MANULIFE DATA SERVICES, INC. v. COMMISSIONER OF INTERNAL REVENUE

CTA Fonn No. 8 llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll 22-000350-0060 REPUBLIC OF THE PHILIPPINES COURT OF TAX APPEALS QUEZON CITY FIRST DIVISION CTA CASE NO. 10926 MANULIFE DATA SERVICES, INC., Petitioner, - versus - NOTICE OF DECISION COMMISSIONER OF INTERNAL REVENUE, Respondent. To: OFFICE OF THE SOLICJTOR GENERAL 134 Amorsolo Street, Legazpi V illage Makati City ATTY. SYLVIA R. ALMA JOSE ATTY. AYESHA HANIA B. GUILING-MATANOG ATTY. CLARISSA J. VIRTUDES-BABARAN Bureau oflntemal Revenue Room 703, Litigation Division, BJR National Office Building Sen. Mi riam P. Defensor-Santi ago Avenue Diliman, Quezon City NISCE MAMURIC GUINTO RIVERA & ALCANTARA LAW OFFICES 8th Floor, 139 Corporate Center 139 Valero Street, Salcedo Village Makati City 1227 GREETINGS: You are hereby notified by these presents that on August 1, 2025, a Decision was rendered in the above-entitled case, copy of which is attached hereto. Quezon City, Philippines, August 5, 2025. Atty. Maria Jo~. Chan-Te Executive C er ourt II

REPUBLIC OF THE PHILIPPINES COURT OF TAX APPEALS QUEZON CITY FIRST DIVISION MANULIFE DATA CTA CASE NO. 10926 SERVICES, INC., Members : Petitioner, -versus- DEL ROSARIO, P.J., Chairperson, BACORRO-VILLENA, and CUI-DAVID, JJ. COMMISSIONER OF Promulgated: INTERNAL REVENUE, AUG 01~ g.'qf/f Respondent. X- - - - - - - - - - - - - - - - - - - - - - - - - - - ~ - - - - - - - - - -X DECISION CUI-DAVID, J.: Before this Court is petitioner's Petition for Review, filed on July 20, 2022 , assailing respondent's Letter dated June 3, 2022, which denied its claim for refund. Petitioner seeks a refund or issuance of a Tax Credit Certificate (TCC) in the amount of P 107,795, 128.74, 1 allegedly representing its excess and unutilized input Value-Added Tax (VAT) paid for all four (4) quarters of the calendar year (CY) 2020. 2 THE PARTIES Petitioner, Manulife Data Services, Inc. , is a foreign corporation duly licensed by the Securities and Exchange Commission (SEC) to operate as a Regional Operating Headquarters (ROHQ) in the Philippines, under SEC Certificate of Registration and License No. FS200603505. 3 It is also registered with the Bureau of Internal Revenue (BIR) , Revenue y Th< ''"o""' of mfimdltox ocod;t m;g;,lly pmyed foo ;, the P"ilionf" Re"'"' w>< P147,008,789. I5, b"t the "me was reduced to PI 07,795, 128.74, which is the amount of refund the Independent Certi fied Public Accountant (ICPA) concluded that petitioner is entitled to; Refer to par. 30 and Prayer, petitioner's Memorandum , Docket, p. 64 1. Docket, p. 179, Pre-Trial Order dated May 18, 2023, Statement of the Case. !C PA Exhibit " P-2", USB (Exhibit "P-4 1-b").

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X District Office No. 126 - Regular Large Taxpayers Division III, under Taxpayer Identification Number (TIN) 244-027-271- 00000.4 Respondent is the Commissioner of Internal Revenue (CIR), who holds office at the 5th Floor, BIR National Office Building, Agham Road, Diliman, Quezon City,5 vested with the power to decide on applications for tax refunds or tax credits.6 THE FACTS On March 31, 2022, petitioner filed with the BIR an Application/or Tax Credits/Refunds (BIR Form No. 1914) for its unutilized input VAT in the total amount of P147,008,789.15, covering the period from January 1 to December 31, 2020.7 On the same date, respondent issued Tax Verification Notice No. TVN201800190844, 8 authorizing Revenue Officers (ROs) Marjorie C. Dioso (Dioso) and Michele J. Alonzo-Bucayu to verify the supporting documents and/ or pertinent records relative to petitioner's claim for VAT refund for the period from January 1 to December 31, 2020.9 Thereafter, respondent denied petitioner's application for tax refund or credit via a letter dated June 3, 2022, 10 which was received by petitioner on June 20, 2022, or within ninety (90) days from the filing of the refund application. 11 PROCEEDINGS BEFORE THE COURT Aggrieved, petitioner filed the present Petition for Review on July 20, 2022.12 On September 6, 2022, respondent transmitted to the "r Court the B~R.fecords of the case, consisting of 520 pages in 13 one folder. !CPA Exhibit �'P-8", USB (Exhibit "P-41-b"). Petition for Revie>v. par. 3 vis-a-vis Answer. par. 1. Docket. pp. f:r7 and 26. respectively. Docket. p. 163, Joint Stipulation ofFacts and Issue (JSFI). Stipulation of Facts, par. 1(a). !CPA Exhibit "P-35''. USB (Exhibit "P-41-b"). Docket. p. 163, JSFI. Stipulation of Facts, par. l(b). Exhibit �'R-1", BIR Records (Exhibit "R-6"). p. 143. 10 Docket. p. 163. JSPI, Stipulation of Facts. par. l(c). 11 Docket. p. I63, JSFI. Stipulation of Facts. par. I(d): !CPA Exhibit "P-37". USB (Exhibit "P-4 I-b"); Exhibit "R-4", BIR Records (Exhibit "R-6"), pp. 487a-517. 12 Docket, pp. 6-17. 13 !d. at 21-23. Compliance dated September 2. 2022.

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Respondent subsequently filed his Answer on September 7, 2022.14 The Pre-Trial Conference was initially set on November 16, 2022, 15 but was reset and held on March 15, 2023. 16 Prior thereto, Respondent's Pre-Trial Briefwas filed on September 23, 2022, 17 while petitioner submitted its Pretrial Brief on October 20, 2022.18 On May 3, 2023, the parties filed their Joint Stipulation of Facts and Issue, 19 which was admitted and approved by the Court in a Resolution dated May 8, 2023,20 thereby terminating the pre-trial stage. The Pre-Trial Order was issued on May 18, 2023. 21 Trial then ensued, during which both parties presented and offered their respective testimonial and documentary evidence. Petitioner presented the testimonies of the following individuals: 1. Mr. Inigo P. Garcia,22 petitioner's Finance Director; 2. Ms. Clarissa L. Magarao, 23 petitioner's Accounting Specialist; and 3. Mr. Garry S. Pagaspas, 24 the Court-commissioned Independent Certified Public Accountant (ICPA). 25 The Report of the ICPA was submitted on October 24, 2023. 26 On November 28, 2023, petitioner filed its Formal Offer of Exhibits with Motion (Re: To Mark !CPA Exhibits). 27 Respondent, however, failed to file a comment thereon. 28 In its Resolution \1 14 /d. at 26-33. 15 !d. at 70--71, Notice of Pre-Trial Conference dated September 14. 2022. 16 !d. at 93. Notice of Resetting dated November 8, 2022: 94-96. Minutes of the hearing held on. and Order dated, March 15, 2023. 17 /d. at 72-75. 18 /d. at 77-91. 19 /d. at 163-174. 20 Jd. at 177. 21 /d. at 179-186. 22 !d. at 117-134, Exhibit "P-I''; 236-236-A, Order dated August 10, 2023. 23 /d. at 135-145, Exhibit "P-7"; 242-242-A, Order dated September 5, 2023. 24 !d. at <175 <180. Exhihit �'P-10"": 532 533. Order d<1ted November 8. 2023. 25 /d. at 242-242-A, Order dated September 5, 2023. 26 ld at 258-453, Exhibit "P-41 ". " /d. at 540-586. ~8 /d. at 591, Records Verification dated January 9. 2024 issued by the Judicial Records Division of this Court.

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 4 of68 X------------------------------------------------------------------------------------------X dated March 20, 2024,29 the Court admitted all of petitioner's offered exhibits, except the following: 1. Exhibits "P-2"' "P-3"' "P-4"' "P-4-1"' "P-4-2"' "P-4- ""44PP"-1--' 552"--P"82-'""4",'-P7""-P"P4-'--55"1-P-393-"""4'''-8"""PP"P--'-54"5--P-114-054"""-' 9''""""PP'P-"-5-5P4--5--141"2-6'1"""0''P"""-P'P5"---5P65--""14'' 3-""1"PP1'--""55P'--"-715P""--'' 17", "P-6"' "P-6-1" ' "P-6-2"' "P-6-3"' "P-6-4"' "P-6- 65"-1' 1""P,-6"P-6-"6'-1"2P"-6' -"7P"-'6"-1P3-6"-' 8""P'-6"P-1-64-"9' ""'P"-P6--61-51"0' ""'P"-P6-- """311PPE286--"x""21'''h63""i""'bPP'P''i---t"31"6sPP49--C1-""127''a37"""u-"'PPas'--""e23P"'d05P-"8""-Pt2o"''-'81""b"PP"4e'P"--32-'"M961P""""P-a''2'-r1"9k"aP5P"en"-'-dd12'"02b"P""P"yP-''-3-1t3""0h6PP7"e"-"-' 12''P"13"uPeP""nt--''i31dt""1i7ePPo"'r-n'-''21et""52rhPP,""e"--'' for failure to submit the documents duly marked during the commissioner's hearing held before the Court; 2. Exhibit "P-5-12", under the "Independent CPA Exhibits," for being written in an unofficial language not accompanied by a translation into English or Filipino, pursuant to Section 33, Rule 132 of the Rules of Court; 3. Exhibits "P-44C-Q 1-a", "P-46C-Q3-a," and "P-63- Q2-b," for not being found in the records of the case; and 4. Exhibit "P-54-Q3-cx," for being totally blurred, unreadable, or improperly scanned. For his part, respondent presented the testimony of RO Dioso. 30 On May 14, 2024, respondent filed his Formal Offer of Evidence, 31 to which petitioner filed its Comment (Re: Formal y Offer ofEvidence dated 14 May 2024) on May 21, 2024.32 In its 29 !d nt ~9R-nm. " /d. at 39-44. Exhibit ��R-T: 604-{)06 and 608-{)09. Minutes of the hearing held on. and Order dated. May 14. 2024. respectively. " !d. at6\l-D\4. 32 /d. at616-D\7.

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue x------------------------------------------------------------------------------------------x Resolution dated July 30, 2024,33 the Court admitted all of respondent's offered evidence. Respondent filed his Memorandum on August 20, 2024,34 while petitioner submitted its Memorandum on August 30, 2024. 35 The case was submitted for decision on September 13, 2024. 36 THE ISSUE The parties submit the following rssue for the Court's resolution, to wit: "Whether or not the petitioner is entitled to its claim for refund, or issuance of a Tax Credit Certificate in the amount of Php147,008,789.15, allegedly representing its excess and unutilized input VAT for the four quarters of calendar year 2020."37 PETITIONER'S ARGUMENTS Petitioner, in insisting on its entitlement to a refund, argues that it is VAT-registered; it is engaged in zero-rated sales paid through inward remittances of foreign currency; it paid input VAT in CY 2020 arising from domestic purchases of goods and services, which are not transitional input taxes; its excess and unutilized input VAT is directly attributable to its zero- rated sales for CY 2020 and was not applied against output tax in the same or succeeding quarters; the excess and unutilized input VAT was allocated between zero-rated and taxable sales; the ICPA concluded that petitioner is entitled to a refund of !'107,795,128.74; and the claim was filed within two years after the close of the taxable quarter when such sales were made. RESPONDENT'S ARGUMENTS Respondent contends that the petition must be dismissed because petitioner failed to substantiate its administrative claim for refund; it is not entitled to a refund in the amount of ll ld at 624 625. H ld at 626-{533. 35 ld at 635-M2. 36 !d. at 646. Notice of Resolution dated September 13. 2024. 37 !d. at 180, Pre-Trial Order. B. Stipulation ofissue: 172, JSFI. Issues.

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X !'147,008,789.15; and claims for refund are strictly construed against the claimant, as they partake of the nature of tax exemption, and as such, are looked upon with disfavor. THE COURT'S RULING The instant Petition for Review is partly meritorious. Requisites for input VAT refund or issuance of a Tax Credit Certificate. Section 112 of the National Internal Revenue Code (NIRC) of 1997, as amended by Republic Act (RA) No. 10963,38 provides, in part, as follows: SEC. 112. Refunds or Tax Credits of Input Tax. - (A) Zero-Rated or Effectively Zero-Rated Sales. - Any VAT-registered person, whose sales are zero-rated or effectively zero-rated may, within two (2) years after the close of the taxable quarter when the sales were made, apply for the issuance of a tax credit certificate or refund of creditable input tax due or paid attributable to such sales, except transitional input tax, to the extent that such input tax has not been applied against output tax: Provided, however, That in the case of zero-rated sales under Section 106(A)(2)(a)(l), (2) and (b) and Section 108(8)(1) and (2), the acceptable foreign currency exchange proceeds thereof had been duly accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP): Provided, further, That where the taxpayer is engaged in zero-rated or effectively zero-rated sale and also in taxable or exempt sale of goods or properties or services, and the amount of creditable input tax due or paid cannot be directly and entirely attributed to any one of the transactions, it shall be allocated proportionately on the basis of the volume of sales: Provided, finally, That for a person making sales that are zero-rated under Section 108(8)(6), the input taxes shall be allocated ratably between his zero-rated and non-zero-rated sales. 38 AN ACT AMENDING SECTIONS 5. 6. 24. 25. 27. 3 I, 32, 33, 34, 51. 52. 56, 57, 58, 74. 79, 84, 86, 90, 91, 97. 99. 100. 101. 106. 107. 108. 109. 110. 112. 114. 116. 127. 128. 129. 145. 148. 149. 151. 155, 171. 174. 175. 177, 178. 179. 180. 181. 182, 183. 186. 188. 189. 190. 191. 192, 193, 194.195. 196. 197.232.236.237.249.254.264.269, AND 288: CREATING NEW SECTIONS 5 I-A, 148-A. 150-A. 150-B. 237-A. 264-A, 264-8. AND 265-A; AND REPEALING SECTIONS 35, 62, AND 89: ALL UNDER REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997. AS AMENDED. AND FOR OTHER PURPOSES.

DECISION CTA Case No. 10926 Manulife Data Senrices, Inc. v. Commissioner of Internal Revenue Page 7 of68 X------------------------------------------------------------------------------------------X (C) Period within which Refund of Input Taxes shall be Made. - In proper cases, the Commissioner shall grant a refund for creditable input taxes within ninety (90) days from the date of submission of the official receipts or invoices and other documents in support of the application filed in accordance with Subsections (A) and (B) hereof: Provided, That should the Commissioner find that the grant of refund is not proper, the Commissioner must state in writing the legal and factual basis for the denial. In case of full or partial denial of the claim for tax refund, the taxpayer affected may, within thirty (30) days from the receipt of the decision denying the claim, appeal the decision with the Court of Tax Appeals: Provided, however, That failure on the part of any official, agent, or employee of the BIR to act on the application within the ninety (90)-day period shall be punishable under Section 269 of this Code." Based on the foregoing provision, jurisprudence has laid down the requisites that a taxpayer-applicant must satisfy to successfully obtain such a refund or credit. These requirements may be categorized as follows: As to the timeliness of the filing of the administrative and judicial claims: 1. The refund claim is filed with the BIR within two (2) years after the close of the taxable quarter when the sales were made;39 2. In case of full or partial denial of the refund claim rendered within a period of 90 days from the date of submission of the official receipts (ORs) or invoices and other documents in support of the application, the judicial claim shall be filed with this Court within thirty (30) days from receipt of the decision;4o With reference to the taxpayer's registration with the BIR: 3. The taxpayer is a VAT-registered person;41 39 AT&T Communications Services Philippines, Inc. v. Commissioner of Internal Revenue, G.R. No. 182364. August 3. 2010 [Per J. Carpio-Morales. Third Division]: San Roque Power Corporation v. Commissioner of Internal Revenue. G.R. No. 180345. November 25, 2009 [Per J. Chico-Nazario, Third Division]; Intel Technology Philippines. Inc. v. Commissioner of Internal Revenue, G.R. No. 166732, April27. 2007 [Per .1. Calleja, Sr., Third Division]. 40 See Commissioner ofInternal Revenue v. Vest as Services Philippines. Inc., G.R. No. 255085, March 29, 2023 [Per J. Hernando, First Division]; Commissioner ofInternal Revenue v. CE Casecnan Water and Energy Company. Inc., G.R. No. 212727, February L 2023 [Per J. Hernando, First Division]; Energy Development Corporation v. Commissioner of Internal Revenue, G.R. No. 203367, March 17, 2021 [Per J. Hernando. Third Division]; [cf: Sections 7(a)(l) and (2). and II (first paragraph), RA No. 1125. as amended by RA No. 9282]. AT&TC'ommunications Scrriccs PhihjJJJines. Inc., .. C'ommissinner o[h1tC'rnal Revenue. G.R. No. 182364. August 3. 2010 lPcr J. Carpio-Morales, Third Division]: San Roque Power Corporation v. Commissioner of Interned Revenue, G.R. No. 180345, November 25, 2009 [Per J. Chico-Nazario, Third Division]; Intel Technology Philippines. Inc. v. Commissioner of Internal Revenue, G.R. No. 166732, April 27, 2007 [Per 1. Calleja, Sr., Third Division].

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X In relation to the taxpayer's output VAT: 4. The taxpayer is engaged in zero-rated or effectively zero- rated sales;42 5. For zero-rated sales under Section 106(A)(2)(a)(l), (2) and (b) and Section 108(8)(1) and (2),43 the acceptable foreign currency exchange proceeds have been duly accounted for in accordance with the Bangko Sentral ng Pilipinas (SSP) rules and regulations;44 As regards the taxpayer's input VAT being refunded: 6. The input taxes are not transitional;45 7. The input taxes are due or paid;46 8. The input taxes claimed are attributable to zero-rated or effectively zero-rated sales. However, where there are both zero-rated or effectively zero-rated sales and taxable or exempt sales, and the input taxes cannot be directly and entirely attributable to any of these sales, the input taxes shall be proportionately allocated on the basis of sales volume;47 and 9. The input taxes have not been applied against output taxes during and in the succeeding quarters48 In addition to the above, the taxpayer-applicant must comply with the substantiation and invoicing requirements prescribed under the NIRC and its implementing rules and regulations. 49 Such compliance is indispensable to a "valid claim for input taxes attributable to zero-rated sales,"50 as it provides the necessary basis to "determine the veracity of the taxpayer's claims."SV !d. 4) Under RA No. 10963, Section 106(A)(2)(a)(2) was renumbered to Section 106(A)(2)(a)(3) while Section 106{!\)(2)(b) was deleted. However, there was no corresponding amendment to the subsections cited in Section 112(A) of the NJRC of 1997, as amended. AT&T Communications Services Philippines. Inc. v. Commissioner of Internal Revenue, G.R. No. 182364, August 3. 2010 [Per J. Carpio-Morales, Third Division]: San Roque Power Corporation v. Commissioner of Internal Revenue. G.R. No. 180345, November 25. 2009 [Per J. Chico-Nazario, Third Division]; Intel Technology Philippines, Inc. v. Commissioner of Internal Revenue. G.R. No. 166732, April 27. 2007 [Per J. Calleja, Sr., Third Division]. 45 !d. 46 /d. ~ 7 San Roque Pmver Corporation v. Commissioner ofinternal Revenue. G.R. No. 180345. November 25, 2009 [Per J. Chico-Nazario, Third Division]; Intel Technology Philippines, inc. v. Commissioner of Internal Revenue, G.R. No. t66732. April27. 2007 [Per J. Callejo, Sr.. Third Division]. ~ 8 Supra note 39. 49 Team Energy Corporation (Formerly: .\Iirant Pagbi/ao Corporation and Southern Energy Quezon, Inc.) v. Commissioner oflnlcma! Rc>rcm!c. G.R. Nos. 197663 & 197770, March 14.2018 [Per J. Lconcn, Third Division]. 50 J.R.A. Philippines, Inc. v. Commissioner of Internal Revenue, G.R. No. 171307. August 28.2013 [Per J. Perlas- Bernabe. Second Division]. 51 Nippon t.Xpress (Philippinesj Corporation v. Commissioner ofInternal Revenue, G.R. No. 191495, July 23,2018 [Per J. Marti res, Third Division].

