BIR Ruling No. 392-2020

REPUBLICOF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No:

PSH-0392-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

(CWT) pursuant to Section 20 (d) (1) of Republic Act (RA) No. 7279, as amended by RA No. consisting of 144 house and lot units, located at Brgy. Palat, Porac, Pampanga, a project duly registered with the Housing and Land Use Regulatory Board (HLURB) under Certificate of units does not exceed P450,000.002 per house and lot. Number (TIN) income received directly in connection with its sale of socialized house and lot units for residential and dwelling purposes to qualified beneficiaries in Bellavita Porac Phase I, Registration No. 10884 (Balanced Housing Development Program Amendments) dated July 17, 2016, on its This certifies that BELLAVITA LAND CORP.1 with Taxpayers Identification and License to Sell No. is exempt from income tax and creditable withholding tax , provided that the selling price of said

below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code of 1997, as amended. Provided, however, that beginning January 01, 2021, the exemption from VAT shall only apply to sale of house and lot and other residential dwellings? with selling price of not more than P2,000,000.00. Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

covered by the tax exemption clause in Section 20 of RA No. 7279. Thus, the documents conveying the properties shall be subject to DST imposed under Section 196 of the National being covered by RA No. 7279, shall be subject to the payment of appropriate taxes. for such realties or on their fair market. value determined in accordance with Section 6 (E) of the same Code, whichever is higher. Likewise, lots/units classified as Economic Housing, not Internal Revenue Code of 1997, as amended, based on the consideration contracted to be paid It is observed, however, that documentary stamp tax (DST) is not one of the taxes

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

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

Issued this day of JUL 1 7 2020

10o5

CAESAR R.DULAY

iK-1-LMAT Commissioner of Internal Revenue 035891 Q

1Formerly: South Maya Ventures Corporation 3Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963. Per HLURB License to Sell No.032624 dated July 19,2017.

BELLAVITA LAND CORP. (Bellavita Porac Phase I) CTE No.: Date issued: PSH - 03922 02 JIU117 2U20

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the 144 socialized house and lot units in Bellavita

Porac Phase I, located at Brgy. Palat, Porac, Pampanga.

2 The developer shall submit the sworn statement of the buyer that he is eligible as a socialized

housing beneficiary under Section 5 (A) of Revenue Regulations (RR) No. 11-97 to the Bureau

of Internal Revenue (BIR) during the processing of the Certificate Authorizing Registration (CAR) for the transfer of the title of the socialized housing unit.

It is understood that the CAR shall only be issued after it is established upon proper verification by the Revenue District Officer (RDO) concerned that, considering the rules on valuation of real property, the actual selling price per sale transaction of the socialized house and lot packages in

this case does not really exceed P450,000.00.

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