BIR Ruling No. 406-2021

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption Nc

BOI - LEH - 4.06 20

TO ALL WHOM IT MAY CONCERN: CERTIFICATE OF TAX EXEMPTION

Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations (RR) No. 2-98] as amended, provited that the selling price of said housing units does not exceed P3,000,000.00'per housing unit. whichever is earlier. but in no case earlier than the date of registration of the project with the BOI, pursuant to Executive Order (EO)"No."226, otherwise "known as "the "Omnibus (4) years beginning from February 2015 or actual start of commercial operations/selling, Amaia Scapes Urdaneta -- Brgy. Catablan, Urdaneta City, Pangasinan, Consistng of 849 Urdaneta City, Pang isinan, a project duly registered with the Board of Investments (BOI) under Certificate of Registration (COR) No. income received dir ectly in connection with its low-cost mass housing project (horizontal), housing units used colely for family home or dwelling purposes, located at Brgy. Catablan. (TIN) This certifies that AMAIA LAND CORP.1, with Taxpayer Identification Number , is exempt from income tax and creditable withholding :ax on its dated February 11, 2015, for a period of four

stores, offices, etc., shall be subject to the payment of appropriate taxes under the Tax Code of the BOI, if any, inctuding those units used for commercial purposes such as leasing, retail 1997, as amended. 01, 2021, the exemption from VAT shall only apply to sale of house and iot and other residential dwellings' w ith selling price of not more than P3, 199,200.00.4 exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal below, or house and lot and other residentiai dwellings valued at P3,199,200.00 and below, is Revenue Code (Tax Code) of 1997, as amended. Provided, however, that beginning January However, the: sale of housing units in excess of the 849 housing units registered with Moreover, the sale by the Company of residential lot valued at P1,919;500.00 and

that the facts are diff rent, then this Certificate shall be considered null and void. documents as represcnted and submitted. However, if upon investigation, the BIR ascertains applicable BIR rules and regulations and the Terms and Conditions stated at the'back hereof. The Company is liabte, however, for all other applicable taxes not discussed above. Issued this. This Certific:ite of Tax Exemption is being issued on the basis of the facts and The grant of tax exemption herein is subject to the compliance with the provisions of -.day of NOV 4 2021

K- Commissioner of Internal Revenue CAESAR R. DULAY

3 Sale ot lot only, regardles of the price, shall be subject to VAT starting January 012021 pursuant to Republic Act (RA) + As adjusted using the 201t Consumer Price Index values per RR No. 8-2021 dated June 11, 2021. 2 429 housing units is cover.-d by COR Nn : Formerly: First Communit es Realty, Inc. No. 10963 No. and License to ell No ail issued by the Housing and Land Use Regulatory Board (HLURB). and License to Sell No. while 420 housing units is covered by COR E 046863 O

( maia Scapes Urdaneta) MAIA LAND CORP. Date issued. CTE No.: BOL:LEH- 0 0 - 2 0 2

TERM S AND CONDITIONS OF THE CERT FICATE OF TAX EXEMPTION

1. Th : exemption from income and creditable withholding taxes covers only income directly atti ibutable to the revenues gen: :ated from the project, Amaia Scap-s Urdaneta Brgy.

Cai ablan, Urdaneta City, Pang: sinan, consisting of 849 housing units used solely for family hom e or dwelling purposes, locate d at Brgy. Catablan, Urdaneta City, Pang:sinan. Such exemption shall not cover revenues from uni ts with selling price exceeding P3,000.000.00.

2 The Company is obligated to construct and sell 849 housing units bused on the following sched ules/sales revenues:

Total Year 3 4 2 (No. of Units) Volume 849 348 145 348 (PhP'000 Value

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 pt sject.

4. The Coripany's entitlement to ITH for its BOI-registered housing project is subject to the

compliat ce with the provisions of the Specific Terms and Coriditions ot its BOI Registration.

5. Pursuan: to Section 4 of Republic Act (RA) No. 107085, the Company i: required to file its tax returns at & pay its tax liabilities, on or before the deadline as provided unde : the Tax Code of 1997

as amend d, using the electronic system for filing and payment of taxes of the BIR. It shall file with BOI a complete annual tax incentives report of its income-based tax incentives, VAT and duty exemption: , deductions, credits or exclusions from the tax base, as may be provided under EO No 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memc randum Circular No. 1-2016 dated September 1, 2016.

6 The Company shall be constituted as a withholding agent for the government if it acts as employer and any of its employees received compensation income subject to compensation withholding tax.

or if it make.: payments to individuals or corporations subject to the withhelding taxes as source as required under Chapter XII1 and Section 57 of the Tax Code of 1997, as amended, and implemented by RR No. 2-98, as amended.

I The Company is required to file on or before the 15h day of the fourth m: nth following the close of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annual

Information Return under oath, stating its gross income and expenses incurred during the taxable year.

8. Finally, the Company's books of accounts and other pertinent records shail be subject to periodic

examination by revente enforcement officers of this Bureau for the purposc of ascertaining whether it is complying with the conditions under which it has been granted tax exe:nption or tax incentives and its tax liability, if any, pursuant to Section 235 of the Tax Code of 1997, as amended.

5 An Act Enhancing Transparency in the Management and Accounting of Tax Incenti es Administered by Investment

Promotion Agencies. PAGE 2 OF 2