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Strict adherence to these requirements is necessary considering VAT's nature and VAT system's tax credit method, where tax payments are based on output and input taxes and where the seller's output VAT becomes the buyer's input VAT that is available as a tax credit or refund in the same transaction. It ensures the proper collection of taxes at all stages of distribution, facilitates the computation of tax credits, and provides an accurate audit trail or evidence for BIR monitoring purposes. s2 Furthermore, it must be emphasized that in cases filed before this Court, which are litigated de novo, party-litigants must prove every minute aspect of their case.s3 Thus, petitioner must demonstrate compliance with each of the foregoing requisites and invoicing requirements. First and second requisites: Petitioner's administrative and judicial claims were timely filed. The first requisite pertains to the filing of an administrative claim for a refund or tax credit of input VAT with the BIR within two years after the close of the taxable quarter in which the zero-rated or effectively zero-rated sales were made. The present claim covers the 1st to 4th quarters of CY 2020. Accordingly, the respective deadlines for filing the administrative claim are as follows: Taxable Close of taxable Last day to file an Quarter quarter administrative 1st quarter March 31, 2020 claim 2nd quarter June 30, 2020 March 31, 2022 3rct quarter September 30, 2020 v June 30, 2022 September 30, 2022 52 Supra note 49. 53 Commissioner of Internal Revenue v. Vestas Services Philippines, Inc.. G.R. No. 255085, March 29, 2023 [Per J. Hernando, First Division}; Commission of Internal Revenue v. Deutsche Knmvledge Services. Pte. Ltd, G.R. Nos. 226548 & 227691, 226682-83. February 15. 2023 [Per J. M.Y. Lopez. Second Division] citing Atlas Consalidated .'\4ining and Development Corporation v. Commissioner of lntemal Revenue, G.R. No. 145526, March 16, 2007 [Per J. Corona. First Division]: See also Edison (Bataan) Cogeneration Corporation v. Commissioner of internal Revenue. G.R. Nos. 201665 & 201668. August 30. 2017 [Per J. Del Castillo, First Division]: Commissioner of Internal Revenue v. Philippine A'ational Bank. G.R. No. 180290. September 29. 2014 [Per J. Leonen, Second Division]: rommissinner nf Internal Revemw v. ( initf'd Salvage and Tnwnge (?hils.). Inc.. G.R. No. 197515. July 2. 2014 [Per J. Peralta, Third Division]: Dizon v. Court ofTax Appeals, eta!.. G.R. No. 140944. Apri130, 2008 [Per J. Nachura, Third Division]; Commissioner of Internal Revenue v. Manila Aiining Corporation, G.R. No. 153204. August 31.2005 [Per 1. Carpio~Morales. Third Division].

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X 4th quarter I December 31, 2020 I December 31, 2022 Considering that petitioner filed its administrative claim for refund for all quarters of CY 2020 on March 31, 2022,54 the same was well within the two (2)-year prescriptive period. Thus, the first requisite is satisfied. The second requisite requires that the judicial claim be filed within thirty (30) days from receipt of the BIR's decision, or after the lapse of the 90-day period from the date of submission of the ORs or invoices and other documents in support of the application for refund under Section 112(C) of the NIRC of 1997, as amended by RA No. 10963. Counting 90 days from petitioner's submission of its administrative claim on March 31, 2022, respondent had until June 29, 2022, to act on the claim. The BIR issued a denial letter dated June 3, 2022, 55 well within the 90-day period, which was received by petitioner on June 20, 2022.56 Counting 30 days, petitioner had until July 20, 2022, to file its judicial claim. Therefore, the filing of the present Petition on Review on July 20, 202257 was within the prescribed period, satisfying the second requisite. Third requisite: Petitioner is a VAT-registered entity. The third requisite is likewise satisfied and undisputed, as petitioner is duly registered with the BIR as a VAT taxpayer under TIN 244-027-271-00000.58 Fourth and fifth requisites: Petitioner had zero-rated or effectively zero-rated sales for CY 2020. The fourth and fifth requisites respectively require that the taxpayer is engaged in zero-rated or effectively zero-rated sales, and that, in the case of zero-rated sales under Sections 54 !CPA Exhibit �'P-35", USB (Exhibit ''P-41-b"). ~ 5 !CPA Exhibit �'P-3T. USB (Exhibit �'P-41-b''): Exhibit �'R-4''. BIR Records (Exhibit "R-6"), pp. 487a-517. 56 Par. l(d), Stipulation of Facts, JSFI. Docket. p. 163: Exhibit "R-4". BIR Records (Exhibit �'R-6"), pp. 487a-517; Exhibit "P-7" (Q&A No. 62), Docket. p. 143. 57 Docket, pp. 6-17. 58 !CPA Exhibit "P-8", USB (Exhibit "P-41-b").

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 11 of68 X------------------------------------------------------------------------------------------X 106(A)(2)(a)(1), (2) and (b),59 and 108(8)(1) and (2) of the NIRC of 1997, as amended, the acceptable foreign currency exchange proceeds have been duly accounted for in accordance with the 8SP rules and regulations. Petitioner avers that its sales of services were rendered to non-resident foreign clients engaged in business outside the Philippines. These services were paid in acceptable foreign currency inwardly remitted into the Philippine banking system in accordance with the 8SP rules and regulations. As such, these sales are subject to zero-percent (0%) VAT, pursuant to Section 108(8)(2) of the NIRC of 1997, as amended, 60 which reads as follows: SEC. 108. Value-added Tax on Sale of Services and Use or Lease of Properties. - (B) Transactions Subject to Zero Percent (0%} Rate. - The following services performed in the Philippines by VAT- registered persons shall be subject to zero percent (0%) rate: (1) Processing, manufacturing or repacking goods for other persons doing business outside the Philippines which goods are subsequently exported, where the services are paid for in acceptable foreign currency and accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP); (2) Services other than those mentioned in the preceding paragraph, rendered to a person engaged in business conducted outside the Philippines or to a nonresident person not engaged in business who is outside the Philippines when the services are performed, the consideration for which is paid for in acceptable foreign currency and accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP);" (Emphasis supplied} Based on the foregoing provision, the following essential elements must be established for a sale or supply of services to qualify for a VAT rate of zero percent (0%), under Section v 108(8)(2) of the NIRC of 1997, as amended, to wit: 59 Under RA No. \0963. Section \06(A)(2)(a)(2) was renumbered to Section \06(A)(2)(a)(3) while Section \06(A){2){b) was deleted. However, there was no corresponding amendment to the subsections cited in Section \12(A) of the NIRC of 1997, as amended. 60 Docket, p. 14, Petition for Review. VI. Discussion. pars. 25-26.

DECISION CTA Case No. 10926 Manulife Data Services, lnc. v. Commissioner of Internal Revenue x------------------------------------------------------------------------------------------x 1. The recipient of the services is a foreign corporation, and the said corporation is doing business outside the Philippines, or is a non- resident person not engaged in business who is outside the Philippines when the services are performed;61 2. The services fall under any of the categories under Section 108(8)(2), 62 or simply, the services rendered should be other than "processing, manufacturing or repacking goods";63 3. The services must be performed in the Philippines64 by a VAT-registered person; and 4. The payment for such services should be m acceptable foreign currency accounted for m accordance with BSP rules. 65 In its Quarterly Value-Added Tax Returns (BIR Form No. 2550-Q) for the 1st to 4th quarters of CY 2020, petitioner reported total sales of P5,819,465,711.52, which included zero- rated sales ofP5,715,533,377.30, broken down as follows: ICPA Period VATable Sales Zero-Rated Sales Total Sales Exhibit Covered (CY 2020) I" 28,095,867.43 I" 1,562,119,008.81 I" 1,590,214,876.24 "P-11"66 1" Quarter 14,853,718.43 1, 149,143,809.74 1,163,997,528.17 "P-12"67 33,656,940.66 1,465,038,391.11 1,498,695,331. 77 "P-13-a"68 2nd Quarter 27,325,807.70 1,539,232,167.64 1,566,557,975.34 "P-14"69 3cd Quarter 1"103,932,334.22 1"5,715,533,377.30 P5,819 ,465,711.52 4th Quarter Total 61 Site! Philippines Corporation (Formerly C!ientfogic ?hils. Inc.) v. Commissioner of Internal Revenue, G.R. No. 201326, February 8. 2017 [Per J. Caguioa. First Division]; Accenture. Inc. v. Commissioner of Internal Revenue, G.R. No. 190 I02, July 11. 2012 [Per J. Sereno. Second Division]: Commissioner ofInternal Revenue v. Burmeister and Wain Scandinavian Contractor .\findanao, Inc., G.R. No. 153205, January 22, 2007 [Per J. Carpio, Second Division]. Commissioner ofInternal Revenue v. American Express International. Inc. (Philippine Branch). G.R. No. 152609, June 29, 2005 {Per J. Panganiban, Third Division]. 63 Commissioner of Internal Revenue v. Burmeister and I�Vain Scandinavian Contractor .Hindanao. Inc., supra. 64 Commissioner of Internal Revenue v. Burmeister and Wain Scandinavian Contractor Mindanao, Inc.. supra; Commissioner of Internal Revenue v. American E-xpress International, Inc. (Philippine Branch). supra. ld USB (Exhibit "P�41�b"). USB (Exhibit "l'-41�b"). USB (Exhibit "P-41-b"). USll (Exhibit ��P-41-b").

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Petitioner claims that it generated VAT zero-rated sales from services rendered to the following non-resident foreign clients, to wit:7o 1. THE MANUFACTURERS LIFE INSURANCE COMPANY 2. MANULIFE BANK AND TRUST 3. MANULIFE ASSET MANAGEMENT LIMITED 4. JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) 5. JH INVESTMENT MANAGEMENT DISTRIBUTORS LLC 6. MANULIFE ASSET MANAGEMENT (US) LLC 7. MANULIFE (INTERNATIONAL) LTD. 8. MANULIFE ASSET MANAGEMENT (HONG KONG) LIMITED 9. MANULIFE FINANCIAL ASIA LTD. 10. MANULIFE (SINGAPORE) PTE. LTD. 11. MANULIFE ASSET MANAGEMENT SINGAPORE PTE. LTD. 12. MANULIFE JAPAN 13. MANULIFE ASSET MANAGEMENT SERVICES BERHAD 14. MANULIFE INVESTMENT MANAGEMENT (MALAYSIA) MAPLE MANULIFE INFORMATION & TECHNOLOGY SERVICES 15. (CHENGDU) 16. MANULIFE (VIETNAM) LTD. 17. MANULIFE INSURANCE (THAILAND) PUBLIC COMPANY LTD. As to the first essential element, in order to be considered a non-resident foreign corporation (NRFC) doing business outside the Philippines, each entity must be supported, at the very least, by both a Certification of Non-Registration of Corporation/Partnership issued by the Philippine SEC, and proof of incorporation/registration in a foreign country (e.g., Articles/ Certificate of Incorporation/ Registration and/ or Tax Residence Certificate). The former document establishes that the recipient of the service is not registered to do business in the Philippines, and is not engaged in trade or business within the Philippines. Meanwhile, the latter document proves that the said service recipient is indeed a foreign entity. These documents have been required by the Court to establish compliance with the first essential element. In Commissioner of Internal Revenue v. Deutsche Knowledge Services Pte. Ltd.,7 1 the Supreme Court affirmed the necessity of presenting these documents in this wise: For purposes of zeo-rating under Section 108(8)(2) of the Tax Code, the claimant must establish the twv 70 Docket. pp. 8-10. Petition for Review. IV. Facts. par. II: !CPA Exhibit '"P-3", USB (Exhibit '"P-41-b"). " G.R. No. 234445, July 15.2020 [Per J. lnting. Second Division].

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X components of a client's NRFC status, viz.: (1) that their client was established under the laws of a country not the Philippines or, simply, is not a domestic corporation; and (2) that it is not engaged in trade or business in the Philippines. To be sure, there must be sufficient proof of both of these components: showing not only that the clients are foreign corporations, but also are not doing business in the Philippines. Such proof must be especially required from ROHQs such as DKS. That the law expressly authorizes ROHQs to render services to local and foreign affiliates alike only stresses the ROHQ's burden to distinguish among their clients' nationalities and actual places of business operations and establish that they are seeking refund or credit of input VAT only to the extent of their sales of services to foreign clients doing business outside the Philippines. To recall, the CTA found that the SEC Certification of Non-Registration of Company and Authenticated Articles of Association and/ or Certificates of Registration/ Good Standing/Incorporation sufficiently established the NRFC status of 11 of DKS's affiliates clients. The Court upholds these findings. The Court accords the CTA's factual findings with utmost respect, if not finality, because the Court recognizes that it has necessarily developed an expertise on tax matters. Significantly, both the CTA Division and CTA En Bane gave credence to the aforementioned documents as sufficient proof of NRFC status. The Court shall not disturb its findings without any showing of grave abuse of discretion considering that the members of the tax court are in the best position to analyze the documents presented by the parties. In any case, after a judicious review of the records, the Court still do not find any reason to deviate from the court a quo's findings. To the Court's mind, the SEC Certifications of Non-Registration show that these affiliates are foreign corporations. On the other hand, the articles of association/certificates of incorporation stating that these affiliates are registered to operate in their respective home countries, outside the Philippines are prima facie evidence that their clients are not engaged in trade or business in the Philippines. (Emphasis supplied) In the present case, petitioner satisfied the first essential element as it proved that the clients below are NRFCs doing business outside the Philippines, as evidenced by: (1) Certifications of Non-Registration of Corporation issued by the

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X SEC; and (2) proof of incorporation or registration m their respective foreign jurisdictions, as detailed below: Company Name Certification of Proof of THE MANUFACTURERS LIFE INSURANCE Non-Registration incorporation/ COMPANY of Company issued registration in a foreign country MANULIFE ASSET MANAGEMENT LIMITED by the SEC (ICPA Exhibit No.) JOHN HANCOCK LIFE INSURANCE (ICPA Exhibit No.) COMPANY (U.S.A.) "P-5-1" to "P-5-1 a"73 MANULIFE (INTERNATIONAL) LTD. "P-6-1"72 "P-5-3"75 MANULIFE ASSET MANAGEMENT (HONG "P-6-3"74 KONG) LIMITED "P-5-4" to "P-5-4a"77 MANULIFE FINANCIAL ASIA LTD. "P-6-4"76 "P-5- 7" to "P-5- 7d"79 "P-6-7"78 MANULIFE (SINGAPORE) PTE. LTD. "P-5-8"81 MANULIFE ASSET MANAGEMENT "P-6-8"so "P-5-9"83 SERVICES BERHAD "P-6-9"82 "P-5-1 0" to "P-5- MANULIFE INSURANCE (THAILAND) PUBLIC COMPANY LIMITED "P-6-10"84 10b"85 "P-6-13"86 "P-5-13"87 "P-6-17"88 "P-5-17"89 Relative to the second essential element, only the following NRFCs, among those listed above, executed Service Agreements with petitioner, to wit: 1. The Manufacturers Life Insurance Company - Master Administrative Services Agreement dated May 1, 2006 which states that the agreement will commence on said date and shall continue thereafter until terminated in accordance with its terms, with attached Service Level Agreement v which took effect on April 1, 2012;90 72 USI3 (Exhibit "P-41-b"). 7J /d. 74 ld 75 fd 76 /d 77 ld 7& Id 79 !d 80 ld 81 /d. 82 ld 8J !d 84 /d. 8~ ld u, ld 87 /d. 88 /d. 89 !d. 90 !CPA Exhibit �'P-4-1", USB (Exhibit "P-41-b"').

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X 2. John Hancock Life Insurance Company (U.S.A.) - Services Agreement dated October 25, 2007, and Addendum to the Service Agreement dated October 31, 2007, which states that the agreement is deemed to have commenced on May 1, 2006 and shall continue thereafter until terminated in accordance with its terms;9J 3. Manulife (International) Limited - Business Processing Services Agreement effective April 10, 2006 and shall continue thereafter until terminated in accordance with its terms;92 4. Manulife Asset Management (Hong Kong) Limited- Services Agreement dated July 18, 2011, which states that the agreement shall commence on said date and shall continue thereafter until terminated with its terms;93 5. Manulife Financial Asia Limited - Master Administrative Services Agreement and Service Level Agreement which takes effect on November 16, 2015 and shall remain in effect for an indefinite term unless earlier terminated in accordance with its terms;94 and 6. Manulife Singapore Pte. Ltd. - Master Services Agreement dated July 2, 2012 and shall continue thereafter until terminated in accordance with its terms. 95 These agreements confirm that petitioner was engaged to provide administrative and other business processing services to support the operations of the above-stated clients. Thus, the services provided by petitioner clearly fall under the scope of "services other than processing, manufacturing or repacking goods." Hence, petitioner satisfactorily complied with the second essential element, insofar as the foregoing NRFCs are conceme\1 01 ICPA Exhibit "P-4-4". l!Sfl (Exhibit "P-41-b''). " ICPA Exhibit "P-4-7". USB (Exhibit "P-41-b''). 03 ICPA Exhibit "P-4-8", USB (Exhibit "P-41-b"). 04 ICPA Exhibit �'P-4-9", USB (Exhibit �'P-41-b"). 9' ICPA Exhibit "P-4-10''. USB (Exhibit "P-41-b").

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Anent the third essential element, the aforementioned Service Agreements clearly indicate that the services are to be performed by petitioner in the Philippines, except for the Master Administrative Services Agreement and Service Level Agreement with Manulife Financial Asia Limited. As such, petitioner has shown compliance with the third essential element, but only with respect to the following NRFCs, to wit: a. The Manufacturers Life Insurance Company; b. John Hancock Life Insurance Company (U.S.A.); c. Manulife (International) Limited; d. Manulife Asset Management (Hong Kong) Limited; and e. Manulife Singapore Pte. Ltd. Consequently, only the sales of services related to the above clients may be considered for VAT zero-rating. With regard to the fourth essential element, and in relation to the fifth requisite for the grant of an input VAT refund, petitioner presented Bank Statements issued by Citibank N.A.96 which purportedly show the foreign currency remittances made by the above-mentioned clients to petitioner. However, it is equally important to consider that the VAT zero-rated sales, to which the said foreign currency remittances correspond, must be supported by VAT zero-rated ORs that comply with the invoicing requirements under Section 113(A) and (B) of the NIRC of 1997, as amended, which provide: SEC. 113. Invoicing and Accounting Requirements for VAT-registered Persons. - (A) Invoicing Requirements. -A VAT-registered person shall issue: (1) A VAT invoice for every sale, barter or exchange of goods or properties; and (2) A VAT official receipt for every lease of goods or properties, and for every sale, barter or exchange of services. (B) Information Contained in the VAT Invoice or VAT Official Receipt.- The following information shall be indicated y in the VAT invoice or VAT official receipt: 06 !CPA Exhibit "P-19". USB (Exhibit "P-41-b").

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X (1) A statement that the seller is a VAT-registered person, followed by his Taxpayer's Identification Number (TIN); (2) The total amount which the purchaser pays or is obligated to pay to the seller with the indication that such amount includes the value-added tax: Provided, That: (a) The amount of the tax shall be shown as a separate item in the invoice or receipt; (c) If the sale is subject to zero percent (0%) value-added tax, the term 'zero-rated sale' shall be written or printed prominently on the invoice or receipt; (3) The date of transaction, quantity, unit cost and description of the goods or properties or nature of the service; and (4) In the case of sales in the amount of One thousand pesos (P1,000) or more where the sale or transfer is made to a VAT-registered person, the name, business style, if any, address and Taxpayer Identification Number (TIN) of the purchaser, customer or client. (Emphasis supplied) The foregoing provisions are further implemented by Section 4.113-1 (A) and (B) of Revenue Regulations (RR) No. 16- 2005,97 which states: SEC. 4.113-1. Invoicing Requirements. - (A) A VAT-registered person shall issue: - (1) A VAT invoice for every sale, barter or exchange of goods or properties; and (2) A VAT official receipt for every lease of goods or properties, and for every sale, barter or exchange of services. Only VAT-registered persons are required to print their TIN followed by the word 'VAT' in their invoice or official receipts. Said documents shall be considered as a 'VAT Invoice' or VAT official receipt. All purchases covered by invoices/receipts other than VAT Invoice/VAT Official Receipt ehill not gi"' ri" tn "ny input W.~ SUBJECT: Consolidated Value-Added Ta'\ Regulations of2005.

