BIR Ruling No. 589-2017

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCF

Quezon City

Certificate of Tax Exemption No: 589-2017

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

consisting of 206 housing units located at Brgy. Buaya & Bankal, Lapu-lapu City, Cebu directly in connection with its economic and low-cost housing project, Portville Prime, This certifies that JOHNDORF VENTURES CORPORATION with TIN is exempt from income tax and creditable withholding tax on its incomc received

a project duly registered with the Board of Investments (BOI) under Registration No.

date of registration of the project with the BOI, pursuant to Executive Order No. 226. No. 2-98, as amended. start of commercial operations/seiling. whichever is earlier, but in no case earlier than the otherwise known as the "Omnibus Investments Code of 1987" and Sec. 2.57.5 (B)(2) of RR ated January 29, 2016. for a period of 3 years beginning from January 2016 or actual

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 iot valued at P1.919,500.00 and

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

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

Issued this -- day of DEC 14 2017

1owe CAESAR R. DULAY

K-I-RFR/LMAT Commissioner of Internal Revenue 011745

Johndorf Ventures Corporation Page 2 of 2 CTE NO. Date issued 12-14-20 17 589-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

1. The exemption from income and creditable withholding taxes covers only income directly

housing units, located at Brgy. Buaya & Bankal, Lapu-lapu City, Cebu. exemption shall not cover revenues from units with selling price exceeding attributable to the revenues generated from the project. Portville Prime consisting of 206 Such

2. The Company is obligated to construct and sell 206 housing units based on the following schedules/sales revenues:

Total Year (No.of Units) Volume 206 10 TL 3 Vatue (Php :000)

3. In the computation of the project's I'f'H, 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 comptiance with the provisions of the Specific Terms and Conditions of its BOI Registration.

S Pursuant to Section 4 of Republic Act (RA) No. 10708?. the Company is required to file its

Code, as amended, using the electronic system for filing and payment of taxes of the BIR. It Rules and Regulations and Joint Memorandum Circular No. 1-201 6 dated September 1, 2016. tax returns and pay its tax liabilities, on or before the deadline as provided under the 1997 Tax shall file with BOI a complete annua! tax incentives report of its income-based tax incentives, VAT and duty exemptions, deductions, credits or exciusions from the tax base, as may be provided under E.O. 226, within the periods prescribed under R.A. 10708's Implementing

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 withhoiding tax, or if it makes payments to individuals or corporations subject to the withholding taxes as source as required under Chapter XIII and Section 57 of the Tax Code of 1997. as amended and implemented by Revenue Regulations (RR) No. 2-98, as amended.

. The Conpany is required to file on or before the l5t day of the fourth month following the close of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annuat 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 shall be subject to ascertaining whether it is complying with the conditions under which it has been granted tax exemption or tax incentives and its tax liability, if any. pursuant to Section 235 of the Tax Code of 1997, as amended. periodic examination by revenue enforcement officers of this Bureau for the purpose of

I' Per HL.t!RB License to Sell No. the maximum selling price per house and lot shall be pesged at 2 An Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by Investment Promotion Agencies.