BIR Ruling No. 438-2021

vliXMA REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OFINTERNALREVENUE Quezon City Certificate ofTax Exemption No: ]P)^n-L^U-4 5 8"2QZ1 CERTIFICATE OF TAX EXEMPTION TO ALL WHOM IT MAY CONCERN: This certifies that CENQHOMES DEVELOPMENT CORPORATION with Taxpayer Identification Number (TIN) I, isTexempt from income tax and creditable withholding tax on its income received directly in connection with its economic and low-cost housing project (horizontal), TERRAVERDE RESIDENCE PHASE 4A - Brgy. Bancal,Carmona,Cavite,consisting of171 house and lot units used solely for family home or dwelling purposes, located at Brgy. Bancal, Carmona, Cavite, a project duly registered with the Board ofInvestments(BOI)under Certificate ofRegistration No.: dated August 7,2017,for a period of3 years and 5 months beginning from August 07,2017 to December 31,2020\ pursuant to Executive Order(EG)N(J. 226, otherwise known as the "OmnibusInvestments Code of1987"and Section 2.57.5(B)(2)ofRevenue Regulations(RR) No.2-98,as amended. | i Moreover, the sale by the Company of residential lot valued at Pl,919,500.00 and 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)ofthe National Internal Revenue Code(Tax Code)of 1997, as amended.Provided, however,that beginning Januar> 01,2021,the VAT exemption shall only apply to sale of house and lot and other residential dwellings^ with selling price of not more than P3,199,200.00^. However, the sale of house and lot units in excess of the 171 house and lot units registered with the BOI, if any, including those units used for commercial purposes stich as leasing,retail stores,offices,etc.shall be subjectto the paymentofappropriate taxes under the Tax Code of 1997, as amended. The grant oftax exemption herein is subject to the cornpliance with the provisions of applicable BIR rules and regulations and the Terms and Condiitions stated at the back hereof, The Company is liable, however,for all other applicable taxes not discussed above. 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 DEC 0 6 2021 CAESAR R.DULAY Corhmissioner of Internal Revenue K-l 47609 The ManCom and Board,in its meeting of08 April202! and by virtue ofRdsoiiition No.12-09,Series of2021,APPROVED the firm's requestforextension ofITH entitlement period from August2020to December2020foritl registered project with BOICR No.2017- 229dated 07 August2017,pursuantto Article 7(14)(b)ofE.0.226,as the project has notfblly enjoyed the incentives granted to itfor reasons beyond the firm's control dueto COVID-19thatcaused delays in the release ofloans from PAG-IBIG Fund,frequentclosure of Registry ofDeeds,lockdowns imposed by the National Govemmentand abrupt imposition ofthe community quarantine. ^ Sale oflotonly,regardless ofthe price,shall be subjectto VAT starting January 01,2021 pursuantto RA No.10963. 'As adjusted using the 2010Consumer Price Index values pursuantto RR No.8-2021 dated jiune 11,2021