BIR Ruling No. 410-2021

BUREAU OF INTERNAL REVENUE REPUBLICSF TWE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No:

BOI-LEH .4 1 0 - 2 0 2 1

CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN:

Omnibus Investments Code of 1987 and Section 2.57.5 (B) (2) of Rev enue Regulations (RR) No. 2-98, as amended. project with the "BOI, pursuant to Executive Order (EO) No. 226. otherwise known as the consisting of 579 housing units used solely for family home or dwelling purposes, located at Barangay Conchu, Trece Martires City, Cavite, a project duly registered with the Board of Investments (BOI) under Certificate of Registration (COR) No. 2015, for a period of four (4) years beginning from March 2015 or actual start of commerciai operations/selling, whichever is earlier, but in no case earlier than the d:.te of registration of the income received directly in connection with its low-cost mass housing project (horizontal), Amaia Scapes Trece Martires Sector 1 -- Barangay Conchu, Trece Martires City, Cavite, (TIN) This certifies that AMAIA LAND CORP.1, with Taxpay er Identification Number is exempt from income tax and creditable withholding tax on its dated March 11.

residential dwellings2 with selling price of not more than P3,199,200.00.3 below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) cf the National Internal Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January 01, 2021, the exemption from VAT shall only apply to'sale of house and lot and other Moreover, the sale by the Company of residential lot valued at Pi,919,500.00 and

the BOI, if any, including those units used for commercial purposes such as leasing, retail stores, offices, etc., shall be subject to the payment of appropriate taxes under the Tax Code of 1997, as aniended. However, the sale of housing units in excess of the 579 housirg units registered with

applicable BIR rules and regulations and the Terms and Conditions st..ted 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

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 0 4 2021

aexQMy

K-1-MDT Commissioner of' In ternal Revenue CAESAR R. DULAY 4675

3 As adjusted using the 2010 Consume: Price Index values per RR No. 8-2021 dated June i I, -021. 2 Sale of fot only, regardless of the pnce, shall be subject to VAT starting January 01, 2021 p irsuant to Republic Act (RA) : Formerly: First Communities Realty. Inc. No. 10963.

(Amaia Scapes Trece Marri-es Sector 1) AMAIA LAND CORP CT: No.: Datt issued: BOI-LEH - H 10 - 2 0 2 1

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

The exemption fron income and creditable withholding taxes covers only income directly than P1.250,000.00 rer housing unit. attributable to the revenues generated from the project, Amaia Scapes Trece Martires Sector 1 1 Barangay Conchu, Trece Martires City, Cavite, consisting of 579 housing units used solely for exemption shall net cover revenues from units with selling price exceeding P3,000,000.00 Moreover, the 579 housing units covered by License to Sell No. family home or dweling purposes, located at Barangay Conchu, Trece Martires City, Cavite. Such shall not be sold for more

2 The Company is cbligated to construct and sell 579 housing units based on the following

schedules/sales reverues:

Total Year C ( (No. of Units) Volume 59 375 119 35 (PhP'000) Value

3 In the computation of the project's ITH, interest income from in-house financing shall not be considered as part o " 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. 107084, the Company is required to file its tax

as amended, using th.e 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 226, within the peric ds prescribed under RA No. 10708's Implementing Rules and Reulations and Joint Memorandum Circular No. 1-2015 dated September 1. 2016. returns and pay its ta x liabilities, on or before the deadline as provided under the Tax Code of 1997. exemptions, deductions. credits or exclusions from the tax base, as may be provided under EO No

6. The Company shall he constituted as a withholding agent for the government if it act., as employer and any of its emplcyees received compensation income subject to compensation withholding tax, required under Chapter XIII and Section 57 of the Tax Code of 1997. 1s amended, and implemented by RR No. 2-98, as imended. or if it makes payments to individuals or corporations subject to the withholding taxes as source as

I The Company is required to file on or before the 1sth day of the four h month followiig the close

year. of its accounting piriod of a Profit and Loss Statement and Bala ice Sheet with che Annual Information Return uinder oath. stating its gross income and expenses incurred during the taxable

8. Finally, the Compat y's books of accounts and other pertinent record shall be subject to periodic examination by reve nue enforcement officers of this Bureau for the pu. pose of ascertaining whether it is complying with the conditions under which it has been granted ta: exemption or tax incentives and its tax liability. 'f any, pursuant to Section 235 of the Tax Code o1 1997. as amended.

: An Act Enhancing Transt :reney in the Management and Accounting of Tax li entives Administered by Investnic nt Promotion Agencies.

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