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X VAT invoice/official receipt shall be prepared at least in duplicate, the original to be given to the buyer and the duplicate to be retained by the seller as part of his accounting records. (B) Information contained in VAT invoice or VAT official receipt. -The following information shall be indicated in VAT invoice or VAT official receipt: (1) A statement that the seller 1s a VAT-registered person, followed by his TIN; (2) The total amount which the purchaser pays or is obligated to pay to the seller with the indication that such amount includes the VAT; Provided, That: (a) The amount of tax shall be shown as a separate item in the invoice or receipt; (c) If the sale is subject to zero percent (0%) VAT, the term 'zero-rated sale' shall be written or printed prominently on the invoice or receipt; (3) In the case of sales in the amount of one thousand pesos (P1,000.00) or more where the sale or transfer is made to a VAT-registered person, the name, business style, if any, address and TIN of the purchaser, customer or client, shall be indicated in addition to the information required in (1) and (2) of this Section. (Emphasis supplied) In addition, the ORs must be duly registered with the BIR pursuant to Section 237, in relation to Section 238 of the NIRC of 1997, as amended, to wit: SEC. 237. Issuance of Receipts or Sales or Commercial Invoices.- (A) Issuance. - All persons subject to an internal revenue tax shall, at the point of each sale and transfer of merchandise or for services rendered valued at One hundred pesos (PlOO.OO) or more, issue duly registered receipts or sale or commercial invoices, showing the date of transaction, quantity, unit cost and description of merchandise or nature of service: Provided, however, That where the receipt is issued to cover payment made as rentals, commissions, compensation or fees, receipts or invoices shall be issued which shall show the name, business style, if any, and address, of the purchaser, customer or client: Provided, ~

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 20 of68 X------------------------------------------------------------------------------------------X further, That where the purchaser is a VAT-registered person, in addition to the information herein required, the invoice or receipt shall further show the Taxpayer Identification Number (TIN) of the purchaser. SEC. 238. Printing of Receipts or Sales or Commercial Invoices. - All persons who are engaged in business shall secure from the Bureau of Internal Revenue an authority to print receipts or sales or commercial invoices before a printer can print the same. No authority to print receipts or sales or commercial invoices shall be granted unless the receipts or invoices to be printed are serially numbered and shall show, among other things, the name, business style, Taxpayer Identification Number (TIN) and business address of the person or entity to use the same, and such other information that may be required by rules and regulations to be promulgated by the Secretary of Finance, upon recommendation of the Commissioner. To support its zero-rated sales of services, petitioner submitted its Schedules of Zero-Rated Sale of Services for the four quarters of CY 202098 and the related VAT zero-rated 0Rs99 issued to its clients. Based on petitioner's Schedules of Zero-Rated Sale of Services, the sales of services to the above-listed NRFCs doing business outside the Philippines (and which comply with the second and third essential elements) amounted to P5,197,163,020.01, broken down as follows: Schedule of sales of services to NRFCs doing business outside the Philippines (Table 1) Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar ($) Philippine Peso (I') a. THE MANUFACTURERS LIFE INSURANCE COMPANY The Manufacturers Life "P-43-Q 1-f' Feb. 21, 10780 1,529.00 76,973.42 Insurance Company 2020 2,300.00 115,787.36 385.00 19,381.79 1,509.00 75,966.57 10,571.89 210.00 150.00 7,551.35 2,517.12 50.00 10,068.47 200.00 98 !CPA Exhibits ��r-1 5"' to "P-18", USB (Exhibit ��P-41-b'"). \-/ 99 !CPA Exhibits ��P-4 I-0 I-a�� to "P-4 I-0 I-i", "P-4 I-02-a" to "P-4 I-02-k", "P�4 I-03-a" to �'P-4 I-03-p, "P-4 I-04-lY" a" to "1'�41-04-p", "P-43-01-a" to "P-43-01-n", "P-43-02-a'� to "P-43-02-v'�, "P-43-03-a" to �'P-43-03-y", ��p_ 43-04-a" to "P-43-04-s". �'P-47-0R-a" and "P-48-0R-a". USB (Exhibit �'P-41-b").

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar ($) Philippine Peso (P) 100.00 5,034.23 3,410.60 171,697.55 36,296.82 721.00 144.00 7,249.29 180.00 9,061.62 260.00 13,089.00 112.00 5,638.34 2,013.70 40.00 5,034.23 100.00 46,314.94 920.00 6,645.19 132.00 5,638.34 112.00 64,840.92 1,288.00 15,102.70 300.00 18,525.98 368.00 4,027.39 4,027.39 80.00 17,619.81 80.00 56,685.46 350.00 63,556.69 1,126.00 5,034.23 1,262.49 201,470.00 100.00 201,470.00 4,002.00 100,734.99 4,002.00 201,470.00 2,001.00 402,939.99 4,002.00 177,204.99 8,004.00 198,046.72 3,520.00 150,473.22 3,934.00 16,094.44 2,989.00 39,996.98 319.70 5,034.23 794.50 10,068.46 100.00 119,990.94 200.00 274,344,503.84 2,383.50 277,051,450.59 5,449,743.92 5,503,514. 71 The Manufacturers Life Insurance Company "P-41-Q 1-c" Mar. 3, 2020 10785 2,620.00 131,896.90 1,938.00 99,074.69 The Manufacturers Life "P-43-Q 1-i" Mar. 23, 10802 2,083.00 106,487.40 Insurance Company 2020 2,300.00 117,580.90 6,074.00 310,515.83 17,892.75 350.00 188,896.28 3,695.00 17,892.75 350.00 4,703.24 92.00 12,269.31 240.00

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue x------------------------------------------------------------------------------------------x Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar($) Philippine Peso (I') The Manufacturers Life "PA3-Q2-d" Apr. 20, 10820 Insurance Company 2020 30.00 1,533.66 460.00 23,516.18 368.00 18,812.95 2,032.00 103,880.17 36.00 1,840.40 855.00 43,709.42 320.00 16,359.08 300.00 15,336.64 320.00 16,359.08 165.00 1,958.00 8,435.15 1,050.00 100,097.13 50.00 53,678.24 248.71 2,556.11 1,356.08 12,714.59 100.00 8,004.00 69,325.70 4,002.00 5,112.21 2,001.00 4,002.00 409,181.54 2,001.00 204,590.77 4,002.00 102,295.39 1,012.91 204,590.77 9,107.14 102,295.39 3,520.00 204,590.77 3,000.00 3,934.00 51,782.12 794.50 465,576.40 696.90 179,949.90 1,944.91 153,366.39 7,654,897.49 201,114.46 7, 729,690.64 8,004.00 40,616.53 4,002.00 35,627.02 1,055.42 99,427.94 4,002.00 390,157,098.56 2,001.00 393,980,683.81 4,002.00 408,325.69 412.67 204,162.84 991.54 53,842.47 744.05 204,162.84 23,071.43 102,081.42 3,520.00 204,162.84 3,000.00 21,052.44 3,934.00 50,583.61 794.50 37,957.87 1,176,993.69 179,573.51 153,045.61 200,693.81 40,531.58

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 23 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar($) Philippine Peso_(!') The Manufacturers Life "P-43-Q2-l" May 27, 10842 Insurance Company 2020 315.10 16,074.89 1,765.60 90,072.44 75.00 3,826.14 345.00 17,600.25 390.00 19,895.93 200.00 10,203.04 120.00 6,121.83 1,520.00 77,543.11 1,764.00 89,990.82 4,081.22 80.00 12,753.81 250.00 17,651.26 346.00 31,833.48 624.00 93,255.79 1,828.00 8,366.50 164.00 5,713.70 112.00 2,295.68 6,529.95 45.00 3,826.14 128.00 85,042.34 60,606.06 75.00 9,998.98 1,667.00 37,853.29 1' 188.00 236,914.60 196.00 1,683.50 742.00 11,274.36 4,644.00 10,203.04 44,893.38 33.00 15,712.69 221.00 200.00 6,121.83 880.00 88,383.83 308.00 187,480.87 120.00 69,125.60 1'732.50 296,450,684.88 3,675.00 300,870,785.45 1,355.00 174,523.01 5,798,957.05 229,262.32 5,885,599.86 268,493.01 3,421.00 229,262.32 4,494.00 51,117.23 5,263.00 17,498.21 4,494.00 61,715.13 1,002.00 60,945.31 343.00 19,075.61 1,209.74 408,325.69 1,194.65 373.92 v 204,162.84 8,004.00 4,002.00

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 24 of68 x------------------------------------------------------------------------------------------x Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar($) Philippine Peso (P) The Manufacturers Life "P-43-Q2-o" June 18, 10848 Insurance Company 2020 495.02 25,253.54 4,002.00 204,162.84 i 2,001.00 102,081.42 4,002.00 204,162.84 500.20 25,517.80 22,950.00 1,170,798.91 3,520.00 179,573.51 200.00 10,203.04 3,000.00 153,045.61 3,934.00 200,693.81 794.50 40,531.58 100.00 5,101.52 311.65 200.00 15,898.89 1,765.60 10,203.04 112.00 90,072.44 20.00 5,713.70 328.00 1,020.31 16,732.98 80.00 4,081.22 550.00 28,058.36 5,630,450.36 287,171,896.95 5,713,117.64 291,389,184.99 381.00 19,351.88 864.00 43,884.60 1,120.00 56,887.45 702.00 35,656.24 4,672.89 92.00 11,377.49 224.00 22,094.68 435.00 21,332.79 420.00 41,141.81 810.00 59,427.06 1,170.00 95,489.64 1,880.00 30,475.41 600.00 7,618.86 150.00 95,489.64 1,880.00 5,688.75 112.00 7,568.07 149.00 12,190.17 240.00 16,659.90 328.00 124,390.49 2,449.00 173,252.74 3,411.00 90,969.11 1,791.00 11,326.70 223.00 74,004.47 1,457.00 406,542.06 8,004.00

DECISION CTA Case No. 10926 Manulife Data SeTI'ices, Inc. v. Commissioner of Internal Revenue Page 25 of68 x------------------------------------------------------------------------------------------x Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar ($) Philippine Peso (P) 4,002.00 203,271.03 4,002.00 203,271.03 23,192.86 1,178,020.12 3,520.00 178,789.12 612.75 31,123.02 225.00 11,428.28 1,372.50 69,712.51 3,000.00 152,377.08 3,934.00 199,817.15 794.50 40,354.53 271.40 13,785.05 1,765.60 89,678.99 2,616,163.87 132,014,142.49 2,691,748.48 135,853,263.30 The Manufacturers Life June 26, 2020 Insurance Company "P-43-Q2-v" 10860 1,048.00 53,463.93 1,370.00 69,585.54 The Manufacturers Life "P-43-Q3-a" July 17, 10868 6,080.00 308,817.55 Insurance Company 2020 24,380.33 480.00 18,285.25 360.00 196,972.78 3,878.00 213,327.92 4,200.00 93,153.19 1,834.00 36,824.46 725.00 61,712.72 1,215.00 4,063.39 80.00 53,839.90 1,060.00 31,288.09 616.00 74,004.47 1,457.00 406,542.06 8,004.00 29,217.29 41,747.26 575.23 59,704.90 821.92 203,271.03 1,175.47 203,271.03 4,002.00 74,948.70 4,002.00 46,970.24 1,475.59 l, 165,684.68 924.75 322,328.32 22,950.00 178,789.12 6,346.00 3,520.00 2,539.62 152,377.08 50.00 199,817.15 3,000.00 40,354.53 3,934.00 11,682.24 794.50 89,678.99 258,362,929.53 230.00 1,765.60 5,086,649.33

DECISION CTA Case No. 10926 Manu1ife Data Services, Inc. v. Commissioner of Internal Revenue Page 26 of68 x------------------------------------------------------------------------------------------x Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar ($) Philippine Peso (!') 5,173,575.39 262,778,109.36 The Manufacturers Life July 22, 2020 Insurance Company "P-43-Q3-g" 10878 880.00 44,697.28 976.00 47,908.90 The Manufacturers Life "P-43-Q3-k" Aug. 24, 10901 1,520.00 74,612.21 Insurance Company 2020 180.00 525.00 8,835.65 960.00 25,770.66 320.00 47,123.50 1,048.00 15,707.83 816.00 51,443.16 224.00 40,054.97 1,210.00 10,995.48 100.00 59,395.25 590.00 200.00 4,908.70 28,961.32 60.00 80.00 9,817.40 600.00 2,945.21 2,588.00 3,926.96 2,466.00 29,452.18 80.00 127,037.11 648.00 121,048.50 1,134.00 3,926.96 80.00 31,808.36 2,024.20 55,664.64 4,078.00 3,926.96 5,707.84 99,361.87 4,228.48 200,176.72 901.00 280,180.63 3,122.00 207,563.33 1,275.00 44,227.37 1,457.00 153,249.56 350.00 62,585.90 675.27 71,519.73 8,004.00 17,180.45 812.83 33,146.97 523.04 392,892.20 4,002.00 39,899.37 2,001.00 25,674.45 2,001.00 196,446.10 869.10 98,223.05 22,950.00 98,223.05 400.00 42,661.49 12,865.50 1,126,546.24 3,520.00 19,634.79 525.00 631,528.56 172,786.17 25,770.66

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 27 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar t$1 Philippine Peso (f') 3,000.00 147,260.94 3,934.00 193,108.19 794.50 38,999.60 200.00 9,817.40 1,765.60 5,723,693.35 86,667.97 5,832,084. 71 286,164,402.90 291,485,007.57 The Manufacturers Life Insurance Comoany "P-43-Q3-r" Sep. 9, 2020 10913 4,323.76 212,240.33 1,062.00 52,130.38 The Manufacturers Life "P-43-Q3-s" Sep. 16, 10916 11,400.00 Insurance Company 2020 3,040.00 559,591.60 1,078.00 149,224.43 240.00 52,915.76 850.00 11,780.88 600.00 41,723.93 3,350.00 29,452.18 900.00 164,441.39 120.00 44,178.29 1,375.00 5,890.44 20.00 67,494.60 340.00 I ,200.00 981.74 1,810.00 16,689.58 290.00 58,904.38 184.00 88,847.43 2,320.00 14,235.22 I ,200.00 9,032.01 3,035.60 113,881.80 1,587.65 58,904.38 3,310.00 149,008.44 383.25 77,932.94 273.00 162,477.91 141.48 18,812.59 810.00 13,400.75 810.00 6,944.83 575.00 39,760.46 2,300.00 39,760.46 1,457.00 28,225.02 8,004.00 112,900.06 562.73 71,519.73 280.20 392,892.20 4,002.00 27,622.71 2,801.12 13,754.17 2,001.00 196,446.10 2,001.00 137,498.52 637.76 98,223.05 98,223.05 31,305.72

DECISION CTA Case No. 10926 Manulife Data Services, lnc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar ($) Philippine Peso (!') The Manufacturers Life "P-43-Q4-a" Oct. 21, 10942 Insurance Company 2020 800.32 39,285.30 22,950.00 1,126,546.24 675.00 33,133.72 10,875.00 533,820.93 2,288.00 112,311.01 17,364.00 852,346.36 500.00 24,543.49 3,000.00 147,260.94 6,590.14 323,490.09 3,934.00 193,108.19 4,423.39 217,130.87 794.50 38,999.60 179.40 8,806.21 1,765.60 5,918,088.29 86,667.97 6,060,579.43 290,414,881.81 2,100.00 297,409,341.86 4,692.00 350.00 101,341.57 612.00 226,426.02 1,800.00 100.00 16,890.27 160.00 29,533.83 650.00 86,864.20 1,470.00 296.00 4,825.78 7,510.00 7,721.26 31,367.63 40.00 70,939.09 32,972.00 14,284.34 362,416.75 2,416.01 1,930.32 1,220.00 1,591,159.14 116,591.54 600.00 58,874.62 3,344.00 28,954.74 161,374.39 360.00 17,372.84 360.00 17,372.84 490.00 23,646.37 371.00 17,903.69 364.00 17,565.87 1,176.00 56,751.28 200.00 9,651.58 1,410.00 68,043.63 650.00 31,367.63 315.00 15,201.24 490.00 23,646.37 1,710.00 82,520.99 14,570.00 /703,117.45 ~

DECISION CTA Case No. 10926 Manulife Data Sen~ces, Inc. v. Commissioner of Internal Revenue Page 29 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar($) Philippine Peso (PI 1,457.00 70,311.75 350.00 16,890.27 386,256.15 8,004.00 21,121.52 437.68 11,718.95 242.84 193,128.07 20,517.81 4,002.00 96,564.04 425.17 74,226.42 41,035.61 2,001.00 1,171,977.12 1,538.12 47,051.44 783,213.49 850.34 139,947.88 24,285.71 80,687.19 26,541.84 975.00 144,773.67 16,229.75 189,846.54 2,900.00 38,340.90 1,672.00 6,992.57 550.00 81' 132.13 305,278,578.14 3,000.00 312,916,510.77 3,934.00 794.50 144.90 1,681.22 6,325,688.59 6,483,961.83 The Manufacturers Life Oct. 30, 2020 Insurance Co!I1pany "P-43-Q4-s" 10953 2,873.36 141,044.57 2,880.00 139,285.20 The Manufacturers Life "P-43-Q4-I" Nov. 20, 10964 Insurance Company 2020 826.00 39,947.77 5,400.00 261,159.74 375.00 18,136.09 900.00 43,526.62 4,000.00 193,451.66 80.00 3,869.03 400.00 19,345.17 1,322.00 63,935.78 824.00 39,851.05 800.00 38,690.33 380.00 18,377.91 200.00 4,040.00 9,672.59 182.00 195,386.18 3,967.00 2,079.40 8,802.05 5,049.52 191,855.69 5,207.05 100,565.85 850.00 244,209.51 120.00 251,828.12 150.00 41,108.48 5,803.55 7,254.44

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 30 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar($) Philippine Peso (P) The Manufacturers Life "P-43-Q4-p" Dec. 18, 10990 Insurance Company 2020 4,250.00 205,542.39 9,861.43 476,927.50 825.00 39,899.41 1,750.00 84,635.11 8,742.00 422,788.61 1,457.00 70,464.77 122.50 5,924.45 8,004.00 387,096.77 300.12 14,514.68 373.60 18,068.39 250.10 12,095.57 625.25 30,238.92 2,001.00 96,774.19 350.14 16,933.79 950.38 45,963.15 1,457.00 70,464.77 3,000.00 145,088.75 8,500.00 411,084.78 35,942.85 1,738,301.00 512.50 24,786.00 18,356.75 887,785.94 2,900.00 140,252.45 1,672.00 80,862.79 6,000.00 290,177.49 3,934.00 190,259.70 4,266.00 206,316.19 26,575.00 1,285,244.47 4,266.00 206,316.19 794.50 38,424.33 179.40 8,676.31 200.00 9,672.59 1,681.22 81,308.70 1,200.00 58,035.50 5,481.06 265,080.04 6,206,150.72 299,919,774.79 6,412,963.49 309,921,843.29 13,982.00 671,630.32 7,608.00 365,452.97 4,560.00 219,041.22 350.00 16,812.37 1,296.00 62,253.82 240.00 11,528.48 608.00 29,205.49 600.00 28,821.21 650.00 31,222.98 400.00 19,214.15

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue x------------------------------------------------------------------------------------------x Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar($) Philippine Peso (1') 1,608.00 77,240.85 384.00 18,445.57 300.00 14,410.60 296.00 14,218.46 150.00 45.00 7,205.30 2,161.59 2,824.00 135,651.84 1,797.00 86,319.54 3,320.00 159,477.37 4,563.36 95.00 17,292.73 360.00 9,607.07 200.00 17,484.87 364.00 62,061.68 1,292.00 110,673.45 2,304.00 45,537.52 948.00 20,895.38 435.00 158,468.63 3,299.00 146,940.15 3,059.00 55,432.80 1,154.00 7,781.73 162.00 6,244.60 130.00 19,214.15 400.00 10,807.95 225.00 14,890.96 310.00 298,202.99 6,207.99 69,987.51 1,457.00 129,695.46 2,700.00 320,035.54 6,662.50 422,975.31 8,805.50 377,942.17 7,868.00 377,942.17 7,868.00 188,971.08 3,934.00 188,971.08 3,934.00 144,106.06 3,000.00 6,004.42 125.00 612,450.77 12,750.00 1,837,352.30 38,250.00 1,724,517.25 35,901.00 139,302.53 2,900.00 223,844.75 4,660.00 40,830.05 850.00 38,428.28 800.00 52,838.89 1' 100.00 1,276,539.53 26,575.00 102,454.61 2,132.90

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 32 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar($) Philippine Peso (Pl Manufacturers Life Insurance Company 4,266.00 204,918.82 Manufacturers Life 794.50 38,164.09 Insurance Company 187.45 9,004.22 Manufacturers Life 80,757.99 Insurance Company 1,681.22 Manufacturers Life 6,222,178.49 300,911,737.40 Insurance Company 6, 463,343.55 312,496,186.43 Manufacturers Life Insurance Company - - - 600.00 28,821.21 Manufacturers Life Insurance Company - - - 4,586.00 220,290.13 Manufacturers Life Insurance Company - - - 1,520.00 73,013.74 Manufacturers Life Insurance Company - - - 648.00 31,126.91 Manufacturers Life Insurance Company - - - 2,600.00 124,891.92 Manufacturers Life Insurance Company - - - 450.00 21,615.91 Manufacturers Life Insurance Company - - - 375.00 18,013.26 Manufacturers Life Insurance Company - - - 150.00 7,205.30 Manufacturers Life Insurance Company - - - 40.00 1,921.42 Manufacturers Life Insurance Company - - - 1,008.00 48,419.64 Manufacturers Life Insurance Coii1]J_any - - - 678.00 32,567.97 Manufacturers Life Insurance Company - - - 1,150.00 55,240.66 Manufacturers Life - - - 140.00 6,724.95 132.00 6,340.66 Insurance Company - - - Manufacturers Life Insurance Company - - - 456.00 21,904.13 Manufacturers Life Insurance Company - - - 2,004.00 96,262.85 Manufacturers Life 2,550.00 122,490.16 Insurance Company - - - Manufacturers Life Insurance Company - - - 5,749.00 276,155.25 Manufacturers Life Insurance Company - - - 5,708.00 274,185.81 Manufacturers Life Insurance Company - - - 674.52 32,400.81 Manufacturers Life Insurance Company - - - 368.00 17,677.01 Manufacturers Life Insurance Company - - - 5,050.00 242,578.54 Manufacturers Life 2,813.00 135,123.45 Insurance Company - - - - - - 922.00 44,288.59 3,694.00 177,442.60 - . 2,915.00 v140,023.06 - - -

