BIR Ruling No. 481-2020

REPUBLIC OF THE PHILIPPINES

BUREAU OF INTERNAL REVENUE DEPARTMENT OF FINANCE Quezon City

Certificate of Tax Exemption No: DOL-LH-0481C2020

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN

received directly in connection with its economic and low-cost housing project (horizontal), Avila Heights -- Brgy. San Antonio, Sto. Tomas, Batangas, consisting of 81 house and lot units used solely for family home or dwelling purposes located at Brgy. San Antonio, Sto. Tomas, Batangas, a project duly registered with the Board of Investments (BOI) under Registration No. This certifies that STATELAND, INC., with Taxpayer Identification Number (TIN) , is exempt from income tax and creditable withholding tax on its income Idated May 25, 2017, for a period of 4 years beginning from June

than the date of registration of the project with the BOI, pursuant to Executive Order No. 226. Revenue Regulations No. 2-98, as amended. 2017 or actual start of commercial operations/selling, whichever is earlier, but in no case earlier otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B)(2) of

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

stores, offices, etc., are not covered by this Certificate of Tax Exemption and shall be subject the BOI, if any, including those units used for commercial purposes such as leasing, retail The sale of house and lot units in excess of the 81 house and lot units registered with

to applicable taxes under the 1997 Tax Code, as amended.

The Company is liable, however, for all other applicable taxes not discussed above. applicable BIR rules and regulations and the Terms and Conditions stated at the back hereof. The grant of tax exemption herein is subject to the 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 AUG 2 0.2020

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K-1-JAC Commissioner of Internal Revenue CAESAR R.DULAY 036321

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Sale of lot only, regardless of the price. shall be subject to VAT starting January 01, 2021 pursuant to RA No. 10963.