BIR Ruling No. 609-2020

REPUBLICOF THE PHILIPPINES

DEPARTMENT OF FINANCE

BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No:

BOI-LEH-609-2

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

(vertical), Amaia Steps Sucat (Isabela Building) -- Dr. A. Santos Ave., Barangay San home or dwelling purposes, located at Dr. A. Santos Ave., Barangay San Antonio, Sucat, income receivea directly in connection with its economic and low-cost housing project Antonio, Sucat, Paranaque City, consisting of 183 residential units used solely for family Paranaque City, a project duly registered with the Board of Investments (BOI) under April 2017 or actual start of commercial operations/selling, whichever is earlier, but in no case (TIN) earlier than the date of registration of the project with the BOI, pursuant to Executive Order Registration No. (EO) No. 226, otherwise known as the Omnibus Investments Code of 1987 and Section price of said residential units does not exceed P3,000,000.00 per residential unit. 2:57.5 (B) (2) of Revenue Regulations (RR) No. 2-98, as amended, provided that the selling This certifies that AMAIA LAND CORP.1, with Taxpayers Identification Number is exempt from income tax and creditable withholding tax on its dated April 20, 2017, for a period of three (3) years beginning from

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? 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 with selling price of not more than P2,000,000.00. Moreover, the sale by the Company of residential lot valued at P1,919,500.00 and

well as the 35 parking slots, including those units used for commercial purposes such as leasing. retail stores, offices, etc., shall be subject to the payment of appropriate taxes under the National Internal Revenue Code of 1997, as amended. with the BOI (per HLURB License to Sell No.J However, the sale of residential units in excess of the 183 residential units registered the excess is 27 residential units), as

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

The Company is liable, however, for all other applicable taxes not discussed above.

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 of nCT 7 7 2N20

amw

CAESAR R.DULAY

K-1-LMAT Commissioner of Internal Revenue 037283

2 Sale of iot only,regardless of the price,shall be subject to VAT starting January 01, 2021 pursuant to Republic Act (RA) 1FormerlyFirst Communities Realty, Inc. No. 10963.

[Amaia Steps Sucat (Isabela Building)] AMAIA LAND CORP. CTE No.: Date issued: BOI-LEH-0609-2020 OCT -2 7-2020

TERMS AND CONDITIONS

OF THE CERTIFICATE OF TAX EXEMPTION

1. The exemption from income and creditable withholding taxes covers only income directly attributable to the revenues generated from the project, Amaia Steps Sucat (Isabela Building)

Dr. A. Santos Ave., Barangay San Antonio, Sucat,Paranaque City, consisting of 183 residential

San Antonio, Sucat, Paranaque City. Such exemption shall not cover revenues from units with selling price exceeding P3,000,000.00. units used solely for family home or dwelling purposes, located at Dr. A. Santos Ave., Barangay

2 The Company is obligated to construct and sell 183 residential units based on the following

schedules/sales revenues:

Year (No. of units) Volume (in PhP 000 Value

60

2 11

3 62 Total 183

3. In the computation of the project's-ITH, interest income from in-house financing shall not be

considered as part of the revenues.generated from the registered housing project.

.The Company's entitlement to ITH for its BOI-registered housing project is subject to the

compliance with the provisions of the Specific Terms and Conditions of its BOI Registration.

S Pursuant to Section 4 of Republic Act (RA) No. 107083, the Company is required to file its tax

returns and pay its tax liabilities, on or before the deadline as provided under the National Internal

incentives, VAT and duty exemptions, deductions, credits or exclusions from the tax base, as may the BIR. It shall file with BOI a complete annual tax incentives report of its income-based tax Revenue Code of 1997, as amended, using the electronic.system for filing and payment of taxes of

be provided under E.O. 226, within the periods prescribed under RA No. 10708's Implementing Rules and Regulations and Joint Memorandum Circular No. 1-2016 dated September 1, 2016.

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 withholding 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 National Internal Revenue Code of 1997, as amended, and implemented by Revenue Regulations (RR) No. 2-98, as amended.

7. The Company: is required to file on or before the 15th day of the fourth month following the close

of its accounting period of a Profit and Loss Statement and Balance Sheet with the Annual 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 periodic

examination by revenue"enforcement officers of this Bureau for the purpose of ascertaining whether it is complying with the conditions under which it has been granted tax exemption or tax incentives

and its tax liabilityif any, pursuant to Section 235 of the National Internal Revenue Code of 1997,

as amended.

An Act Enhancing Transparency in the Management and Accounting of Tax Incentives Administered by Investment

Promotion Agencies.