DECISION CTA Case No. 10926 Manulife Data SelV'ices, Inc. v. Commissioner of Internal Revenue Page 33 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar ($) Philippine Peso IP) Manufacturers Life - Insurance Company - - 650.00 31,222.98 Manufacturers Life - Insurance Company - - - 40.00 1,921.42 Manufacturers Life Insurance Company - - - 150.00 7,205.30 Manufacturers Life Insurance Company - - - 2,317.80 111,336.34 Manufacturers Life - Insurance Company - - 1,457.00 69,987.51 - Manufacturers Life - - - 8,004.00 384,474.98 Insurance Company - - - 214.82 10,318.95 Manufacturers Life Insurance Company - - - 4,002.00 192,237.49 Manufacturers Life - Insurance Company - - 2,001.00 96,118.74 Manufacturers Life - Insurance Company - - 675.27 32,436.84 Manufacturers Life - Insurance Company - - - 650.00 31,222.98 Manufacturers Life - - - 122.50 5,884.33 Insurance Company - - - 122.50 5,884.33 Manufacturers Life - Insurance Company - - 8,004.00 384,474.98 Manufacturers Life - Insurance Company - - 149.44 7,178.40 Manufacturers Life - Insurance Company - - - 4,252.10 204,251.13 - Manufacturers Life - - - 512.71 24,628.21 Insurance Company - - - 2,001.00 96,118.74 Manufacturers Life Insurance Company - - - 537.72 25,829.57 Manufacturers Life - - - 3,375.00 162,119.32 - 7,868.00 377,942.17 Insurance Company - - - Manufacturers Life - - - 3,934.00 188,971.08 Insurance Company Manufacturers Life - - - 3,000.00 144,106.06 Insurance Company - 912.50 43,832.26 Manufacturers Life - - Insurance Company Manufacturers Life - - 100.00 4,803.53 Insurance Company - - 11,535.71 554,121.92 Manufacturers Life Insurance Com___Q_?.nv - - 33,575.00 1,612,787.01 Manufacturers Life 1,032.14 49,579.21 Insurance Company - - 575.00 27,620.33 Manufacturers Life Insurance Company - - Manufacturers Life Insurance Company - - 16,969.75 815,147.95 Manufacturers Life Insurance Company Manufacturers Life Insurance Company Manufacturers Life Insurance Com__}Jany Manufacturers Life Insurance Company Manufacturers Life Insurance Company

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 34 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in Manufacturers Life US Dollar($) Philippine Peso (P) Insurance Company - Manufacturers Life - - 2,755.00 132,337.40 Insurance Company - Manufacturers Life - - 4,194.00 201,460.28 Insurance Company - Manufacturers Life - - 600.24 28,832.74 Insurance Company - Manufacturers Life - - 2,700.00 129,695.46 Insurance Company - Manufacturers Life - - 26,575.00 1,276,539.53 Insurance Company - Manufacturers Life - - 2,133.00 102,459.41 Insurance Company - Manufacturers Life - - 4,266.00 204,918.82 Insurance Company - Manufacturers Life - - 794.50 38,164.09 Insurance Company - Manufacturers Life - - - 104.65 5,026.90 Insurance Company - Manufacturers Life - - - 1,681.22 80,757.99 Insurance Company Manufacturers Life - - 127.73 6,135.56 Insurance Company - - 6,516,442.16 313,011,411.17 Total 70,690,019.83 3,509,913,939.78 b. JOHN HANCOCK LIFE INSURANCE COMPANY (USA) John Hancock Life "P-43-Q 1-c" Feb. 21, 10777 450.00 22,654.04 Insurance Company 2020 798.00 40,173.18 2,500.00 125,855.82 John Hancock Life "P-43-Q 1-1" Mar. 24, 10807 350.00 17,619.81 Insurance Company 2020 245.00 12,333.87 463.45 23,331.15 John Hancock Life "P-43-Q2-a" Apr. 20, 10817 2,124,941.66 106,983,403.51 Insurance Company 2020 2,129,748.11 107,225,371.38 "P-43-Q2-I" 10837 60.00 3,067.33 360.00 18,403.97 2,500.00 127,805.33 350.00 17,892.75 245.00 12,524.92 1,707.50 87,291.04 463.45 23,692.56 2,397,125.47 122,212,015.26 2,402,811.42 122,502,693.16 2,500.00 127,538.01 350.00 17,855.32 245.00 12,498.73 433.55 22,117.64 485.00 24,742.37 2,240.00 114,274.06 2,044,637.86 104,525,299.67 2,050,891.41 104,844,325.80 2,500.00 127,538.01

DECISION CTA Case No. !0926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 35 of68 x------------------------------------------------------------------------------------------x Customer Name Exhibit No. Date of OR OR No. Amount in Amount in John Hancock Life US Dollar($) Philippine Peso (P) Insurance Company May 22, 2020 350.00 17,855.32 John Hancock Life 122.50 6,249.36 Insurance Company 122.50 6,249.36 John Hancock Life Insurance Company 463.45 23,643.00 John Hancock Life 1,450,420.69 63,656,344.30 Insurance Cornpany 1,453,979.14 63,837,879.35 John Hancock Life Insurance Company 2,500.00 126,980.90 John Hancock Life 350.00 17,777.32 Insurance Company June 18, 122.50 6,222.07 2020 "P-43-Q2-r" 10851 122.50 6,222.07 448.50 22,780.37 2,064,901.32 114,644,772.93 2,068,444.82 114,824,755.66 875.00 44,443.31 1,050.00 53,331.98 2,500.00 126,980.90 July 17, 350.00 17,777.32 2020 "P-43-Q3-d" 10871 122.50 6,222.07 122.50 6,222.07 463.45 23,539.72 1,867,470.04 94,853,212.65 1,872,953.49 95,131,730.02 2,800.00 137,443.55 1,050.00 51,541.33 "P-43-Q3-o" Aug. 24, 10904 1,050.00 51,541.33 2020 2,500.00 122,717.46 122.50 6,013.16 122.50 6,013.16 448.50 22,015.52 "P-43-Q3-v" Sept. 16, 10919 2,227,188.34 111,373,471.65 2020 2,235,281.84 111,770,757.16 "P-48-0R-a" Oct. 21, 10945 450.00 22,089.14 2020 2,000.00 98,173.97 2,500.00 122,717.46 17,180.45 350.00 122.50 6,013.16 122.50 6,013.16 I ,037.50 50,927.74 463.45 22,749.36 2,317,176.02 113,743,186.77 2,324,221.97 114,089,051.21 875.00 42,225.66 1,550.00 74,799.73 2,500.00 120,644.72 122.50 5,911.59 122.50 5,911.59

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 36 of68 x------------------------------------------------------------------------------------------x Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar ($) Philippine Peso (I') John Hancock Life "P-43-Q4-f' Nov. 20, 10961 Insurance Company 2020 463.45 22,365.11 2,397,148.81 115,844,442.43 John Hancock Life "P-43-Q4-m" Dec. 17, 10984 2, 402,782.26 116,116,300.83 Insurance Company 2020 40.00 1,934.52 John Hancock USA - - - 1,130.00 54,650.09 - 2,500.00 120,907.29 John Hancock USA - - - 16,927.02 - 350.00 John Hancock USA - - - 122.50 5,924.45 448.50 21,690.77 John Hancock USA - - 10784 8,918.68 431,333.36 2,432,669. 7 4 116,697,640.65 John Hancock USA - - 10801 2,446,179.42 117,351,008.15 10805 2,500.00 120,088.38 Total 350.00 16,812.37 122.50 122.50 5,884.33 2,500.00 5,884.33 560.90 120,088.38 463.45 26,943.03 2,587,242.36 22,261.99 2,593,861. 71 124,849,876.89 240.00 125,167,839.70 2,500.00 11,528.48 7,381.55 120,088.38 448.50 354,575.36 2,557,089.91 21,543.85 122,830,253.34 26,548,815.55 1,316,199,701.83 c. MANULIFE (INTERNATIONAL) LIMITED Manulife "P-41-Q1-b" Mar. 2, 2020 1,050.00 52,859.45 (International) Limited 27,291.30 1,373,907.92 28,341.30 1,426, 767.37 Manulife "P-41-Q 1-e" Mar. 23, "P-41-Q1-f' 2020 5,061.63 2,848,703.42 J.!nternationaJ)__ Limited Mar. 23, 50,817.27 613.47 Manulife 2020 158,579.47 8,028,432.47 (International) Limited 450.00 23,004.96 Manulife "P-41-Q 1-g" Mar. 23, 10806 50.00 2,517.12 (International) Limited 2020 159,079.47 8,053,954.55 Manulife "P-41-Q 1-h" Mar. 25, 10810 8,535.95 429,719.59 (International) Limited 2020 7,050.66 32,056.99 1,350.57 6,222.83 Manulife "P-41-Q 1-i" Mar. 26, 10811 16,937.18 467,999.41 (International) Limited 2020 10813 7,080.53 361,971.78 6,104.73 312,086.81 Manulife "P-41-Q2 -a" Apr. 13, (International) Limited 2020 163,338.09 8,406,246.96 176,523.35 9,080,305.55 10,610.78 541,311.10

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 37 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in Philippine Peso (!') US Dollar (ll 124,141.06 6,346,355.38 Manulife 155,157.10 7,924,147.89 (International) Limited "P-41-Q2-e" May 5, 2020 10831 19,247.96 983,996.54 450.00 22,956.84 298,996.12 15,277,456.65 4,002.00 204,590.77 4,002.00 201,470.00 Manulife "P-41-Q2-g" May 21, 10835 4,002.00 204,162.84 (International) Limited 2020 4,002.00 204,162.84 10,419.71 531,563.62 26,427.71 1,345,950.07 Manulife 130,398.32 6,903,572.09 (International) Limited "P-41-Q2-h" May 26, 10840 175,509.95 9,807,077.53 2020 Manulife 305,908.27 16,710,649.62 (International) Limited 7,847.52 398,594.07 "P-41-Q2-i" June 3, 2020 10845 2,499.95 126,978.36 10,347.47 525,572.43 105,013.49 3,504,561.90 Manulife "P-41-Q3-a" July 3, 2020 10865 206,753.61 11,309,485.17 (International) Limited II ,349.65 557,120.06 Manulife "P-41-Q3-b" July 10, 10866 323,116.75 15,371,167.13 (International) Limited 2020 I ,088.65 4,826.23 17,706.42 776,551.43 18,795.07 781,377.66 13,926.90 707,380.02 Manulife "P-41-Q3-d" July 21, 10877 135,314.10 6,872,922.22 2020 208,091.63 I 0,477,298.66 (International) Limited 357,332.63 18,057,600.90 15,175.26 744,907.71 Manulife "P-41-Q3-g" Aug. 10, 10889 225.00 11,478.42 (International) Limited 2020 150.00 7,652.28 15,550.26 764,038.41 I ,355.25 6,008.25 141,222.13 7,171,483.08 Manulife "P-41-Q3-i" Aug. 27, 10908 11,954.90 586,829.97 (International) Limited 2020 I ,391.00 6,166.80 155,923.28 7,770,488.10 177,626.29 8,942,120.15 177,649.08 9,056,797.24 Manulife "P-41-Q3-k" Sept. 8, 2020 10912 175,054.14 8,949,139.73 (International) Limited 175,689.71 8,962,669.22 327,994.09 16,693,261.08 1,034,013.31 52,603,987.42 Manulife "P-41-Q3-l" Sep. 16, 10915 900.36 45,731.41 (International) Limited 2020 4,002.00 203,271.03 1,062.93 52,176.02 32,956.57 1,669,950.59

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 38 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar {$) Philippine Peso IPl 912.87 44,810.04 136,506.41 6,762,799.94 176,341.14 8, 778,739.03 M a n u life Sep. 21, 10922 500.00 24,543.49 {International) Limited "P-41-Q3-m" 2020 186,504.25 9,238,261.74 Manulife "P-41-Q3-o" Sep. 29, 10929 10,706.34 525,541.60 (International) Limited 2020 188,723.74 9,263,879.09 Manulife "P-41-Q4-a" Oct. 6, 2020 10932 4,860.03 238,564.37 (International) Limited 390,794.36 19,266,246.80 Manulife "P-41-Q4-d" Oct. 20, 10940 864.88 42,454.51 (International) Limited 2020 12,661.98 611,040.44 Manulife "P-41-Q4-e" Oct. 26, 10949 634.38 2,786.89 (International) Limited 2020 1,421.97 6,197.76 2,412.89 Manulife "P-47-0R-a" Nov. 27, 10970 50.00 664,892.49 (International) Limited 2020 15,633.21 41,019.21 238,564.37 Manulife "P-41-Q4-j" Dec. 1, 2020 10972 850.00 560,999.89 (International) Limited 4,943.53 42,192.06 11,625.03 882,775.53 Manulife 7 ,275,150.01 874.31 8,979,519.66 (International) Limited - - - 18,292.87 818,673.40 148,883.23 17,073,343.07 Manulife 185,942.96 238,564.37 16,927.71 603,277.82 Jinternational_l Limited - - - 351,753.90 7,481,570.22 4,936.61 8,991,302.18 Manulife 12,483.62 17,314,714.59 152,043.56 8,643 ,691.36 (International) Limited - - - 185,985.07 8,643,691.36 355,448.86 8,643,691.36 172,839.25 676,809.97 176,089.28 2,377.75 179,114.57 8,148.24 14,089.83 26,618,410.04 543.75 6,291,675.96 1,878.16 544,554.84 39,518.73 125,086.50 4,089.77 785.00 80.00 Manulife . (International) Limited - - 280.00 14,314.20 2,770.00 141,608.31 Manulife . 147,578.51 7,523,757.62 (International) Limited - - Manulife (International) Limited . - -

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 39 of68 x------------------------------------------------------------------------------------------x Customer Name Exhibit No. Date of OR OR No. Amount in Amount in Manulife US Dollar($) Philippine Peso (!') (International) Limited . Manulife - - 5, 792.44 292,628.88 Jlnternational) Limited - Manulife - - - 2,943.49 147,203.72 (International) Limited - - - 13,635.38 681,905.08 M a n u life - jlnternational) Limited - - - 14,132.00 693,697.23 Manulife - 225.00 11,044.57 (International) Limited . - - Manulife - 3,010.84 147,792.76 (International) Limited - - - 350.00 16,890.27 Manulife (International) Limited . - - 4,002.00 193,128.07 Manulife . 3,199.99 154,424.58 (International)_ Limited - - Manulife - 663.38 2,920.64 (International) Limited - - - 2,377.55 10,384.97 Manulife . (International) Limited - - 150.00 7,254.44 Manulife . 14,117.56 682,766.36 (International!_ Limited . - - 265,609.13 Manulife . 5,492.00 (International!_ Limited . - - 100.00 4,836.29 Manulife (International) Limited - - - Manulife - jlnternational) Limited - - Manulife . (International) Limited - - - Manulife . - - 4,002.00 193,548.38 (International) Limited 178,863.90 8,643,691.36 . - - Manu life . 898.45 43,418.16 . - - 2,969.39 143,497.74 (International) Limited 4,932.80 238,564.37 Manulife - - - 6,847.13 331,147.91 (International) Limited - 142,439.61 6,994,597.14 Manulife - - 178,725.60 8,643,691.36 (International)_ Limited 170,268.60 8,206,645.29 M a n u life - - (International) Limited 906.77 43,820.23 Manulife - - (317.58) (15,347.71) (International) Limited 4,002.00 192,237.49 Manulife - - 4,002.00 192,237.49 (International) Limited 9,857.01 473,484.96 Manulife - - (International) Limited Manulife - - Jlnternationall_ Limited Manulife - - (International) Limited Manulife - - (International) Limited Manulife - - (International) Limited Manulife - - (International) Limited Manulife (International) Limited

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 40 of68 X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in Manulife US Dollar($) Philippine Peso (!') (International) Limited 0 Manulife 0 - - 1,781.85 7,730.33 (International) Limited Manulife - - - 4,966.43 238,564.37 (International) Limited - Manulife - - - 15,369.23 738,266.29 (International) Limited Manulife 0 - - 139,492.15 6, 778,416.53 (International) Limited 0 Manulife - - 179,944.37 8,643,691.36 (International) Limited - Manulife - - 176,233.82 8,456,555.38 (International) Limited Manulife - - 946.69 45,474.46 (International) Limited - - 32.41 I ,556.59 Total 6,421,037.30 318,814,549.36 d. MANULIFE ASSET MANAGEMENT (HONGKONG) LIMITED - - e. MANULIFE SINGAPORE PTE. LTD. Manulife Singapore Pte "P-41-QI-a" Feb. 14, 10773 I ,465.00 73,751.51 Ltd 2020 81,092.41 4,082,380.51 82,557.41 4,156,132.02 Manulife Singapore Pte "P-41-Q2-b" Apr. 13, 10814 Ltd 2020 120.00 6,134.65 150.00 7,668.32 Manulife Singapore Pte "P-41-Q3-e" July 28, 10883 300.00 15,336.64 Ltd 2020 700.00 35,785.49 1,270.00 64,925.10 Manulife Singapore Pte "P-41-Q3-h" Aug. 20, 10900 92,197.62 4,700,362.46 Ltd 2020 371.20 18,936.84 120.00 6,121.83 Manulife Singapore Pte "P-41-Q4-c" Oct. 16, 10939 2,550.76 Ltd 2020 50.00 3,843,393.69 36,713.59 20,355.06 Manulife Singapore Pte "P-41-Q4-h" Nov. 20, 10960 3,505,345.0 I 2020 399.00 4,688,590.14 Ltd 67,137.18 4,185,274.21 94,219.01 20,970,930.00 82,399.68 8,835.65 373,607.28 4,419,963.03 4,428, 798.68 180.00 4,908.70 88,381.58 4,548,957.05 88,561.58 27,265.71 4,610,108.97 100.00 9,191,240.43 92,671.36 7,738.07 I ,450.89 565.00 47,395.65 95,530.69 59,244.57 188,867.05 431,333.36 4,329,093.38 160.00 30.00 980.00 I ,225.00 8,918.68 v 89,581.92

DECISION CTA Case No. 10926 Manu1ife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Customer Name Exhibit No. Date of OR OR No. Amount in Amount in US Dollar($) Philippine Peso (P) Manulife Singapore Pte "P-41-Q4-o" Dec. 18, 10989 Ltd 2020 100,895.60 4,876,255.92 250.00 12,008.83 300.00 14,410.60 320.00 15,371.31 86,246.28 4,171,121.76 87,116.28 4,212,912.50 Manu1ife Singapore Pte Ltd - - - 240.00 11,528.48 Manulife Singapore Pte Ltd - - - 195.00 9,366.90 Manulife Singapore Pte Ltd - - - 89,783.38 4,312,739.01 Total 1,013,093.58 52,234,829.04 Grand Total $104,672,966.26 1'5,197,163,020.01 Based on the foregoing, the sales of services of petitioner to the following NRFCs are as follows: Name of client Sales in US Sales in Philippine a. The Manufacturers Life Dollar_j_$j Peso (P) Insurance Company_ 70,690,019.83 3,509,913,939.78 b. John Hancock Life Insurance 26,548,815.55 1,316,199,701.83 Company (USA) 6,421,037.30 318,814,549.36 c. Manulife (International) Limited d. Manulife Asset Management - - (Hong Kong) LimitedlOO 1,013,093.58 52,234,829.04 e. Manulife Singapore Pte. Ltd. 1'5, 197,163,020.01 $104,672,966.26 Total A scrutiny of the submitted schedules, together with the related ORs and the remittances per Bank Statement, reveals that f>2,039,254,328.34 of the total sales off>5,197,163,020.01, cannot be accorded VAT zero-rating. The disallowed portion is detailed below, with the corresponding grounds for denial clearly stated, viz.: I Exhibit No. I Sales in US I Sales in Client Name Dollar Philippine Peso 1. Sales not covered by the supporting VAT zero-rated ORs (amount per OR is less than the amount per Schedule o_f Zero-Rated Sale o_f Services)1� 1 100 No sale to Manu life Asset Management (Hong Kong) Limited was found in the Schedules of Zero-Rated Sale of Services for the subject period. 101 The rates used in converting the Sales to Philippine peso were derived by dividing the total Amount in Philippine Peso Qy the total Amount in US Dollar per Table 1, to Wit: Amount in Amount in US Philippine Peso Dollar conversion rate Exhibit No. _laJ lbl rc~aibl "P-41-Q 1-c'' 131.896.90 2.620.00 50.3423 "P-43-Q 1-i" 393,980,683.81 7,729.690.64 50.9698

