BIR Ruling No. 691-2020

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE V

Quezon City

Certificate of Tax Exemption No

PSH-691-2020

CERTIFICATE OF TAX EXEMPTION nFC 2.9 2020

TO ALL WHOM IT MAY CONCERN:

(TIN) This certifies that BELLAVITA LAND CORP.1 with Taxpayer Identification Number 000, is exempt from income tax and creditable withholding tax (CWT)

the Department of Human Settlements and Urhan Development (DHSUD) under Certificate of (Balanced Housing Development Program Amendments) dated July 172016, on its income received directly in connection with its sale of socialized house and lot units for residential and does not exceed P450,000.002 per house and lot. pursuant to Secuon 20 (d) (1) of Republic Act (RA) No. 7279, as amended by RA No. 10884 dwelling purposes to qualified beneficiaries in Bellavita - Pila Phase 1 Batch 2, consisting of 1,233 house and lot units, located at Brgy. Pansol, Pila, Laguna, a project duly registered with Registration No. and License to Sell No. -provided that the selling price of said units

Revenue Code of 1997, as amended. Provided, however, that beginning January 01, 2021, the below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal 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 the same Code, whichever is higher. Likewise, lots/units classified as Economic Housing, not being covered by RA No. 7279, shall be subject to the payment of appropriate taxes. Internal Revenue Code of 1997, as amended, based on the consideration contracted to be paid for such realties or on their fair market value determined in accordance with Section 6 (E) of 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

This Certificate of Tax Exemption is being issued on the basis of the facts and 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.

Issued this day of DFC292020

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CAESAR R. DULAY Commissioner of Internal Revenue K-1-LMAT 038866

2Per DHSUD License to Sell No. Formerly: South Maya Ventures Corporation dated October 16. 2020

3 Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963.

(Bellavita - Pila Phase 1 Batch 2) BELLAVITA LAND CORP. CTE No.: Date issued: PSH -691-2020 DEC 2 9 2020

OF THE CERTIFICATE OF TAXEXEMPTION TERMS AND CONDITIONS

1. The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the 1,233 socialized house and lot units in Bellavita - Pila Phase 1 Batch 2, located at Brgy. Pansol, Pila, Laguna.

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.

3 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 this case does not really exceed P450,000.00. property, the actual selling price per sale transaction of the socialized house and lot packages in

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