BIR Ruling No. 432-2020

BUREAU OF INTERNAL REVENUE REPUBLICOF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No:

PSH-0432-2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

Taxpayers Identification Number (TIN) creditable withholding tax (CWT) pursuant to Section 20 (d) (1) of Republic Act (RA) No. house and lot units for residential and dwelling purposes to qualified beneficiaries in dated July 17, 2016, on its income received directly in connection with its sale of socialized Primerarosa Residences Phase 3, consisting of 713 house and lot units, located at Brgy. Sta. Teresita, Sto. Tomas, Batangas, a project duly registered with the Housing and Land Use Regulatory Board (HLURB) under Certificate of Registration No. 7279, as amended by RA No. 10884 (Balanced Housing Development Program Amendments) No. and lotl This certifies that SUMMERHILLS HOME DEVELOPMENT CORP. with -, provided that the selling price of said units does not exceed P , is exempt from income tax and and License to Sell per house

below, or house and lot and other residential dwellings valued at P3,199,200.00 and below, is exemption from VAT shall only apply to sale of house and lot and other residential dwellings? with selling price of not more than P2,000,000.00. exempt from value-added tax (VAT) pursuant to Section 109 (1) (P) of the National Internal Revenue Code of 1997, as amended. Provided, however, that beginning January 01, 2021, the Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

covered by the tax exemption clause in Section 20 of RA No. 7279. Thus, the documents being covered by RA No. 7279, shall be subject to the payment of appropriate taxes. conveying the properties shall be subject to DST imposed under Section 196 of the National the same Code, whichever is higher. Likewise, lots/units classified as Economic Housing, not Internal Revenue Code of 1997, as amended, based on the consideration contracted to be paid for such realties or on their fair market value determined in accordance with Section 6'(E) of It is observed, however, that documentary stamp tax (DST) is not one of the taxes

applicable BIR rules and regulations and the Terms and Conditions stated at the back hereof. The Company is liabie, however, for 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 ofJUL 3 0 2020

a8oW&

CAESAR R.DULAY

K-1-LMAT Commissioner of Internal Revenue 036052

2Sale of lot only, regardless of the price, shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963. Per HLURB License to Sell No. dated September 18, 2019

SUMMERHILLS HOME DEVELOPMENT CORP (Primerarosa Residences Phase 3) Date issued: CTE No.: PSH - T 0432-2020 32

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the 713 socialized house and lot units in Primerarosa Residences Phase 3, located at Brgy. Sta. Teresita, Sto. Tomas, Batangas.

2. The developer shall submit the sworn statement of the buyer that he is eligible as a socialized of Internal Revenue (BIR) during the processing of the Certificate Authorizing Registration housing beneficiary under Section 5 (A) of Revenue Regulations (RR) No. 11-97 to the Bureau (CAR) for the transfer of the title of the socialized housing unit.

3 It is understood that the CAR shall only be issued after it is established upon proper verification

by the Revenue District Officer (RDO) concerned that, considering the rules on valuation of real property, the actual selling price per sale transaction of the socialized house and lot packages in this case does not really exceed P580,000.00.

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