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 42 of68 X------------------------------------------------------------------------------------------X Client Name Exhibit No. Sales in US Sales in The Manufacturer's Life Insurance Dollar Philippine Peso Company (USD2,620 per schedule less "P-41-Q 1-c" 681.45 34,305.76 USD 1,938.55 per OR) The Manufacturer's Life Insurance "P-43-Q 1-i" 380.45 19,391.46 Company (USD7,729,690.64 total per schedule "P-43-Q4-a" 7,315.31 353,037.59 less USD7,729,310.19_]J_er OR) The Manufacturer's Life Insurance "P-43-Q4-p" 6,621.54 320,144.84 Company (USD6,483,961.83 total per schedule less USD6,476,646.52_]J_er OR) The Manufacturer's Life Insurance Company (USD6,463,343.55 total per schedule less USD6,456,722.01 per OR) John Hancock Life Insurance Company "P-43-Q 1-1" 1,712.55 87,311.11 [USD2,402,811.42 total per schedule less USD2,40 1,098.87 per OR] John Hancock Life Insurance Company "P-43-Q3-v" 1,037.50 50,927.76 [USD2,324,221.97 total per schedule "P-43-Q4-f' 13,509.68 648,102.58 less USD2,323,184.47 per ORI John Hancock Life Insurance Company [USD2,446, 179.42 total per schedule less USD2,432,669.74 per OR] Manulife (International) Limited "P-41-Q3-k" 12,457.46 633,755.84 [USD 1,034,013.31 total per schedule 43,715.94 2,146,976.94 less USD 1,021,555.85 per ORI Subtotal 2. Sales supported by VAT zero-rated ORs but were not traced to remittance per bank statement (remittance amount do not match with the amount per OR) The Manufacturer's Life Insurance Company [remittance for bank reference number (BRN) 3360260093 indicated per schedule is USD6,175,851.18] "P-43-Q3-s" 6,060,579.43 297,409,341.86 John Hancock Life Insurance Company [remittance for BRN 3360052153 indicated per schedule is USD2,4 74,411.601 "P-43-Q 1-c" 2,129,748.11 107,225,371.38 John Hancock Life Insurance Company [remittance for BRN 3360084087 indicated per schedule is "P-43-Q 1-1" 2,401,098.87 122,415,382.05102 USD2,891 ,719.101 "P-43-Q4-a" 312,916,510.77 6.483.961.83 48.260 I "P-43-Q4-p" 312.496.186.43 6.463.343.55 48.3490 "P-43-QJ-1" 122,502,693.16 2.402,811.42 50.9831 "P-43-Q3-v" 114,089,051.21 2,324,221.97 49.0870 "P-43-Q4-I" 117.351.008.15 2.446.179.42 47.9732 "P-41-Q3-k" 1.034.013.31 50.8736 52,603,987.42 102 Total sales per schedule (refer to Table I) of'P122.502.693.16 (equivalent to USD2.402,811.42) less sales not covered by OR (see item I of this table with the same exhibit reference) amounting tol'87,311.11 (equivalent to USDI,7lv

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 43 of68 x------------------------------------------------------------------------------------------x Client Name Exhibit No. Sales in US Sales in John Hancock Life Insurance Company "P-43-Q2-a" Dollar Philippine Peso [remittance for ERN 3360111063 "P-43-Q2-i" 104,844,325.80 indicated per schedule is "P-43-Q2-r" 2,050,891.41 USD2 ,384, 109.621 "P-43-Q3-d" 1,453,979.14 63,837,879.35 John Hancock Life Insurance Company "P-43-Q3-o" 2,068,444.82 114,824,755.66 [remittance for ERN 3360143116 "P-43-Q3-v" 1,872,953.49 indicated per schedule is "P-43-Q4-f' 2,235,281.84 95,131,730.02 USD 1,505,342.541 "P-43-Q4-m" 2,323,184.4 7 111,770,757.16 John Hancock Life Insurance Company "P-47-0R-a" 2,432,669.74 114,038,123.45 103 [remittance for ERN 3360170090 2,593,861. 71 116,702,905.57 104 indicated per schedule is 125,167,839.70 USD2,461,919.34] 323,964.29 15,781,045.68 105 John Hancock Life Insurance Company 27,946,657.32 1,389,149,457.68 [remittance for ERN 3360199106 indicated per schedule is USD2 ,229,388.401 John Hancock Life Insurance Company [remittance for ERN 3360237115 indicated per schedule is USD2,588,086.961 John Hancock Life Insurance Company [remittance for ERN 3360260096 indicated per schedule is USD2,675,446.89] John Hancock Life Insurance Company [remittance for ERN 3360325173 indicated per schedule is USD2,810,066.23] John Hancock Life Insurance Company [remittance for ERN 3360352111 indicated per schedule is USD2,804,209.881 Manulife (International) Limited [OR amount of USD 355,438.85 less remitted amount ofUSD31,474.56 per ERN 3360332032] Subtotal 3. Sales supported by VAT OR but was not prominently indicated as "zero-rated sales" John Hancock Life Insurance Company "P-48-0R-a" 2,402,782.26 116,116,300.83 4. Sales supported by VAT OR but presented therein as "VAT-exempt sales" Manulife Singapore Pte Ltd "P-41-Q3-h" 88,561.58 4,428,798.68 5. Sales without supporting VAT ORs The Manufacturer's Life Insurance Company_ - 600.00 28,821.21 The Manufacturer's Life Insurance Company - 4,586.00 220,290.13 103 Total sales per schedule (refer to Table\) ofr'l\4.089.051.21 (equivalent to USD2.324.221.97) less sales not v covered by OR (see item I of this table with the same exhibit reference) amounting to fl'50,927.76 (equivalent to USD 1.037.50). 104 Total sales per schedule (refer to Table I) of 1'117.351.008.15 (equivalent to USD2,446.179.42) less sales not covered by OR (see item 1 of this table with the same exhibit reference) amounting to P648,102.58 (equivalent to USD13,509.68). 105 Derived using 48.7123 conversion rate (Amount in PhP of 17.314,714.59-:- Amount in USD of 355,448.86).

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Client Name Exhibit No. Sales in US Sales in Dollar Philippine Peso - The Manufacturer's Life Insurance - - Company - 1,520.00 73,013.74 The Manufacturer's Life Insurance - Com_IJ_any - 648.00 31,126.91 The Manufacturer's Life Insurance - Company - 2,600.00 124,891.92 The Manufacturer's Life Insurance - Company - 450.00 21,615.91 The Manufacturer's Life Insurance - Company - 375.00 18,013.26 - The Manufacturer's Life Insurance - Company - 150.00 7,205.30 - The Manufacturer's Life Insurance - Company 40.00 1,921.42 - The Manufacturer's Life Insurance - Company 1,008.00 48,419.64 - The Manufacturer's Life Insurance - Company - 678.00 32,567.97 The Manufacturer's Life Insurance - Company - 1,150.00 55,240.66 The Manufacturer's Life Insurance - Company - 140.00 6,724.95 The Manufacturer's Life Insurance - Company 132.00 6,340.66 The Manufacturer's Life Insurance Company 456.00 21,904.13 The Manufacturer's Life Insurance Cotl1]2_an y 2,004.00 96,262.85 The Manufacturer's Life Insurance Company 2,550.00 122,490.16 The Manufacturer's Life Insurance Company 5,749.00 276,155.25 The Manufacturer's Life Insurance Company 5,708.00 274,185.81 The Manufacturer's Life Insurance Company 674.52 32,400.81 368.00 17,677.01 The Manufacturer's Life Insurance Company The Manufacturer's Life Insurance Company 5,050.00 242,578.54 The Manufacturer's Life Insurance Com_IJany 2,813.00 135,123.45 The Manufacturer's Life Insurance Company 922.00 44,288.59 The Manufacturer's Life Insurance Company 3,694.00 177,442.60 The Manufacturer's Life Insurance Company 2,915.00 140,023.06 The Manufacturer's Life Insurance Company 650.00 31,222.98 The Manufacturer's Life Insurance Company �-- �- 40.00 1,921.42 The Manufacturer's Life Insurance Company 150.00 v7,205.30

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 45 of68 X------------------------------------------------------------------------------------------X Client Name Exhibit No. Sales in US Sales in The Manufacturer's Life Insurance Dollar Philippine Peso Company - The Manufacturer's Life Insurance 2,317.80 111,336.34 Company - The Manufacturer's Life Insurance 1,457.00 69,987.51 Company - The Manufacturer's Life Insurance 8,004.00 384,474.98 Company - The Manufacturer's Life Insurance - 214.82 10,318.95 Company The Manufacturer's Life Insurance - 4,002.00 192,237.49 Company The Manufacturer's Life Insurance - 2,001.00 96,118.74 Company - The Manufacturer's Life Insurance 675.27 32,436.84 Company - The Manufacturer's Life Insurance 650.00 31,222.98 Company - The Manufacturer's Life Insurance - 122.50 5,884.33 Company - The Manufacturer's Life Insurance - 122.50 5,884.33 Company - 8,004.00 384,474.98 The Manufacturer's Life Insurance Company - 149.44 7,178.40 The Manufacturer's Life Insurance Company - 4,252.10 204,251.13 The Manufacturer's Life Insurance Company - 512.71 24,628.21 The Manufacturer's Life Insurance Company - 2,001.00 96,118.74 The Manufacturer's Life Insurance Company - 537.72 25,829.57 The Manufacturer's Life Insurance - Company 3,375.00 162,119.32 The Manufacturer's Life Insurance - Company 7,868.00 377,942.17 - The Manufacturer's Life Insurance 3,934.00 188,971.08 - Company 3,000.00 144,106.06 The Manufacturer's Life Insurance - Company 912.50 43,832.26 The Manufacturer's Life Insurance - Company 100.00 4,803.53 The Manufacturer's Life Insurance - Company_ - 11,535.71 554,121.92 The Manufacturer's Life Insurance Company 33,575.00 1,612,787.01 The Manufacturer's Life Insurance Company 1,032.14 49,579.21 The Manufacturer's Life Insurance Company 575.00 27,620.33 The Manufacturer's Life Insurance Company 16,969.75 815,147.95 The Manufacturer's Life Insurance Company

DECISION CTA Case No. 10926 Manulife Data Services, lnc. v. Commissioner of Internal Revenue Page 46 of68 x------------------------------------------------------------------------------------------x Client Name Exhibit No. Sales in US Sales in The Manufacturer's Life Insurance Dollar Philippine Peso Company - The Manufacturer's Life Insurance 2,755.00 132,337.40 Company - The Manufacturer's Life Insurance 4,194.00 201,460.28 Company - The Manufacturer's Life Insurance 600.24 28,832.74 Company - The Manufacturer's Life Insurance 2,700.00 129,695.46 Company - The Manufacturer's Life Insurance 26,575.00 1,276,539.53 Company - The Manufacturer's Life Insurance 2,133.00 102,459.41 Company - The Manufacturer's Life Insurance 4,266.00 204,918.82 Company - The Manufacturer's Life Insurance 794.50 38,164.09 Company - The Manufacturer's Life Insurance 104.65 5,026.90 Company - The Manufacturer's Life Insurance 1,681.22 80,757.99 Company - The Manufacturer's Life Insurance 127.73 6,135.56 Company - John Hancock Life Insurance Company 6,516,442.16 313,011,411.17 - 240.00 11,528.48 John Hancock Life Insurance Company - 2,500.00 120,088.38 John Hancock Life Insurance Company - 7,381.55 354,575.36 John Hancock Life Insurance Company John Hancock Life Insurance Company - 448.50 21,543.85 Manu1ife (International) Limited 2,557,089.91 122,830,253.34 Manulife (International) Limited - Manulife {International) Limited 125,086.50 6,291,675.96 Manulife (International) Limited - 785.00 39,518.73 Manu1ife (International) Limited - 80.00 4,089.77 Manulife (International) Limited 280.00 14,314.20 Manulife {International) Limited - - 2,770.00 141,608.31 Manulife (International) Limited 147,578.51 7,523,757.62 Manulife (International) Limited - Manulife (International) Limited 5,792.44 292,628.88 Manulife (International) Limited - Manulife (International) Limited 2,943.49 147,203.72 Manulife (International) Limited - 13,635.38 681,905.08 Manulife {International) Limited 14,132.00 693,697.23 Manulife (International) Limited - Manulife (International) Limited 225.00 11,044.57 Manulife (International) Limited - 3,010.84 147,792.76 Manulife (International) Limited - Manulife (International) Limited 350.00 16,890.27 Manulife (International) Limited - 4,002.00 193,128.07 Manulife (International) Limited - 3,199.99 154,424.58 Manulife (International) Limited - 663.38 2,920.64 - 2,377.55 10,384.97 - 150.00 7,254.44 14,117.56 682,766.36 - 5,492.00 265,609.13 - 100.00 4,836.29 - 4,002.00 - v193,548.38 - - -

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 47 of68 x--------------,----------------------------------------------------------------------------x Client Name Exhibit No. Sales in US Sales in Manulife (International) Limited Dollar Philippine Peso Manulife (International) Limited - 178,863.90 Manulife (International) Limited - 898.45 8,643,691.36 Manulife (International) Limited 2,969.39 43,418.16 Manulife (International) Limited - 4,932.80 Manulife (International) Limited 6,847.13 143,497.74 - 142,439.61 238,564.37 331,147.91 - 6,994,597.14 - Manulife (International) Limited - 178,725.60 8,643,691.36 Manulife (International) Limited 170,268.60 8,206,645.29 Manulife (International) Limited - Manulife (International) Limited 906.77 43,820.23 Manulife (International) Limited - (317.58) (15,347.71) Manulife (International) Limited 4,002.00 192,237.49 Manulife (International) Limited - 4,002.00 192,237.49 Manulife (International) Limited 9,857.01 473,484.96 Manulife (International) Limited - 1,781.85 Manulife (International) Limited 4,966.43 7,730.33 Manulife (International) Limited - 15,369.23 238,564.37 Manulife (International) Limited 139,492.15 738,266.29 Manulife (International) Limited - 179,944.37 6,778,416.53 Manulife (International) Limited 176,233.82 8,643,691.36 Manulife (International) Limited - 8,456,555.38 Manulife Singapore Pte Ltd 946.69 Manulife Singapore Pte Ltd - 32.41 45,474.46 Manulife Singapore Pte Ltd 1,556.59 - 240.00 195.00 11,528.48 - 89,783.38 9,366.90 10,959,909.59 - 41,441,626.69 4,312,739.01 527,412,794.21 - 2,039,254,328.34 - - - - - Subtotal Total Thus, only the sales of services m the amount of P3,157,908,691.67, as computed below, satisfied the fourth essential element and the fifth requisite, i.e., that the sales were paid for in acceptable foreign currency and accounted for in accordance with BSP rules and regulations: Sales pertaining to considered NRFCs p 5,197,163,020.01 Less: Sales denied of VAT zero-rating (2,039 ,254,328.34:1_ Valid zero-rated sales P3,157,908,691.67 Thus, and for purposes of compliance with the fourth and fifth requisites, petitioner has established that its sales of services to NRFCs for CY 2020 in the aggregate amount of P3,157,908,691.67, qualify for VAT zero-rating under Section 108(8)(2) of the NIRC of 1997, as amended. (

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 48 of68 X------------------------------------------------------------------------------------------X Sixth requisite: The input taxes being claimed do not appear to be transitional input taxes. The input taxes claimed do not appear to be transitional, as understood under Section 111 (A) of the NIRC of 1997, as amended, to wit: SEC. 111. Transitional/ Presumptive Input Tax Credits. - (A) Transitional Input Tax Credits. - A person who becomes liable to value-added tax or any person who elects to be a VAT- registered person shall, subject to the filing of any inventory according to the rules and regulations prescribed by the Secretary of Finance, upon recommendation of the Commissioner, be allowed input tax on his beginning inventory of goods, materials and supplies equivalent to two percent (2%) of the value of such inventory or the actual value- added tax paid on such goods, materials and supplies, whichever is higher, which shall be creditable against the output tax. Transitional input tax credit operates to benefit newly VAT-registered persons, whether or not they previously paid taxes in the acquisitions of their beginning inventory of goods, materials and supplies. During the period of transition from non-VAT to VAT status, the transitional input tax credit serves to alleviate the impact of the VAT on the taxpayer.Io6 As there is no showing that the input taxes claimed are transitional, petitioner has complied with the sixth requisite for the grant of an input VAT refund. Seventh requisite: A portion of the input taxes being claimed was due or paid. Anent the seventh requisite, petitioner must prove that the input taxes claimed for CY 2020 are actually due or paid, in accordance with Section llO(A) of the NIRC of 1997, as v amended, which provides that: SEC. 110. Tax Credits.- 106 Fort Bomfacio Development Co1poration v. Commissioner of Internal Revenue, eta!., G.R. Nos. 158885 & 170680, April2, 2009 [Per J. Tinga, En Bane].

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 49 of68 X------------------------------------------------------------------------------------------X (A) Creditable input Tax. - (1) Any input tax evidenced by a VAT invoice or official receipt issued in accordance with Section 113 hereof on the following transactions shall be creditable against output tax: (a) Purchase or importation of goods: (i) For sale; or (ii) For conversion into or intended to form part of a finished product for sale including packaging materials; or (iii) For use as supplies in the course of business; or (iv) For use as materials supplied in the sale of service; or (v) For use in trade or business for which deduction for depreciation or amortization is allowed under this Code. (b) Purchase of services on which a value-added tax has actually been paid. (2) The input tax on domestic purchase or importation of goods or properties by a VAT-registered person shall be creditable: (a) To the purchaser upon consummation of sale and on importation of goods or properties; and Provided, That the input tax on goods purchased or imported in a calendar month for use in trade or business for which deduction for depreciation is allowed under this Code, shall be spread evenly over the month of acquisition and the fifty-nine (59) succeeding months if the aggregate acquisition cost for such goods, excluding the VAT component thereof, exceeds One million pesos (P1,000,000): Provided, however, That if the estimated useful life of the capital good is less than five (5) years, as used for depreciation purposes, then the input VAT shall be spread over such a shorter period: Provided, further, That the amortization of the input VAT shall only be allowed until December 31, 2021 after which taxpayers with unutilized input VAT on capital goods purchased or imported shall be allowed to apply the same as scheduled until fully utilized; Provided, finally, That in the case of purchase of services, lease or use of properties, the input tax shall be creditable to the purchaser, lessee, or licensee upon payment of the compensation, rental, royalty or v fee."

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 50 of68 X------------------------------------------------------------------------------------------X The above provision is implemented by Sections 4.110-1 to 4.110-3 of RR No. 16-2005, as amended by RR No. 13-2018, to wit: SECTION. 4.110-1. Credits for Input Tax.- ... Any input tax on the following transactions evidenced by a VAT invoice or official receipt issued by a VAT-registered person in accordance with Sees. 113 and 237 of the Tax Code shall be creditable against the output tax: (a) Purchase or importation of goods (1) For sale; (2) For conversion into or intended to form part of a finished product for sale, including packaging materials; or (3) For use as supplies in the course of business; or (4) For use as raw materials supplied in the sale of services; or (5) For use in trade or business for which deduction or depreciation or amortization is allowed under the Tax Code, (b) Purchase of real properties for which a VAT has actually been paid; (c) Purchases of services in which a VAT has actually been paid; SECTION 4.110-2. Persons Who Can Avail of the Input Tax Credit. -The input tax credit on importation of goods or local purchases of goods, properties or services by a VAT- registered person shall be creditable: (b) To the purchaser of the domestic goods or properties upon consummation of the sale; or (c) To the purchaser of services or the lessee or licensee upon payment of the compensation, rental, royalty or fee. SECTION 4.110-3. Claim for Input Tax on Depreciable 'tJ" Goods.- Where a VAT-registered person purchases or imports � _/ capital goods, which are depreciable assets for income tax

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X purposes, the aggregate acquisition cost of which (exclusive of VAT) in a calendar month exceeds One Million Pesos (Pl,OOO,OOO.OO), regardless of the acquisition cost of each capital good, shall be claimed as credit against output tax in the following manner: (a) If the estimated useful life of a capital good is five (5) years or more -The input tax shall be spread evenly over a period of sixty (60) months and the claim for input tax credit will commence in the calendar month when the capital good is acquired. The total input taxes on purchases or importations of this type of capital goods shall be divided by 60 and the quotient will be the amount to be claimed monthly. (b) If the estimated useful life of a capital good is less than five (5) years -The input tax shall be spread evenly on a monthly basis by dividing the input tax by the actual number of months comprising the estimated useful life of the capital good. The claim for input tax credit shall commence in the calendar month that the capital goods were acquired. Where the aggregate acquisition cost (exclusive of VAT) of the existing or finished depreciable capital goods purchased or imported during any calendar month does not exceed One million pesos (Pl ,000,000.00), the total input taxes will be allowable as credit against output tax in the month of acquisition. Capital goods or properties refers to goods or properties with estimated useful life greater than one (1) year and which are treated as depreciable assets under Sec. 34(F) of the Tax Code, used directly or indirectly in the production or sale of taxable goods or services. The aggregate acquisition cost of a depreciable asset in any calendar month refers to the total price, excluding the VAT, agreed upon for one or more assets acquired and not on the payments actually made during the calendar month. Thus, an asset acquired on installment for an acquisition cost of more than Pl,OOO,OOO.OO, excluding the VAT, will be subject to the amortization of input tax despite the fact that the monthly payments/installments may not exceed Pl ,000,000.00. (c) The amortization of the input VAT shall only be allowed until December 31, 2021 after which taxpayers with y unutilized input VAT on capital goods purchased or imported shall be allowed to apply the same as scheduled until fully utilized: xxx."

