BIR Ruling No. 638-2017

REPUBLIC OF THE PHHLIPPINES

BUREAU OF INTERNAL REVENUF DEPARIMENT OF FINANGE Quezon City

Certificate of Tax Exemption No.

638-2017

CERTIFICATE OF TAX EXEMPTION

issued to

PHILIPPINE INSTITUTE OF PETROLEUM, INC 19/F Trafalgar Plaza, 105 Plaza H.V. Dela Costa St., Salcedo Village, Makati City 1227

SEC Company Reg. No. TIN:

National Internal Revenue Code of 1997, as amended. It is exempt from INCOME TAX oniy on the following revenues or receipts: and has proven by actual operation that its primary purpose falls under Section 30 (F) of the This certifies that the above-named corporation is a non-stock, non-profit corporation

1. Membership dues.

nothing follows

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

earlier revoked by this Office for violation of any provisions of applicable rules and regulations of BIR, or the terms and conditions herein set forth. This certification shall be valid for three (3) years from the date of issuance unless

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

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 rday ofDEC 1 9 2017

0

Commissioner of Internal Revenue AESAR R. DULA

K- 0119s4

Page 2 of 3 Philippine Institute of Petroleum, Inc. Date issued 12-192017 CTE No 678-2017

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION 1) INCOME TAX. PHILIPPINE INSTITUTE OF PETROLEUM, INC. is only exempt association/corporation/ organization must continue to meet the requirements set forth under Revenue Memorandum Order No. 20-2013. from the payment of income tax on revenues and receipts enumerated on the Certificate of Tax Exemption. Moreover, to be entitled to the tax exemptions enumerated herein, the

LIABILITY FOR INTERNAL REVENUE TAXES 1) INCOME TAX

activity conducted for profit regardless of the disposition thereof, which income should be returned for taxation. income/receipts/revenues not expressly exempted and stated in the Certificate of Tax under the NIRC on its income derived from any of its properties, real or personal, or any Exemption. Moreover, it is subject to the corresponding internal revenue taxes imposed PHILIPPINE INSTITUTE OF PETROLEUM INC. is subject to incomc tax on all its

2) VALUE ADDED TAX seven and one-half percent (7-1/2%) final withholding income tax pursuant to Section 27(D)(1) in relation to Sec. 57(A) both of the NIRC. depository bank under the expanded foreign currency deposit system shall be subject to Likewise, interest income from currency bank deposits and yield or any other monetary 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 benefits from deposit substitute instruments and from trust funds and similar arrangements.

3) WITHHOLDING TAX Notwithstanding that it is a non-stock, non-profit corporation, its purchase of goods or general, it shall be liable for VAT on the revenues derived therefrom. or services in the course of a business pursuit, including transactions incidental thereto, in properties or services and importation of goods shall nevertheless be subject to the 12% VAT pursuant to Sections 106 and 107 of the NIRC. If PHILIPPINE INSTITUTE OF PETROLEUM,INC. is engaged in the sale of goods

Section 57 of the NIRC, as implemented by Revenue Regulations No. 2-98, as amended. income payments to individuals or corporations subject to the withholding tax pursuant to NIRC, as implemented by Revenue Regulations No. 2-98, as amended, or if it makes 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 XIII, Titie II of the PHILIPPINE INSTITUTE OF PETROLEUM, INC. shall be constituted as withholding