919.500.00 and valued at

registered with the BOI, if any. including those units used for commercial purposes such as Ieasing, retail stores, offices. etc. shall be subject to the payment of appropriate taxes under the Tax Code of 1997, as amended. However, the sale ot house and lot units in excess of the 708 house and lot units

applicable BIR rules and regulations and the Terms and Conditions stated at the'back hercof. The Company is liable. however, for all other applicable taxes not discussed above. The grant of tax exemption herein is subject to the compliance with the provisions of

that the facts are different. then this C'ertificate shall be considered null and void. documents as represented and submitted. However, if upon investigation. the BIR ascertains This Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this. day of

t50My

K I MDT Commissioner of Internal Revenue CAESAR R. DULAY

:97

+ As cadjusted using the 2010(onsumer Price Index v.tocs pursttant to RR Mn, 8-1021 dated hune It. .102! Sale of lot ontv. tegardless of the prce. shail be subect te \ YT .tartong Janua o 2o pur stant to RA Nn Ion?

{ag2 2 of 2 Wooderess Phase I Date fssue (.TF MO

OF THE CERTIFICATE OF TAX EXEMPTHON TERMS AND CONDITIONS

1.The exemption from income and creditable withholding taxes covers only income directly shall not cover revenues from units with seiling price exceeding P2,000,000.00. attributable to the revenues generated from the project. WOODCRESS PHASE 1 - Brgy. home or dwelling purposes located at Brgy. Tapia, General Trias, Cavite. Such exemption Tapia, Generai Trias, Cavite, consisting of 708 house and lot units used solely for iamily

2. The enterprise shall observe the following project timetabte:

Activity Period

Start of Commercial Operations goveroment/training costs Building/f ouse construction license/permit/registration from the Site preparation and development Land Acquisition Secure necessary November 2019 - December 2024 August 2018 - February 2020 May 2020 - December 2024 January 202 August 2017

3. in the computation of the project's TrH, interest income froin in-house financing shall not be considered as part of the revenues generated from the registered housing project.

+.The Company's entitlement to ITH Tor its BOl-registered housing project is subject to the compliance with the provisions of the Specirie Ferms and Conditions of its BO1 Registration.

5.Pursuant to Section 4 of Republic Act (RA) No. 10708$. the (ompany is required to file its tax returns and pay its tax Hiabilities. on or before the deadline us provided under the tax ( oce ot to97.

as amended, using the electronic sy stem for fiting and payment of taxes of rhe BIR. it shall tlle with BOl a complete annual tax incentives report of its income-based tax incentives, VA 1 and duty exemptions, deductions, credits or exclusions from the tax base. as may be provided under FO) No] Joint Memorandum Circular No. 1-2016 dated September 1. 2016. 226, within the periods prescribed under RA No. 10703's impiementing Rules and Regulations and

The Conpany shall be constituted as a withholding agent for the government if it acts as empioyer or if it makes payments to tndiviluats or corpo required under Chapter XHt and Section 57 of the T'ax Code of 1997. as amended. and implemented by RR Alo. 2-98. as amended. uid any of its empioyees received compensation income subject to compensation withholding tax. orations subiect to the w ithholding taxes as souree tn

. The Company is required wo te on or before the +5t day of the fourth month following the ciose of its accounting period of a Profit and Loss Statenent a dalance Sheet with the Annual

Intormation Return under oath. stating its gross income and expenses incurred during the taxabie y car.

C T inally. the Company's books of accounts and other pertinent records shall be subject to periodic it is conpty ing with the eonditions ander which it has been granted tax exemption or tax incentives and its tax tiability- if auny- pursuant to Section 235 of the Tax ( ode ot 19o7. as cunended. examination by revenue enforcement officers of this Bureau tor the purpose of ascertaining whether

n Vet iaancing Transparency in the lnaenent nd Kecounting f Ta Tneentive Ariministered hy"Tnvetment wnon ygeacies