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 52 of68 X------------------------------------------------------------------------------------------X Further, Section 4.110-8 of RR No. 16-2005 provides for the substantiation requirements of input tax credits on purchases of goods, properties, and services as follows: SEC. 4.110-8. Substantiation ofInput Tax Credits.- (a) Input taxes for the importation of goods or the domestic purchase of goods, properties or services is made in the course of trade or business, whether such input taxes shall be credited against zero-rated sale, non-zero-rated sales, or subjected to the 5% Final Withholding VAT, must be substantiated and supported by the following documents, and must be reported in the information returns required to be submitted to the Bureau: (2) For the domestic purchase of goods and properties - invoice showing the information required under Sees. 113 and 237 of the Tax Code. (4) For the purchase of services- official receipt showing the information required under Sees. 113 and 237 of the Tax Code. A cash register machine tape issued to a registered buyer shall constitute valid proof of substantiation of tax credit only if it shows the information required under Sees. 113 and 237 of the Tax Code. Verily, in order to be entitled to input tax credits, the input VAT must be evidenced by VAT invoices (for domestic purchases of goods) or ORs (for domestic purchases of services), issued in accordance with the invoicing requirements under Section 113(A) and (B), 237 and 238 of the NIRC of 1997, as amended, as implemented by Section 4.113-1(A) and (B) of RR No. 16- 2005. In its Quarterly Value-Added Tax Returns for CY 2020, petitioner reported input taxes aggregating to P159,480,669.23, out of which P147,008,789.13 107 is the subject of the present claim foe cefund, as shown bdow' ~ 107 Petitioner's claim per Petition for Review is P\47,008,789.15 but the actual excess input VAT per Quarterly r'a/ue- Added Tax Returns amounts to P\47.008. 789.13.

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 53 of68 x------------------------------------------------------------------------------------------x Input Tax Deferred on 1st Quarter 108 2nd Quarter109 3rd QuarterIIo 4th Quarter ' 11 Total Capital Goods Exceeding PI Million from Previous 1'34,878,848.48 1'37, 107,476.30 1'50,348,242.70 1'61,720,147.86 1'184,054,715.34 Quarter 6,684,012.98 18,686,316.21 17,134,055.35 14,880,649.75 57,385,034.29 Add: Input Tax on Current Purchase 37,107,476.30 50,348,242.67 61,720,148.08 69,935,363.29 219,111,230.34 of Capital Goods 1'4,455,385.16 1'5,445,549.84 1'5, 762,149.97 I' 6,665,434.32 1'22,328,519.29 exceeding P'lMillion 1'39,131.78 1'183,247.19 1'313,194.40 1'311,385.36 1'846,958.73 ! Less: Input Tax on '' Purchase of Capital 2,174,884.46 1,134,107.67 1,328, 946.77 1,576,598.58 Goods exceeding 8,445,842.52 32,978,272.33 23,076,158.55 65,590,380.33 6,214,537.48 P1Million deferred 1'10,659,858. 76 1'34,295,627.19 1'24, 718,299.72 1'67,478,364.27 130,090,653.73 for the succeeding 1'15, 115,243.92 1'39, 741,177.03 1'30,480,449.69 1'74, 143,798.59 1'137,152,149.94 period 3,371,504.09 1'159,480,669.23 1'11,743,739.83 1,782,446.21 4,038,832.88 3,279,096.92 Amortized Input Tax 1'37,958, 730,82 1'26,441,616.81 1'70,864, 701.67 12,471,880.10 Current Input Taxes: 1'147,008,789.13 On Purchase of Capital Goods not exceeding I' 1Million On Domestic Purchases of Goods Other than Capital Goods On Domestic Purchase of Services Total Current Input Taxes Total Input Taxes for the period Less: Output VAT Excess Input VAT In support of its reported input VAT, petitioner submitted the Schedule of Local Purchases with Input Tax, 112 ORs, invoices, and other related documents, 113 which were examined by the Court-Commissioned ICPA, Mr. Garry S. Pagaspas. Based on the findings of the ICPA, !'25,078,432.62 of the claimed input VAT is disallowed for failure to meet the substantiation and invoicing requirements, viz: ICPA Table Ref./ ICPA !CPA Findings Exhibit No. Input VAT Input VAT on purchases of services and goods other than capital ~oods: Sales Invoices (SI) and/ or Official Receipts (OR) provided were Photocopies 34 I "P-58" f' v 2,934,537.53 / 108 !CPA Exhibit ""P-11". USB (Exhibit "P-41-b"). 109 !CPA Exhibit �'P-12"". USB (Exhibit ""P-41-b""). 110 !CPA Exhibit ""P-13-a"". USB (Exhibit ""P-41-b""). 111 !CPA Exhibit ""P-t4"". USB (Exhibit ""P-41-b""). 112 !CPA Exhibits ""P-25"" to ""P-28"". USH (Exhibit ""P-41-b""). 113 !CPA Exhibits �'P-54-01-a"" to ""P-54-04-fo"". ""P-55-03-a"". ""P-56-01-a"" to ""P-56-04-c"", ""P-57-02-a"" to �'P-57- -a� 04-e"". ""P-58-0 1-a"" to ""P-58-04-k"". ""P-59-0 I to ""P-59-02-b'". ""P-60-0 1-a�� to ""P-60-04-c"". ""P-61-0 1-a" to ''P-61-04-nf�. ��r-62-QJ-a�� to ��r-62-04-d". ''P-63-02-a.. to .. P-63-04-b''. ��r-64-Q 1-a" to "P-64-Q4-j'". ''P-65-Q 1- a" to ""P-65-04-ai"". ""P-66-0 1-a" to ""P-66-01 -d", ""P-69-0 I" to ""P-69-04"". ""P-70-02" to "P-70-04'". "'P-7 1-03'" to ""P-7 t -04", ""P-72-01"" to �'P-72-04"". ""P-73-03-a" to ""P-73-04-e'". "P-74-a"" and ""P-75-01" to ""P-75-04" (except for ��P-54-QJ-cx" and '"P-63-Q2-b''. which \vere denied admission: Refer to Resolution dated March 20. 2024, Docket. at p. 601.). USB (Exhibit "P-41-b").

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 54 of68 X------------------------------------------------------------------------------------------X Out of Period 35 _j_ "P-59" 812,995.88 VAT amount not shown separately 242,972.30 Not Validated Countersign 36 I "P-60" 4,261,356.43 Alteration without countersign 585,168.28 No TIN Indicated 37 _j_ "P-61" 219,974.78 Incorrect Substantiation 697,472.24 No SI/OR Provided 38 I "P-62" 14,795,795.88 Multiple Violation of Invoicing 39 I "P-63" Requirements 40 I "P-64" 12,791.03 41 I "P-65" P24,563,064.35 Less: Adjustment114 42 I "P-66" 128,795.65 Subtotal I 14 Details of Input /~~�1T incfuded in ICPA{Indings but not part of the claimed input VAT per schedule: Per Schedule of Local Purchases with Input Per !CPA Findings Tax (!CPA Exhibits �'P-25" to ''P-28"). !CPA Table Ref/ Input Tax not part of Inv./ !CPA the claim OR Exhibit Input Tax Page Input Tax [c~a-b 1 !' 75,117.65 Supplier Name No. No. [al ref. [bl 13,234.37 ACCENT MICRO (1'76,381.27 - I,504.1 0 - 648.21 + 317.68 TECHNOLOGIES 33.058.45) 5.027.79 INC 237012 35/ "P-59'' 1'182.405.06 10 f' 107,287.41 3,627.69 VIVENTIS (1'1,317.23 + 1,202.60) 10.059.21 SEARCH ASIA 180.00 11,217.41 INC 2511 361 "P-60" 15.754.20 17 2,51983 202.73 (1'22,072.60 + 23, 787.07) 3,600.00 1.200.00 SMS CEBU INC 43418 37/"P-61" 46.177.35 17 45,859.67 3,600.00 1.200.00 VOYG (1'2,835.47 + 17.627.16 + \1.759.48 + TRANSPORT 9,797.24 + 1,662.00 + 17,627.16 + 9, 797.24 211.12 1'128,795.65 + 11,759.48) SERVICES INC 2972 37/"P-6\'' 87.893.02 17 82.865.23 VOYG (I'll, 759.48 + 9,797.24 + 17,627.16 + TRANSPORT 3,671.62) SERVICES INC 2968 37/ "P-61" 46.483.19 17 42,855.50 (1'26.945.38 + 1,091.40 + 21,693.52 + 26.517.39 + 1,091.40 + 1,091.40+ 2.290.80 + 720.60 + 17,891.73 + 720.60-;- 720.60 + 89,092.38 + 75.985.20 + 2,290.80 + SUPERIOR 73,814.50 + 2.290.80 + 23,540.26 + MAINTENANCE 19,960.71) SERVICES 287603 37/ ��P-6 J"' 397.808.68 19 387,7-19.-17 VOYG TRANSPORT SERVICES INC 2969 37/"P-61" 4,771.57 19 4,591.57 COLLABERA (1'3,878.08 + 5,633.78) TECHNOLOGIES PRIVATE 16513 38/ "P-62'' 20,729.27 18 9,511.86 SAVOY HOTEL MACTANINC 2536 40/ �'P-64" 42,269.43 12 42.066.70 WELL THY 23023 401 "P-64'' 1.800.00 II (1,800.00) SOLUTIONS INC WELLTI-IY 23024 40/ "P-64" 600.00 II (600.00) SOLUTIONS INC WELLTHY 23394 401 "P-64" 1.800.00 II ( 1.800.00) SOLUTIONS INC WELL THY SOLUTIONS INC 23395 401 �'P-64" 600.00 II (600.00) SANTA FE (P376.07 + 1,383.21) MOVING REI.OC'ATION SERVICES PI-IlLS. 5516 411 "P-65'' I,970.40 21 I, 759.28 INC. Total 1'851,062.17 I' 722,266.52

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Input VAT included in !CPA findings but not part of the claimed input VAT per schedule Net P24,434,268. 70 Input VAT on purchases of capital goods not exceeding P1 million: 28,604.73 p 28,604.73 No SI but provided with Collection Receipts 47 I "P-71" 43,134.30 Subtotal 572,424.89 p 615,559.19 Amortized input VAT on purchases of capital goods P25,078,432.62 exceeding P1 million from current purchases: SI provided was_]J_hotocopy 50 I "P-74" No SI but provided with Collection Receipts 51 I "P-75" Subtotal Total In addition to the above disallowances, further verification of the ICPA schedules and the submitted documents reveals that the input VAT in the amount of'P63,602,980.12 is likewise disallowed for the reasons stated hereunder, to wit: ICPA Exhibit Supplier Name Invoice/ Input VAT No. OR No. Amount Input VAT on purchases of goods/services supported by VAT invoices/DRs but without the notation "THIS INVOICE/RECEIPT SHALL BE VALID FOR FIVE (5) YEARS FROM THE DATE OF THE AUTHORITY TO PRINT (ATP)/PERMIT TO USE (PTU)" as required under RMO No. 12-2013 and RR No. 10-2015 "P-54-Q 1-e" PHILIPPINE VENDING CORPORATION 56689 I' 10,625.51 "P-54-Q 1-f' PHILIPPINE VENDING CORPORATION 56641 3,980.05 "P-54-Q 1-bd" UP NORTH PROPERTY HOLDINGS INC 25732 163,296.88 "P-54-Q 1-bt" PHILIPPINE VENDING CORPORATION 58205 691.72 "P-54-Q 1-bu" PHILIPPINE VENDING CORPORATION 57396 8,884.90 "P-54-Ql-bv" PHILIPPINE VENDING CORPORATION 58116 5,140.50 "P-54-Ql-bw" PHILIPPINE VENDING CORPORATION 58115 4,150.31 "P-54-Q 1-bx" PHILIPPINE VENDING CORPORATION 57757 3,980.05 "P-54-Q 1-by" PHILIPPINE VENDING CORPORATION 57756 10,970.25 "P-54-Q 1-de" UP NORTH PROPERTY HOLDINGS INC 25922 158,763.14 "P-54-Q3-dp" PHILIPPINE VENDING CORPORATION 61774 23,562.63 "P-54-Q3-dq" PHILIPPINE VENDING CORPORATION 62274 "P-54-Q4-by" PHILIPPINE VENDING CORPORATION 63307 1,218.82 "P-69-Q4-b" POWER MAC CENTER INC A421626 1,218.82 "P-69-Q4-c" POWER MAC CENTER INC A427267 34,692.86 38,162.14 Input VAT on purchase of goods supported by VAT invoice but dated outside the period of claim "P-54-Q3-n" CARE 1ST CORPORATION 55926 11,237.14 Input VAT on purchases of goods supported by VAT invoices but without indication of the BIR's ATP/PTU 1400- "P-54-Q4-i" MAGNOLIA INC 14037202 2,826.51 1400- "P-54-Q4-i" MAGNOLIA INC 14053777 8,832.86 "P-54-Q4- bw" NETTDRIVEN CORP. 2204 121,741.96 Input VAT on purchases ofgoods supported by VAT invoices but without the notation "THIS INVOICE SHALL BE VALID FOR FIVE (5) YEARS FROM THE DATE OF THE PERMIT TO USE" and the VAT amounts are unreadable "P-54-Q4-k" PHILIPPINE VENDING CORPORATION 62640 1,218.82 "P-54-04-dn" PHILIPPINE VENDING CORPORATION 63832 v1,4'!8.82

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 56 of68 x------------------------------------------------------------------------------------------x Amortized input VAT on current purchase of goods (classified as capital goods exceeding P1million) suooorted bu Non-VAT invoice "P- 72-Q2-d" NETTDRIVEN CORP. 0456 694,381.59 115 Input VAT on purchases of services supported by VAT ORs but without the notation "THIS RECEIPT SHALL BE VALID FOR FIVE (5) YEARS FROM THE DATE OF THE PERMIT TO USE", the signature of the cashier and indication of the nature of service and/or not issued in petitioner's registered name "P-54-Q2-r" SGV AND CO MK00134254 43,382.39 "P-54-Q2-s" SGV AND CO MK00134253 3,564.00 "P-54-Q2-t" SGV AND CO MK00134255 2,538.68 "P-54-Q2-u" SGV AND CO MK00134256 2,538.68 Input VAT on purchases of services supported by VAT ORs but without the notation "THIS RECEIPT SHALL BE VALID FOR FIVE (5) YEARS FROM THE DATE OF THE PERMIT TO USE" and indication of the nature of service "P-54-Q l-en" MAXICARE HEALTHCARE CORP 3000083434 64,671.39 "P-54-Q l-eo" MAXICARE HEALTHCARE CORP 3000083438 18,904.73 "P-54-Q l-eo" MAXICARE HEALTHCARE CORP 3000084888 436,677.45 Input VAT on purchases of services supported by VAT ORs but without the TIN or address of oetitioner andjor indication of the nature of service FIRST COMMONWEALTH HOTEL "P-54-Ql-u" CORPORATION 37665 19,417.92 116 "P-54-Q 1-z" MAXICARE HEALTHCARE CORP 3000077724 299,128.87 "P-54-Q 1-aa" MAXICARE HEALTHCARE CORP 3000077725 1,576.91 "P-54-Q 1-aq" SANTA FE MOVING AND RELOCATION 26921 13,071.43 SERVICES PHILS. INC. "P-54-Q l-ed" ARTEMISPLUS EXPRESS INC 132695 7,260.00 "P-54-Q 1-cl" HBO+EMTB PHILIPPINES INC 2774 48,865.72 NISCE MAMURIC GUINTO RIVERA AND "P-54-Q l-ea" ALCANTARA LAW OFFICE 16803 15,600.00 NISCE MAMURIC GUINTO RIVERA AND "P-54-Q 1-cr" ALCANTARA LAW OFFICE 16770 15,600.00 "P-54-Q l-et" REYES TACANDONG AND CO 39661 38,591.14 "P-54-Q l-eu" ROXACO VANGUARD HOTEL CORP 47852 4,349.73 SANTA FE MOVING AND RELOCATION "P-54-Q l-ev" SERVICES PHILS. INC. 26901 7,500.00 VERTIV (PHILIPPINES) INC (formerly known as "P-54-Q 1-dz" EMERSON NETWORK POWER (PHILIPPINES), 8195 10,714.29 "P-54-Q l-ed" INC.\ 141717 98,498.17 "P-54-Q 1-ef'' ISS FACILITY SERVICES PHILS INC 3000091851 981,118.91 "P-54-Q l-ee:" 3000091852 MAXICARE HEALTHCARE CORP 8,919.07 MAXICARE HEALTHCARE CORP II ; Computation of amortized inout VAT: 1'231 ,460.53 Amortized input for znd quarter (allowable input per ICPA Table 48/ICPA Exh... P-72") 462.921.06 [total input VAT ofP3, 703,368.57-:- estimated useful life of 48 =monthly amortization ofP77, 153.51 x 3 months claimedl P694,38k59 Amortized innut for J'd and 41h auarters rmonthlv amortization ofP77.153.5\ x 6 monthsl Total Amortized In out VAT for the oeriod II6 Total of!'672.00. !'6.384.00. !'2.016.00. 1'5.712.00, !'1.508.16 and !'3, 125.76 input VAT claimed per schedule [p.2.v !CPA Exhibits ��P-25"" to ��r-2s��. USB (Exhibit "'P-41-b'")].

