BIR Ruling No. 648-2020

REPUBLICOF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

enincat T gmpio Noe BO-LEH-

CERTIFICATE OF TAX EXEMPTION

TO ALL WHOM IT MAY CONCERN:

This certifies that PROPERTY_COMPANY OF FRIENDS, INC., with Tax

withholding tax on its income received directly in connection with its economic and low-cost Identification Number is exempt from incometax and creditable

housing project, BRIGHTON PHASE 5, consisting of 191' house and lot'units used solely

no case earlier than the date of registration of the project with the BOI, pursuant to Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section for family home or dwelling purposes, iocated at Brgys. Tapia and Pasong Camachile i, General Trias, Cavite a project duly registered with the Board of Investments (BOI) under December 2019 or actual start of commercial operations/selling, whichever is earlier, but in Registration No. dated December 27, 2019, for a period of 3 years beginning from

2.57.5 (B)(2) of Revenue Regulations No. 2-98, as amended.

Moreover, the sale by the Company ofresidentiar lots 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 that beginning January 1, 2021, the VAT exemption shall apply only to sale of house and lot VAT-exempt under Section 109(1)(P) of the 1997 Tax Code, as amended. Provided, however,

and other residential dwellings2 with selling price of not more than Two-Million Pesos (P2,000,000.00).

The sale of housingunits with selling price of more than Two Million Pesos3, including those units used for commercial purposes such as leasing, retail stores, offices, etc., shall also

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

The grant of tax exemption herein is subject to the compliance with the provisions of applicable BIR rules and regulationsand. the Terms and Conditions 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 1 2020

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K- Commissioner of Internal Revenue CAESAR R.DULAY E 038058

' Based on HLURB License to Sell No. to Department of Human Settlement an Urban Development, Southern Tagalog, the number of units with selling price of not 2 Sale of lot only, regardless of the price, shall be subject to VAT starting January 1, 2021 pursuant to KA No. 10963. 3 Based on HLURB License to Sell No. more than pesos is only while the remaining 23 units are being sold for more than , there are 23 units being sold for more than P2 Million pesos. the total number of units for the project is However,per letter addressed pesos.