BIR Ruling No. 424-2017

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No.

+m

CERTIFICATE OF TAX EXEMPTION

issued to

XAVIER SCHOOL EDUCATIONAL & TRUST FUND, INC 64 Xavier School, Xavier Greenhills, San Juan. Metro Manila 1502

TIN: SEC Company Reg. No

and has proven by actual operation that its primary purpose falls under Section 30 (E) of the National Internal Revenue Code of 1997. as amended. It is exempt from INCOME TAX only Ihis certifies that the above-named corporation is a non-stock, non-profit corporation

on the following revenues or receipts:

I Donations from various individuals and corporations for Scholarship

grants. lothing follow

liabilities and responsibilities stated in the Terms and Conditions hereto attached and made an subject to the provisions of applicable BIR rules and regulations and the tax exemptions.

integral part hereof. It is liable, however. to all other taxes not enumerated above.

earier revoked by this Office for violation of any provisions of applicable rules and regulations This certification shall be valid for three (3) years from the date of issuance unless

of BIR, or the terms and conditions herein set forth.

This Certificate may be renewed upon filing of a subsequent application for revalidation provided under Revenue Memorandum Order (RMO) No. 20-2013. Failure to renew this Certificate shall be deemed a revocation thereof upon the expiration of the three (3)-year period.

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

that the facts are different, then this Certificate shall be considered null and void.

Issued this day of

Xavier Schoot Educationat & Trust Fund, Inc: K-IVDPM14 Commissioner of Internal Revenue CAESAR R. DULAY

Cui c. CELIA C.KING

XAVIER SCHOOL EDUCATIONAL & TRUS FUND, INC CTE No ... Page 2 of 3 Date issued 9- +-017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION

D) INCOME TAX.XAVIER SCHOOL EDUCATIONAL & TRUST FUND,INC. is on(y herein. thc association/corporation/ organization must continue to meei the requirements set forth under Revenue Memorandum Order No. 20-2013. exempt from thc payment of income tax on revenues and receipts enumerated on the Certificate of Tax Exemption. Moreover, to be entitled to the tax exemptions enumerated

LIABILITY.FOR INTERNAL REVENUE TAXES 1) INCOME TAX

activity conducted for profit regardless of the disposition thereof. which income should he returned for taxation. on all its income/receipts/revenues not expressly exempted and stated in the Certificate ot Tax Exemption. Moreover, it is subject to the corresponding internal revcnuc taxes imposed under the NIRC on its income derived from any of its properties, real or personal. or any XAVIER SCHOOL EDUCATIONAL & TRUST FUND, INC. is subject to income tax

27(D)(!) in relation to Sec. 57(A) both of the NIRC Likewise. interest income from currency bank deposits and yield or any other monetary benefits from deposit substitute instruments and from trust funds and similar arrangements and royalties derived from sources within the Philippines are subject to the twenty percent (20%) final withholding tax: Provided, however, that interest income derived by it from a depository bank under the expanded foreign currency deposit system shall be subject to seven and one-half percent (7-1/2%) final withholding income tax pursuant to Section

2) VALUE ADDED TAX

If XAVIER SCHOOL EDUCATIONAL & TRUST FUND,INC. is engaged in thc sa|e of goods or services in the course of a business pursuit. including transactions incidental thereto, in general, it shall be liable for VAT on the revenues derived therefrom.

Notwithstanding that it is a non-stock, non-profit corporation. its purchase of goods or properties or services and importation of goods shall nevertheless be subject to the 12% VAT pursuant to Sections 106 and 107 of the NIRC.

3). WITHHOLDING TAX

it makes income payments to individuals or corporations subject to the withholding tax XAVIER SCHOOOL EDUCATIONAL & TRUST FUND,INC. shall be constituted as withholding agent for the government if it acts as an employer and its employees receive compensation income subject to the withholding tax under Section 79 (A), Chapter Xll1. pursuant to Section 57 of the NIRC, as implemented by Revenue Regulations No. 2-98. as Title II of the NIRC, as implemented by Revenue Regulations No. 2-98, as amended. or if

amended.

Page 3 of 3 XAVIER SCHOOL EDUCATIONAL & TRUST FUND, INC. Date issued9-4-2017 CTE No. 424-2017

TAXPAYER'S DUTIES & RESPONSIBILITIES

XAVIER SCHOOL EDUCATIONAL & TRUST FUND,INC. is required to file on or before the 15th day of the fourth month following the end of the accounting period a Profit and I.oss Statement and Balance Sheet with the Annual Information Return under oath. stating iis gross income and expenses incurred during the preceding period and a certificate showing that there has not been any change in its By-laws. Articles of Incorporation, manner of operation and activities as well as Sources and disposition of incone. Copy of this Certificate of Tax Exemption shall be attached to the aforementioned Annual Information Return

1) Under Section 235 of the NIRC, any provision of existing general and special (aw to the tax exemptions or tax incentives, and its tax liabilities, if any. contrary notwithstanding, the books of accounts and other pertinent records of tax-exemp organization or grantees of tax incentives shall be subject to examination by the BIR for purposes of ascertaining compliance with the conditions under which it has been granted

2) Further. it is also required under Section 6(C) in relation to Section 237 of the NIRC to issue duly registered'receipts or sales or commercial invoices for each sale or transfer of merchandise or for services rendered which are not directly related to the activities for which the Association is registered. (Revenue Memorandum Circular No. [RMC] No. 76- 2003

3} Finally, it is subject to the payment of registration fee of PhP 500.00 as prescribed in Section 236(B) of the NlRC.