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 57 of68 X------------------------------------------------------------------------------------------X "P-54-Q l-ei" NISCE MAMURIC GUINTO RIVERA AND 16852 600.00 "P-54-Q 1-el" ALCANTARA LAW OFFICE 42190 27,728.57 "P-54-Q 1-eq" REYES TACANDONG AND CO 1182976 "P-54-Q 1-er" 1178441 779.92 "P-54-Q 1-es" TNT EXP WORLDWIDE (PHILS) INC 1178442 685.42 TNT EXP WORLDWIDE (PHILS)INC 8,172.37 "P-54-Q2-g" 15542 "P-54-Q2-h" TNT EXP WORLDWIDE (PHILS) INC 151 12,781.36117 "P-54-Q2-k" COLLABERA TECHNOLOGIES PRIVATE 134,135.51 "P-54-Q2-n" LIMITED INC 142527 194,235.08 "P-54-Q2-o" 3000092725 409,730.47 "P-54-Q2-p" DXC TECHNOLOGY PHILIPPINES INC 3000093754 352,067.91 3000093756 "P-54-Q2-af' ISS FACILITY SERVICES PHILS INC 6,806.16 "P-54-Q2-ah" 8186 MAXICARE HEALTH CARE CORP 142747 10,714.29 3000096888/ 90,310.01 MAXICARE HEALTHCARE CORP 3000096889 3000096764 352,092.32 MAXICARE HEALTHCARE CORP 298.22 VERTIV (PHILIPPINES) INC (formerly known as 15935 EMERSON NETWORK POWER (PHILIPPINES), 152 7,115.12 INC.) 134,201.73 ISS FACILITY SERVICES PHILS INC 3000111186 3000111187 89,149.24 "P-54-Q2-ai" MAXICARE HEALTHCARE CORP 8,319.37 "P-54-Q2-ai" 16904 MAXICARE HEALTHCARE CORP 27,505.00 "P-54-Q2-ar" COLLABERA TECHNOLOGIES PRIVATE 27166 "P-54-Q2-as" LIMITED INC 3000108661 1,285.71 "P-54-Q2-ay" 406,037.14 "P-54-Q2-az" DXC TECHNOLOGY PHILIPPINES INC 2885 MAXICARE HEALTHCARE CORP 21,556.72118 "P-54-Q2-bd" 16172 MAXICARE HEALTH CARE CORP 19,084.73119 "P-54-Q2-be" NISCE MAMURIC GUINTO RIVERA AND 16242 "P-54-Q2-bl" ALCANTARA LAW OFFICE 3,878.62 "P-54-Q2-bo" SANTA FE MOVING AND RELOCATION 1113 SERVICES PHILS. INC. 6,172.62 "P-54-Q3-ad" 11146 MAXICARE HEALTHCARE CORP 130343 83,111.00 "P-54-Q3-ae" VOYG TRANSPORT SERVICES INC 3000114079 48,000.00 COLLABERA TECHNOLOGIES PRIVATE 3000114080 211,499.58 LIMITED INC 4330 COLLABERA TECHNOLOGIES PRIVATE 6,319.08 LIMITED INC 6716 4,800.00 793168 85,714.29 "P-54-Q3-ai" FP PHILIPPINES INC 7,869.64 GREAT YEAR INDUSTRIES CORPORATION 16453 "P-54-Q3-ai" MANILA 437780 3,703.32 "P-54-Q3-al" 143698 27,903.94 "P-54-Q3-an" JOHNCLEMENTS RECRUITMENT INC 88,797.96 "P-54-Q3-ao" 4332 "P-54-Q3-ar" MAXICARE HEALTHCARE CORP 517 4,800.00 "P-54-Q3-bk" MAXICARE HEALTHCARE CORP 4,744.81 "P-54-Q3-bz" NEZDA TECHNOLOGIES INC TOTAL VENTURES INC "P-54-Q3-cb" CASA MEDICA INCORPORATED "P-54-Q3-cf' COLLABERA TECHNOLOGIES PRIVATE "P-54-Q3-ch" LIMITED INC "P-54-Q3-ck" FUJI XEROX PHILIPPINES INC "P-54-Q3-cr" ISS FACILITY SERVICES PHILS INC NEZDA TECHNOLOGIES INC PSA PHILIPPINES CONSULTANCY 1" Total of!'!. 906.41, !'1,906.41. 1'3.719.53 and 1'5.249.0 I input VAT claimed per schedule [p.l 0. !CPA Exhibits "P- 25" to "P-28". USIJ (Exhibit "P-41-b")]. 118 Total of1'11.759.48 and 1'9.797.24 input VAT claimed per schedule [p. 13. JCPA Exhibits "P-25'' to "P-28". USB �J (Exhibit "P-41-b")j. 110 Total of 1'4.526.27. 1'7,352.36 and 1'7.206.1 0 input VAT claimed per schedule [p.J5. !CPA Exhibits "P-25" to 28'', USB (Exhibit "P-41-b")]. 1~~

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X "P-54-Q3-ee" ISS FACILITY SERVICES PHILS INC 144098 86,990.31 "P-54-Q3-ef' 130456 48,000.00 "P-54-Q3-eg" JOHNCLEMENTS RECRUITMENT INC 130457 46,780.39 "P-54-Q3-eh" 3000128265 75,210.50 JOHNCLEMENTS RECRUITMENT INC "P-54-Q3-em" 17157 1,800.00 MAXICARE HEALTH CARE CORP "P-54-Q3-en" NISCE MAMURIC GUINTO RIVERA AND 17163 2,495.00 ALCANTARA LAW OFFICE "P-54-Q3-eo" NISCE MAMURIC GUINTO RIVERA AND 17310 600.00 ALCANTARA LAW OFFICE "P-54-Q3-ep" NISCE MAMURIC GUINTO RIVERA AND 17182 4,961.78 ALCANTARA LAW OFFICE NISCE MAMURIC GUINTO RIVERA AND 3912 3,969.00 ALCANTARA LAW OFFICE 287637 119,716.01 "P-54-Q3-ff' POWEREDGE SOLUTIONS PHILS INC 8714 7,767.85 "P-54-Q3-fi" SUPERIOR MAINTENANCE SERVICES 17054 10,827.74120 "P-54-Q4-m" ATLANTICA FIRE SAFETY SYSTEMS INC 144677 90,014.81 COLLABERA TECHNOLOGIES PRIVATE 130458 19,200.00 "P-54-Q4-u" LIMITED INC 1181A "P-54-Q4-ad" ISS FACILITY SERVICES PHILS INC 3000138954 6,964.29 "P-54-Q4-ae" JOHNCLEMENTS RECRUITMENT INC 3000138955 8,210,197.58 "P-54-Q4-af' MAGNUS EVENTUS INC 3000138956 "P-54-Q4-ag" MAXICARE HEALTH CARE CORP 3000138957 250,440.75 "P-54-Q4-ah" MAXICARE HEALTH CARE CORP 3000145262 24,866,024.77 "P-54-Q4-ai" MAXICARE HEALTHCARE CORP "P-54-Q4-aj" MAXICARE HEALTHCARE CORP 4340 767,765.30 "P-54-Q4-ak" MAXICARE HEALTHCARE CORP 4342 441,964.23 "P-54-Q4-al" NEZDA TECHNOLOGIES INC "P-54-Q4-am" NEZDA TECHNOLOGIES INC 17307 38,858.00 NISCE MAMURIC GUINTO RIVERA AND 518 7,200.00 "P-54-Q4-an" ALCANTARA LAW OFFICE "P-54-Q4-ao" PSA PHILIPPINES CONSULTANCY 289513 8,400.00 "P-54-Q4-av" SUPERIOR MAINTENANCE SERVICES 2,328.18 1187793 115,170.10121 "P-54-Q4-ax" TNT EXP WORLDWIDE (PHILS) INC 6700 "P-54-Q4-ay" TOTAL VENTURES INC 2518 5,094.92 "P-54-Q4-be" VIVENTIS INTERIM INC 1,745,749.61 2519 "P-54-Q4-bf' VIVENTIS INTERIM INC 2,550.38 795976 "P-54-Q4-ca" CASA MEDICA INCORPORATED 145134 672.29 "P-54-Q4-cf' 21588 "P-54-Q4-ch" ISS FACILITY SERVICES PHILS INC 1188A 1,044.64 "P-54-Q4-ci" LEARNINGLITZ INC 3000159817 84,553.24 "P-54-Q4-cj" MAGNUS EVENTUS INC 4350 "P-54-Q4-ck" 2,400.00 MAXICARE HEALTHCARE CORP 17336 6,240.00 "P-54-Q4-cl' 441,964.23 NEZDA TECHNOLOGIES INC 17350 2,400.00 "P-54-Q4-cm" NISCE MAMURIC GUINTO RIVERA AND ALCANTARA LAW OFFICE 520 600.00 NISCE MAMURIC GUINTO RIVERA AND ALCANTARA LAW OFFICE 600.00 "P-54-Q4-cn" PSA PHILIPPINES CONSULTANCY 2,311.03 120 Total of N.680.00. 1'4.059.98 and 1'2.087.76 input VAT claimed per schedule [p.23. JCPA Exhibits -P-25" to-p_ 28". USB (Exhibit "P-41-b")]. ~ 121 Total of1'720.60, 1'1.091.40. 1'21.115.1. 3, 1'70, 755.33. 1'19,196.84 and 1'2.290.80 input VAT claimed pe sc dule [p.25.1CPA Exhibits "P-25" to "P-28". USB (Exhibit "P-41-b'')].

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 59 of68 X------------------------------------------------------------------------------------------X "P-54-Q4-ct" TECHCAREERS INC. 1576 54,820.80 "P-54-Q4-cx" 3029 154,424.71 "P-54-Q4-cy" VOYG TRANSPORT SERVICES INC 3030 335,779.31 "P-54-Q4-eb" VOYG TRANSPORT SERVICES INC 116064 83,706.00 "P-54-Q4-ei" BUSINESS PROCESS OUTSOURCING 130466 94,560.00 INTERNATIONAL INC JOHNCLEMENTS RECRUITMENT INC "P-54-Q4-ek" MAXICARE HEALTHCARE CORP 3000154730 725,646.23 "P-54-Q4-em" 9106 67,394.27 NET PACIFIC INC "P-54-Q4-en" NISCE MAMURIC GUINTO RIVERA AND 17423 24,000.00 ALCANTARA LAW OFFICE "P-54-Q4-eo" POWEREDGE SOLUTIONS PHILS INC 4000 3,969.00 "P-54-Q4-eq" PSA PHILIPPINES CONSULTANCY INC 540 2,320.30 "P-54-Q4-f1" VIVENTIS INTERIM INC 2534 672.73 "P-54-Q4-fm" VOYG TRANSPORT SERVICES INC 3080 22,982.88 "P-54-Q4-fn" VOYG TRANSPORT SERVICES INC 3081 559,671.70122 "P-54-Q4-fo" VOYG TRANSPORT SERVICES INC 3237 204,313.03 "P-70-I-Q2-a" NEXUS TECHNOLOGIES INC 55420 58,392.86 "P- 70-Q4-a" IBMS TECHNOLOGY PHILS CORP 5265 64,431.58123 "P-70-Q4-b" IBMS TECHNOLOGY PHILS CORP 5247 30,019.76 Input VAT on purchases of services supported by VAT ORs but the dates indicated are incomplete andjor without indication of the nature of service "P-54-Q3-dr" ACCENT MICRO TECHNOLOGIES INC 80359 42,857.14 "P-54-Q4-eh" ISS FACILITY SERVICES PHILS INC 145424 95,992.22 "P-54-Q4-ei" ISS FACILITY SERVICES PHILS INC 145487 98,019.92 "P-54-Q4-ep" PSA PHILIPPINES CONSULTANCY INC 546 2,294.67 "P-54-Q4-et" RENTOKIL INITIAL (PHILIPPINES) INC 333386 31' 134.58 Input VAT on purchase of services supported by VAT OR but the input VAT amount was not separately indicated and without indication of the nature of service "P-70-Q4-c" DIMENSION DATA PHILIPPINES INC 10664 46,000.87 Input VAT on purchases of services supported by VAT ORs but the VAT amounts reflected therein are less than the amounts per claim (overclaimed input VAT) REYES TACANDONG AND CO (1'39,292.80 per 39661 701.66 "P-54-Q l-et" claim less 1'38,591.14 per OR) TNT EXP WORLDWIDE (PHILS) INC (1'779.95"4 P-54-Q 1-eq per claim less 1'779. 92 per OR) 1182976 0.03 NEZDA TECHNOLOGIES INC (1'4,800.10 per P-54-Q3-ck claim less 1'4,800.00per OR) 4332 0.10 JOHNCLEMENTS RECRUITMENT INC "P-54-Q3-eg" 11'62,640.00 125 per claim less 1'46,780.39 per OR) 130457 15,859.61 122 Total of P4,920.00. P3.911.61, P71,400.00, P25.92, Pll2.200.00. PI 1,654.53, P39.84, Pl22,400.00, PI 0,429.30, r2.880.00. 1'87.84, 1'20,400.00. 1'869.43, 1'3.722.25. 1'145.56, 1'40.800.00. 1'5,958.00, 1'12,006.37. 1'414.24, !'I 02,000.00. 1'23,114.73. I' I0.200.00 and 1'92.08 input VAT claimed per schedule [p. 33. !CPA Exhibits "P-25'' to "P-28". USB (Exhibit "P-41-b")]. 123 Total of!' 18.502. 71. 1'3.083.78. I' 19.466.17. 1'4,285.71. 1'3,244.36 and I' 15,848.85 input VAT claimed per schedule [p.34. !CPA Exhibits "P-25" to "P-28". 11Sil (Exhibit "P-41-b")]. '" Total ofl'l79.75, 1'275.87 and 1'324.33 per schedule [p.8. !CPA Exhibits "P-25'' to "P-28". USB (Exhibit "P-41- b'')]. ' 25 Total of1'5.400.00, 1'3,840.00, 1'5.400.00 and 1'48.000.00 input VAT claimed per schedule [p. 20. !CPA Exhibits "P-25'' to ''P-28". USB (Exhibit �'P-41-b'')].

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 60 of68 X------------------------------------------------------------------------------------------X "P-54-Q3-fi" TWO WORLD CTR BLDG ADMIN INC 1062 88,668.18 (1'106,401.82126 per claim less 1'17,733.64 per 0.40 P-54-Q4-al OR) 4340 NEZDA TECHNOLOGIES INC (1'38,858.40127 per 1,225.35 "P-54-Q4-em" claim less 1'38,858.00 per OR) 9106 0.01 NET PACIFIC INC (1'68,619.62 128 per claim less P-54-Q4-fm 1'67,394.27 per OR) 3080 40,884.87 "P-57-Q2-c" to VOYG TRANSPORT SERVICES INC (1'22,982.89 1000025145 to per claim less 1'22,982.88 per OR) 31,339.84 "P-57 -Q2-i" 1000025151 17,981.03 "P-57-Q2-I" and UP NORTH PROPERTY HOLDINGS INC 1000025154 to 223,105.62 (1'4,608,468. 75129 per claim less 158,544.85 "P-57-Q2-m" !'4,567,583.88 130 per ORs) 1000025155 254,540.35 189,847.90 Input VAT on purchases of services supported by documents other than VAT OR 181,259.72 ABWCHR0001 "P-56-Q 1-a" SMART COMMUNICATIONS INC 02871 ABWCHR0001 "P-56-Q 1-a" SMART COMMUNICATIONS INC 02871 ABWCHR0003 "P-56-Q2-a" SMART COMMUNICATIONS INC 06890 ABWCHR0005 "P-56-Q3-a" SMART COMMUNICATIONS INC 27623 ABWCHR0007 "P-56-Q4-a" SMART COMMUNICATIONS INC 31854 ABWCHR0008 "P-56-Q4-b" SMART COMMUNICATIONS INC 66503 ABWCHR0009 "P-56-Q4-c" SMART COMMUNICATIONS INC 81121 Input VAT on purchase of services supported by document which was denied admission by the Court "P-54-Q3-cx" UP NORTH PROPERTY HOLDINGS INC 26383 65,404.99 Amortized input VAT on current purchases of services (classified as capital goods exceeding Plmillion)l 31 su >ported by VAT ORs but without indication of the nature ofservice "P-73-Q3-a" HBO+EMTB PHILIPPINES INC 3001 12,267.36132 "P- 73-Q3-c" CWC INTERNATIONAL CORPORATION 2296 33,750.00 133 "P-73-Q4-a" IBMS TECHNOLOGY PHILS CORP 5225 9,353.85 116 Total ofl'I05,617.26 and 1'784.56 input VAT claimed per schedule [p.21, !CPA Exhibi1s �'P-25"" to �'P-28'". USB (Exhibit "'P-41-h'')l 127 Total ofN.800.00. 1'7.927.20. 1'9.331.20 and !' 16.800.00 per schedule [p.24. !CPA Exhibits �'P-25'" to �'P-28'". USB (Exhibit ��P-41-b'")]. 128 Total of!' 16,066.17 and 1'52.553 .45 input VAT claimed per schedule [p.31. !CPA Exhibits �'P-25'" to ��P-28"". USB (Exhibit ��P-41-b'")). 120 Total ofl'l89.607.86. 1'551.556.3 I, 1'3.786.634.49 and 1'80.670.09 per schedule [p.l3. !CPA Exhibits ��P-25"" to ��p_ 28"", USB (Exhibi1""P-41-b"")]. 130 Total of P847.144.08. PI ,006,720.17, P755,040.13, P25 1.680.04. f>25 I,680.04, P503,360.09, P251,680.04, 1'179.148.51 and 1'521,130.78. 131 For details, see !CPA Table 49/ICPA Exhibit ��P-73"", USB (Exhibit ��P-41-b'"). 13?- Computation of amortized input VAT: Amortized input for 3'' quat1er (allowable inpu1 per !CPA Table 49/ICPA Exh. ��P-73'") [total input VAT ol"l'l22,673.60-'- estimated useful life of60 ~monthly amortization ofl'2.044.56 x 3 months claimed-1 !' 6,133.68 Amortized input for 41h quarter [monthlv amortization ofP2,044.56 x 3 monthsl 6, !33.68 Total amortized input VAT for the period 1'12,267.36 c ]31 omputatton o f amortt.zed.mput VAT !'13,500.00 20.250.00 Amortized input for 3rd quarter (allowable input per !CPA Table 49/ICPA Exh. "P-73"") rtotal input vAT ofP405.000.00-:- estimated useful life of 60 =monthly amortization ofP6,750.00 X 2 I'.Y.J,750.00 months claimed J Amortized input for 41h quarter rmonthly amortization offl'6.750.00 x 3 monthsl N' Total amortized input VAT for the period

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X "P-73-Q4-d" IBMS TECHNOLOGY PHILS CORP 5265 1,584.88 831.45 428.57 "P-73-Q4-e" IBMS TECHNOLOGY PHILS CORP 5264 2,494.36 Input VAT on purchases supported by documents with notation "THIS DOCUMENT IS NOT VALID FOR CLAIMING INPUT TAXES" CREATIVE CONCEPTS MARKETING GROUP "P-54-Q 1-bh" INC. 222 162.00 CREATIVE CONCEPTS MARKETING GROUP "P-54-Q 1-bi" INC. 220 2,430.00 CREATIVE CONCEPTS MARKETING GROUP "P-54-Q 1- bi" INC. 221 81.00 "P-54-Q l-ea" ULTRA MODULAR CONCEPTS INC 1883 2,779.20 Input VAT without supporting documents - ACCENT MICRO TECHNOLOGIES INC 240111 48,060.58 COLLABERA TECHNOLOGIES PRIVATE 60851; 16213 7,037.92 59250 4,906.04 - LIMITED INC 15,518,223.92134 - CARE 1ST CORPORATION Amortized input VAT on purchases of capital - goods exceeding 1' 1million from prior period c 134 amputation ot amortized input VAT on purchases of capital goods exceeding PI m1'Ilion from prior enod Total amortized input VAT for theperiod per Quarterly VAT Returns 1'22.328.519.29 Less: Amortized input VAT on purchases of capital goods exceeding PI million from current purchases (breakdown as shown bela\'.:) 6.810.295.37 Amortized input VAT on purchases of capital goods exceeding PI million from prior period Pl5,518,223.92 Breakd own ofammiizcd input VAT on purchases of capital goods exceeding PI million from current purehases: Allowable Input Tax for Allon�able amortized input VAT for the Per Schedule of Local Purchases with Input Tax the period per ICPA (fully quarters succeeding the quarter of purchase (I CPA Exhibits "1~-25" to "P-28" accounted by ICPA) or claim Total amortized Recogniz Current input for ed Life Portion ICPA Amortized current input VAT for purchases (in (in Table/ the quarter of during the Registered months) months) 'lonthly ICPA purchase or ~riod Name of Supplier Input Tax Remaini Est. Life amort. Exhibit claim 2"d Quarter yo~ Quarter 41h Quarter p 452,427.24 Ia I ng life lbl lc ~ a/bl Reference lc x 3 mos. I lc x 3 mos.l Jc x 3 mos.J 2\5,278.46 Current purchases (or the J'f quarter 288,365_50 ACCENT MICRO 531,406_80 I' I, -187,-178.00 TECHNOLOGIES 48 INC 1'1,809,709.02 45 48 [' 37,702.27 "P-72" p 113,106.8\ 1'113,\06.81 p 1\3,106.81 p I 13,106 81 ACCENT MICRO TECHNOLOGIES ""P-72" INC 939,396_92 46 48 19.570.77 48 39,14L53 58,712.31 58,712.31 58,712.31 28.1!:16.55 28.836 55 86,509.65 86,509.65 86,509.65 ACCENT MICRO "P-72" TECHNOLOGIES INC I ,384,154.42 47 48 ACCENT MICRO TECHNOLOGIES INC 2,550,752_70 47 48 53,140.68 5\i "P75" 53,140.68 159,422.04 t59..n2 04 159,422.04 .'>uhrowl I' 23.1,225.51 f'-l/i,750.Hl p -1/7, 7J0.81 I' -1!7,750_H/ Current purchases for rite 2"'1 quarter ACCENT MICRO TECHNOLOGIES 50 INC 690,148.77 45 48 1--1,378.10 "P-74" p 43,134.30 p 43,134.30 p 43.134.30 P129.402.90 46,669.23 140,007 71 ACCENT MICRO 48 10,490.02 3,496.68 17,086.67 TECHNOLOGIES 5,695.56 "P�72" -'0.074.-'4 13)58.15 116,627.44 INC 2,240,123 13 45 48 38,875.81 48 140,007 69 140,007.69 420,023.09 ACCENT MICRO "'P-72" TECHNOLOGIES 48 n..:c "P-72" 167,840_57 45 48 10.490 04 10,490.04 31,470.10 51' ACCENT MICRO "P-75" TECHNOLOGIES 51' "P-75" INC 273,386.81 45 48 17.086.68 17,086.68 51,260.03 DIMENSION DATA PHILIPPINES INC 801.-'88.99 57 60 40,074.45 40,074.45 120,223.34 DIMENSION DATA PHILIPPINES INC 2,332,548_54 57 60 116,627.43 116,627.43 349,882.30 \sf

