BIR Ruling No. 260-2022

REPUBLIC OF THE PHILIPPINES

BUREAU OFONTHRNAL REVENUE DEPARTMENT OF FINANCE

Certificate of Ta 13O1-LEH 6x fmptior No

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

Monte, Bulacan, a project dulv reaictered with the Board of Investments (BOI) under Jow-cost housing project, Camella Monticello BP 220 -- Brgy. Sapang Palay Proper, City beginning from December 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 Taxpayer Identification Number (TIN) creditable withholding tax on its income received directiy in connection with its economic and of San Jose del Monte, Bulacan, consisting of 334 house and lot units used solely for family home or dwelling purposes, located at Brgy. Sapang Palay Proper, City of San Jose del 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended. Certificate of Registration No. This certifies that HOUSEHOLD DEVELOPMENT CORPORATION with dated December.23, 2021, for a period of 4 years is exempt from income tax and

shali only, apply to sale "of house "and lot" and other" residential dwellings! below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is VAT-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 P3,199,200.002. Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and valued at

retail stores, offices, etc. shall be subject to the payment of appropriate taxes under the Tax registered with the BOI, (per DHSUD Provisional License to Sell No. 234 house and lot units), including those units used for commercial purposes such as leasing. Code of 1997, as amended. However, the sale of house and lot units in excess of the 334 house and lot units the excess is

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. The grant of tax exemption herein is subject to the compliance with the provisions of

that the facts are different, then this Certificate 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 MAY 2 i 2uZ2

P By: aa W Commissioner of Internal Revenue CAESAR R. DULAY

K-1-GPS Mariscao. Depufy Commissioner Offiaer-in-Charge Legal Group CAbreros 0 8 9 9

2 As adjusted using the 2010 Consumer Price Index values pursuant to RR No. 8-2021 dated June I1, 2021. I Sale of lot only, regardless of the price, shait be subject to VAT starting January 01, 2021rpursuant to RA No. 10963.

page 2 of 2 Camella Monticello BP Date issued_MAY--2 7-2022 CTE NO. 3oY-L+E..26 O .- 2022

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1 The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues 'generated from the project, Camella Monticello BP 220 -- Brgy. lot units used solely for family home or dwelling purposes located at Brgy. Sapang Palay Proper, City of San Jose dei Monte. Bulacan. Such exemption shall not cover revenues frorn units with selling price exceeding F by Provisional License to Sell No. Sapang Palay Proper, City of San Jose dei Monte, Bulacan, consisting of 334 house and shall not be sold for more than F Moreover, the 334 house and lot units covered Der

house and lot.

The enterprise shall observe the following project timetable:

Milestone Investment Cost and Schedule Site Preparation and Development November 2019 December 202'5 Building/House Construction .Totat Project Cost Start of Commercial Operations January 2020 -- December 2025 December 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 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. 107083, the Company is required to file its tax

returns and pay its tax liabitities, on or before the deadiine as provided under the Tax Code of 1997. 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, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may be provided under EO No

Joint Memorandum Circular No. 1-2016 dated September 1, 2016. 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and

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 XII1 and Section 57 of the Tax Code of 1997, as amended, and implemented

by RR No. 2-98, as amended.

The Company is required to file on or before the 1 5t 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 Finally, the Company's books of accounts and other pertinent records shall be subject to 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 exemption or tax incentives and its tax liability, if any, nursuant to Section 235 of the Tax Code of 1997, as amended.

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

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