BIR Ruling No. 590-2017

REPUBLICOFTHE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No: 590-2017

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

as amended. dated October 12,2015, for a period of 3 years beginning from October 2015 or actual start directly in connection with its economic and low-cost housing project, Navona Subdivision consisting of 431 housing units located at Barangay Calawisan, Lapu-lapu City, Cebu, a project duly registered with the Board of Investments(BOIunder Registration No. of commercial operations/selling, whichever is earlier, but in no case earlier than the date of registration of the project with the BOI, pursuant to Executive Order No.226. otherwise known as the Omnibus Investments Code of 1987and Sec.2.57.5(B2) of RR No.2-98 This certifies that JOHNDORF VENTURES CORPORATION with TIN is exempt from income tax and creditable withholding tax on its income received

below,or house and lot and other residential dwellings valued at P3,199,200.00 and below,is VAT-exempt under Section 109(1)(P) of the 1997 Tax Code, as amended. Moreover, the sale by the Company of residential lot valued at P1,919.500.00 and

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

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 DEC 142017

1ewanny

K-1-RFR/LMAT Commissioner of Internal Revenue CAESAR R. DULAY 011720

Johndorf Ventures Corporation Page 2 of 2 Date issued CTE No. 590-2017 12-14-2017

2. The Company is obligated to construct and sell 431 housing units based on the following 1. The exemption from income and creditabte withholding taxes covers only income directly attributable to the revenues generated from the project, Navona Subdivision consisting of schedules/sales revenues: 431 housing units, located at Barangay Calawisan, Lapu-iapu City, Cebu. exemption shall not cover revenues from units with selling pricc cxcceding P1,250,000.00. OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS Such

Year 2 (No. of Units) Volume 185 35 Value (Php -000)

Total 4 3 431 ['7 40

3. In the computation of the project's ITH, interest income from in-house financing shall not be considered as part of the revenues generated from the registered housing project. 4. The Company's entitlement to ITH for its BOI-registered housing project is subject to the compliance with the provisions of the Specific Terms and Conditions of its BOI Registration.

5. Pursuant to Section 4 of Republic Act (RA) No. 107082, the Company is required to file its

tax returns and pay its tax liabilities, on or before the deadline as provided under the 1997 Tax Code, as amended, using the electronic system for filing and payment of taxcs of the BIR. It provided under E.O. 226, within the periods prescribed under R.A. 10708's Implementing Ruies and Regulations and Joint Memorandum Circular No. 1-2016 dated September 1. 2016. shall file with BOl a complete annual tax incentives report of its income-based tax incentives, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may be

6. The Company shall be constituted as a withholding agent for thc government if it acts as employer and any of its employees received compensation income subject to compensation withholding tax, or if it makes paynents to individuals or corporations subject to the 1997. as amended and implemented by Revemue Regulations (RR) No. 2-98, as amended. withholding taxes as source as required under Chapter Xill and Section 57 of the Tax Code of

7. The Company is required to file on or before the 15th day of the fourth month foliowing the close of its accounting period of a Profit and Loss Statement and Balance Sheet with the the taxable year. Annual Information Return under oath, stating its gross income and expenses incurred during

8. Finally, the Company's books of accounts and other pertinent records shall be subject to . periodic examination by revenue enforcement officers of this Bureau for the purpose of exemption or tax incentives and its tax liabitity, if any, pursuant to Section 235 of thc Tax ascertaining whether it is complying with the conditions under which it has been granted tax

Code of 1997. as amended.

I Per Hi(!RB License to Sell No. . the maximum selling price per house and lot shall be pegged at P1.250,000.00. 2 An Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by