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 62 of68 x------------------------------------------------------------------------------------------x NETTDRIVEN 48 "P-72" CORP 3,703,368.57 45 48 77,153.51 231,460.53 231,460.53 231,460.53 694,381.59 3,128_51 481 6_257.02 ACCENT MICRO 1,801.30 "P-72" 3,602.59 34,983.64 TECHNOLOGIES 28,023.78 5];' 69,967.28 6,992.30 "P-75" 56,047.57 INC 150,168 50 46 48 68,739 23 13,984.61 9,385.53 9,385_53 25,028.08 17,31789 48 137,478.48 ACCENT MICRO 1,848.35 "P-72" 17,317.89 3,890.2 I TECHNOLOGIES 3,140.84 48/ 1,848.35 6,296.34 "P-72'' 3,890.21 INC 108,077_87 58 60 3.140.84 5,403.90 5,403.90 14,410_39 48/ 6,296 3--1 ACCENT MICRO "P-72"' I' 1J/H.7!2.21J TECHNOLOGIES 48 "P-72" INC 1,679,214.77 46 48 104,950.92 104,950.92 279,869.12 51 ACCENT MICRO "P-75" TECHNOLOGIES 51 "P-75" INC 1,345,141.60 46 48 84,07!.34 84,071.34 224,190.25 48 ACCENT MICRO "P-72" TECHNOLOGIES 48' "P-72" INC 335,630.56 46 '8 20,976.90 20,976.90 55,938.41 48 ACCENT MICRO "P-72" Suhlolal TECHNOLOGIES INC 3,299.483.17 46 48 206,217.69 206,217.69 549,913.86 ACCENT MICRO TECHNOLOGIES INC 831.258.80 47 48 51,953.67 51,953.67 121,225.23 ACCENT MICRO TECHNOLOGIES INC 88,720.96 47 48 5,545.05 5,545.05 12,938.45 ACCENT MICRO TECHNOLOGIES INC 186,730.03 47 48 II ,670.63 11,67063 27,231.47 ACCENT MICRO TECHNOLOGIES INC 150.760.24 47 48 9,422.52 9,422.52 21,985.88 ACCENT MICRO TECHNOLOGIES INC 302,224.14 47 48 18,889.02 18,889.02 44,074 38 }' f./27,3MUY /' 1, I27.368.29 !'3./73.-1-18.87 Currellt ourchasesfor the Jrd quarter ACCENT MICRO TECHNOLOGIES 48 "P-72" INC 129_130.85 45 48 2,690.23 p 8,070.67 p 8,070.69 p 16_141.36 2,021.26 48 ACCENT MICRO 4,689.90 "P-72" 2,044.56 TECHNOLOGIES 3,294.64 48.' 2,494.36 "P-72" INC 97,020.32 45 48 8,817.97 6,063.77 6,063.78 12,127.55 2,488.58 49/ ACCENT MICRO 6.750.00 "P-73" 14.--1-13.31 TECHNOLOGIES 3,27:1 27 --19..- 5,001 53 "P-73'' INC 225,115.13 45 48 2,448 59 14,069.70 14,069.70 28,139.40 52,218.12 491 6,133.68 6,133.68 12,267.36 HBO-rEMTB 8,852.58 "P-73" 9,883.92 19,767.85 -18,299.34 PHILIPPINES INC 122,673.60 57 60 174.535--17 48/ "P-72" IBMS -18/ TECHNOLOGY "P-72" PI-IlLS CORP 197.678.57 57 60 49" 9,883.93 "P-73" ISMS 5 I' TECHNOLOGY "P-75" PHILS CORP 149,661 62 57 60 51. 7,483.08 7,483.08 14,966.16 "P-75" ACCENT MICRO 48 1 TECHNOLOGIES "P-72" INC 423,262.65 46 48 51 17,635.94 26,453.91 44.089.85 "P-75" --1,977.16 7.465.74 12,442.90 ACCENT MICRO 48 TECHNOLOGIES "P-72" INC 119.45191 46 48 48; "P-72" ewe 5I INTERNATIONA "'l'-75"' L CORPORATION 405,000 00 58 60 48 13,500.00 20,250.00 33,750.00 "P-72" ACCENT MICRO TECHNOLOGIES INC 693,278.93 47 48 14.--14:1.31 43.329.93 5n73.24 ACCENT MICRO TECHNOLOGIES INC 157.116.80 47 48 3,273.27 9,819.81 13,093.08 ACCENT MICRO TEC!-INOLOGIES INC 240,073.25 47 48 5,00 !.53 15,004.59 20,006.12 ACCENT MICRO TECHNOLOGIES INC 117,532.20 47 48 2,448.59 7,345.77 9,794.36 ACCENT MICRO TECHNOLOGIES INC 2,506,469.88 47 48 52,218 12 156,654.36 208,872.48 ACCENT MICRO TECHNOLOGIES INC 42-1,923.8\ 47 48 8,852.58 26,557.74 35,410.32 -18,299 34 ACCENT MICRO TECHNOLOGIES INC 2,3 I8,368 25 47 48 144,898.02 193,197.36 ACCENT MICRO TECHNOLOGIES INC 8,37U02.40 47 48 174.535.47 523,606.41 698,1--11.88

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 63 of68 X------------------------------------------------------------------------------------------X DIMENSION DATA 51/ "P-75" PHIL!PPINES INC 119,480.77 47 48 2,489.18 2,489.18 7,467.54 9,956.72 2,476.34 51 DIMENSION 3,187_50 2,476.34 "P-75" DATA 3,187.50 49; p .J05,0.J3 /6 PHILJPP!l\'"ES rNC 118,864.41 47 48 "P-73'' 7 ,429_02 9,905.36 Suh!olaf FRM AIRCOND!TIONI NG 191,250.00 59 60 9,562_50 12,750.00 I' 1,057,550.19 1'1.-162,5':13.35 Current purchases for tlte 4'h quurter ACCENT MICRO TECHNOLOGIES 93,656.28 45 48 1,951.17 48/ I' 5,853.52 p 5,853.52 543.07 "P-72" 1,629.20 INC 8J44 70 2,714_90 48 ACCENT MICRO 12.683.16 38,049 48 55,6S4.40 "P-72" 167,053 21 TECHNOLOGIES 26,067 27 45 48 1,478.78 1,629.20 INC 22,.127.82 51 4,436.33 15,52014 "P-75" 66,983.45 ACCENT MICRO 7,821.57 46,560.41 28,030.24 48 23,464.72 TECHNOLOGIES "P-72" 84M0.71 1,816.62 INC 130,315.17 45 48 3,117.95 48 8,144 70 5,449.85 2.500_00 "P-72" 9,353.85 ACCENT MICRO 2,709.20 7,500_00 1,59-UJ 48 8,127.60 TECHNOLOGIES 9,777 85 "P-72" 3,188.46 38.979 08 19,555.69 INC 608,791 75 45 48 5,625.00 51; 38,049..1-8 77,958.16 6,187.50 "P-75" 1 1,250_00 ACCENT MICRO 3,251_04 167,053.21 12.375_00 1,549_65 5I 4,436.33 3,251_04 TECHNOLOGIES "P-75" 1,549_65 INC 2.672.85!.38 45 48 51� "P-75" BARRINGTON 88,726.50 57 60 CARPETS INC 5I "P-75" DIMENSION 5J.! DATA "P-75" PHILIPPINES INC 1,071,735.23 45 48 49 66.983.45 "P-73" DIMENSION 5I DATA "P-75'' PHILIPPINES INC 744,966.49 45 48 481 46,560_41 "P-72'' DIMENSION 51: DATA "P-75" PHILIPPINES INC 375,435.51 45 48 48/ 23.464.72 "P-72" DIMENSION 48 DATA "P-72" PHILIPPINES INC 1,345,451 29 45 48 84,090.71 48 DIMENSION "P-72" DATA 48 PHILIPPINES 1:--.IC 87,197.60 45 48 "P-72" 5,449.85 IBMS 48 "P-72" TECHNOLOGY 149,661.62 45 48 9,353_85 PHILS CORP 48 7,500.00 "P-72" 8,127.60 SOFREA FURNISHING INC 150,000 00 57 60 TELEDAT ACOM Pli!LS INC 130,041.60 45 48 ACCENT MICRO TECHNOLOGIES INC 76,523_02 46 48 3,188.46 ACCENT MICRO TECHNOLOGIES INC 469,336_67 46 48 19,555 69 ACCENT MICRO 77,958.16 II ,250.00 TEC!!NOLOG!ES 12,.175.00 INC 1,870,995_91 46 48 POWER MAC CENTER INC 270,000 00 46 4S POWER MAC 297,000.00 46 48 CENTER INC ACCENT MICRO TECHNOLOGIES INC 156,050 04 47 48 3,251.04 ACCENT MICRO TEC!-!NOLOGIES INC 74,383_38 47 48 1,549.65 ACCENT MICRO TECHNOLOGIE 48/ "P-72" S INC 74.347.53 47 48 1,548.9\ 1.548 91 1,548.91 42.583.85 ACCENT MICRO TEC!INOLOGIE 2,044,024.8 48/ S INC 3 47 48 42,583.85 "P-72" 42,583.85 2.517.86 DATA CENTER 21.00117 DESIGN CORPORATIO 49/ N 151.071.43 59 60 2,517.86 "P-73" 2.5 I7.86 DIMENSION v 21,00117 DATA PHILIPPINES 1.008.056.2 51/ INC 9 47 48 21.001 17 "P-75"

DECISION P63,602,980.12 I CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 64 of68 X------------------------------------------------------------------------------------------X I Total Thus, out of the declared input VAT of P159,480,669.23, only P70,799,256.49, as computed below, constituted petitioner's valid input VAT due or paid for CY 2020, in compliarrce with the seventh requisite: Declared Input VAT per Quarterly VAT Returns f' 159,480,669.23 Less: Disallowances 88,681,412.74 P70, 799,256.49 Per !CPA findings 1"25,078,432.62 Per Court's further verification 63,602,980.12 Valid Input VAT Eighth requisite: A portion of the input taxes being claimed is attributable to zero-rated or effectively zero- rated sales. The eighth requisite is to the effect that the input taxes claimed are attributable to zero-rated or effectively zero-rated sales. However, where there are both zero-rated or effectively zero-rated sales arrd taxable or exempt sales, arrd the input taxes carrnot be directly arrd entirely attributable to arry of these sales, they must be allocated proportionately based on the sales volume. As mentioned earlier, petitioner reported in its Quarterly Value-Added Tax Returns for CY 2020 total sales of P5,819,465,711.52, consisting of 12% VATable sales amounting to P103,932,334.22 and zero-rated sales amounting to P5, 715,533,377.30. FRM 57,857_]4 59 60 964 29 49 96--1.29 964.29 AIRCONDITIONI 95,093.08 1,584.88 "P-73" 49,887.21 59 60 1,584.88 1,584_88 NG 25,71..!.29 831 45 49! 149,661.63 59 60 428 57 ''P-73" 831.45 831.45 !BMS :ns.749.60 2.494.36 TECHNOLOGY 59 60 6,994 78 49 428.57 428.57 PI-IlLS CORP "P-73" --~9 ____ 60 2,49.U6 2,494.36 IBMS 49 47 48 "P-73" 6,994.78 6,994_78 TECHNOLOGY /' 6156, 775.15 49. PI-IlLS CORP "P-73" f'2,244, 756.17 IBMS 48 TECHNOLOGY "P-72" PH!LS CORP IBMS vP2,602,669.29 p 686,775.15 TECHNOLOGY PI-IlLS CORP f'-117,750.81 f'l,5-15, ll9.10 P6,8 I 0,295.3 NETTDRIVEl" CORP Suhtoluf Total

DECISION CTA Case No. 10926 Manulife Data Services, lnc. v. Commissioner of Internal Revenue X------------------------------------------------------------------------------------------X Since petitioner's declared input VAT of P159,480,669.23 cannot be directly or entirely attributed to specific sales, the same shall be allocated proportionately based on the volume of petitioner's sales, thus: Total Declared Zero-Rated Sales per VAT Returns 1"5,715,533,377.30 Divided by Total Declared Sales per VAT Returns 5,819,465,711.52 Multiplied by Total Declared Input VAT 159,480,669.23 Declared Input VAT allocated to Declared Zero-Rated Sales P156,632,435.55 Total Declared 12% VATable Sales per VAT Returns p 103,932,334.22 Divided by Declared Total Sales per VAT Returns 5,819,465, 711.52 Multiplied by Total Declared Input VAT Declared Input VAT allocated to Declared 12% VATable 159,480,669.23 Sales p 2,848,233.68 Thus, for the eighth requisite, only the amount of P156,632,435.55 represents its declared input VAT attributable to total declared zero-rated sales for CY 2020. Ninth requisite: The subject input taxes were not applied against output taxes during the same or succeeding quarters. Having determined that petitioner had input VAT attributable to its zero-rated sales, the next step is to determine whether the input VAT was not applied against output VAT liabilities during the same or succeeding quarters, as required under the ninth requisite for the refund of input VAT. In Chevron Holdings, Inc. (Formerly Caltex Asia Limited) v. Commissioner of Internal Revenue, 135 the Supreme Court held that input tax attributable to zero-rated sales may, at the option of the VAT-registered taxpayer, either: (1) be charged against output tax from regular 12% VATable sales, and any unutilized or "excess" input tax may be claimed for refund or tax credit; or (2) be claimed for refund or tax credit in its entirety, and such option is vested with the taxpayer-claimant, to wit: Thus, the input tax attributable to zero-rated sales may, at the option of the VAT-registered taxpayer, be: (1) charged against output tax from regular 12% VAT-able ' "' :~~::,.::;::~~,::::::�,,::,,~~����' Input t= =y b~

DECISION CTA Case No. 10926 Manulife Data Services, lnc. v. Commissioner of Internal Revenue Page 66 of68 X------------------------------------------------------------------------------------------X claimed for refund of the issuance of tax credit certificate; or (2) claimed for refund or tax credit in its entirety. It must be stressed that the remedies of charging the input tax against the output tax and applying for a refund or tax credit are alternative and cumulative. Furthermore, the option is vested with the taxpayer-claimant. xxx (Emphases added) Applying the foregoing, records show that petitioner availed of the first option as it chose to claim a refund of its unutilized or excess input tax of P147,008,789.13 136 after charging its output VAT liability of P12,471,880.10 against its total input VAT off>159,480,669.23. Since petitioner's declared input VAT allocated to 12% VATable sales in the amount of P2,848,233.68, as determined earlier, was not enough to fully cover the output VAT liability of P12,471,880.10, the declared input VAT attributable to declared zero-rated sales of Pl56,632,435.55 was utilized and offset against the output VAT still due of P9,623,646.42, resulting to an excess input VAT attributable to declared zero-rated sales in the amount oft>147,008,789.13, computed as follows: Output VAT liabilities l' 12,471,880.10 Less: Declared Input VAT allocated to 12% VATable Sales 2,848,233.68 Output VAT still due p 9,623,646.42 Declared Input VAT attributable to Declared Zero-Rated Sales l' 156,632,435.55 9,623,646.42 Output VAT still due Excess Input VAT attributable to Declared Zero-Rated P147,008,789.13 Sales Nevertheless, as discussed earlier, not all of petitioner's input VAT is valid. Thus, the Court must determine whether the valid input VAT is sufficient to cover the excess input VAT attributable to declared zero-rated sales, viz: Excess Input VAT attributable to Declared Zero-Rated Sales (A) 1"147,008,789.13 Valid Input Taxes (B) 70,799,256.49 Valid Available Input VAT attributable to Declared Zero- P70, 799,256.49 Rated Sales (A or B, whichever is lower) In relation to its zero-rated sales, considering that petitioner was able to properly substantiate only the amount of P3,157,908,691.67 out of its total declared zero-rated sales of P5,715,533,377.30, only the valid input VAT ofP39,117 ,536.~4 / ~147,008, W no As noted earlier. petitioner's claim per Petition for Review is 789.15 but the actual excess input VAT Quarterly Value-Added Tax Returns amounts to P\47.008,789.13.

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 67 of68 X------------------------------------------------------------------------------------------X is attributable to the said valid zero-rated sales of P3,157,908,691.67, as computed below: Valid Input VAT attributable to Declared Zero-Rated p 70,799,256.49 Sales 5,715,533,377.30 Divided by Declared Zero-Rated Sales 3,157,908,691.67 Multiplied by Valid Zero-Rated Sales p 39,117,536.84 Total Refundable Amount Although the input VAT claim of f'147,008,789.15, which includes the refundable valid input VAT ofP39, 117,536.84, was carried-over in petitioner's succeeding Quarterly Value-Added Tax Retums, 137 it remained unutilized until it was deducted as "VAT Refund/TCC claimed" 13S in the amended Quarterly Value- Added Tax Return for the 41h quarter of CY 2021. Accordingly, the subject claim no longer formed part of the excess input VAT of f'102,004,519.27 139 as of the end of the 4th quarter of CY 2021, to be carried over to the succeeding quarters. Such being the case, it eliminates the possibility that the excess valid input VAT off'39,117,536.84 will be applied to any future output tax liability. Hence, petitioner has sufficiently complied with the ninth requisite for the refund or issuance of a tax credit certificate. In fine, petitioner has sufficiently proven its entitlement to a refund or the issuance of a tax credit certificate in the amount of P39, 117,536.84, representing its excess and unutilized input VAT attributable to properly substantiated zero-rated sales for all four quarters of CY 2020. WHEREFORE, in light of the foregoing considerations, the present Petition for Review is PARTIALLY GRANTED. Accordingly, respondent is ORDERED TO REFUND or ISSUE A TAX CREDIT CERTIFICATE in favor of petitioner the amount ofP39, 117,536.84, representing the latter's unutilized input VAT due or paid for the four quarters ofCY 2020. SO ORDERED. /M;wt~~ LANEE S. CUI-DAVID Associate Justice m !CPA Exhibits "P-148-QJ" to "P-14B-Q4-a". USB (Exhibit "P-41-b"). 138 Line 23D.ICPA Exhibit "P-14B-Q4-a", USB (Exhibit "P-41-b''). 139 Line 29,1CPA Exhibit "P-14B-Q4-a'�, USB (Exhibit "P-41-b'').

DECISION CTA Case No. 10926 Manulife Data Services, Inc. v. Commissioner of Internal Revenue Page 68 of68 X------------------------------------------------------------------------------------------X WE CONCUR: Presiding Justice CERTIFICATION Pursuant to Article VIII, Section 13 of the Constitution, it is hereby certified that the conclusions in the above Decision were reached in consultation before the case was assigned to the writer of the opinion of the Court. Presiding Justice

REPUBLIC OF THE PHILIPPINES COURT OF TAX APPEALS QUEZON CITY FIRST DIVISION MANULIFE DATA SERVICES, CTA CASE NO. 10926 INC., Petitioner, Members: - versus - DEL ROSARIO, P.J. , Chairperson, BACORRO-VILLENA, and CUI-DAVID, JJ. COMMISSIONER OF INTERNAL Promulgated: REVENUE, Respondent. AUG 0 1 2025 :~.'OOJI!J . ~- X- - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - ------ - -- X DISSENTING OPINION DEL ROSARIO, P.J.: With utmost respect, I am constrained to withhold my assent on the ponencia. I submit that petitioner's claim for refund or issuance of a tax credit certificate (TCC) for input value-added tax (VAT) attributable to its zero-rated sales for the four quarters of calendar year (CY) 2020 must be denied for petitioner's non-compliance with the invoicing requirements under Section 113(B)(2)(c) of the National Internal Revenue Code (NIRC) of 1997, as amended.1 1 SEC. 113. Invoicing and Accounting Requirements for VAT-Registered Persons. XXX XXX XXX (B) Information Contained in the VAT Invoice or VAT Official Receipt. - The following information shall be indicated in the VAT invoice or VAT official receipt: XXX XXX XXX (2) The total amount which the purchaser pays or is obligated to pay to the seller with the indication that such amount includes the value-added tax. Provided, That: XXX XXX XXX (c) If the sale is subject to zero percent (0%) value-added tax, the term "zero-rated sale" shall be written or printed prominently on the invoice or receipt;" (Boldfacing supplied)()~}

DISSENTING OPINION CTA CASE NO 10926 It is a requirement that for any VAT invoice or official receipt (OR) evidencing a zero-rated transaction, the term "zero-rated sale" should be written or printed prominently thereon. Failure to comply with the invoicing requirements is sufficient ground to deny the claim for refund or tax credit. 2 In the present case, an examination of petitioner's ORs for its zero-rated sales shows that all lacked the "ZERO-RATED SALES" stamp required under Secticn 113 (B)(2)(c) of the NIRC of 1997, as amended. Thus, for failure of petitioner to comply with the invoicing requirements for all its alleged zero-rated sales, its claim for refund or issuance of a TCC for input VAT attributable to its zero-rated sales for the four quarters of CY 2020 should be denied. All told, I vote to DENY the Petition for Review for lack of merit. Presiding Justice 2 Commissioner of Internal Revenue vs. Phi/ex Mining Corporation, G.R No. 230016, November 23, 2020.