BIR Ruling No. 390-2018

TY REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

BUREAU OF INTERNAL REVENUE

Quezon City.

Certificate of Tax Exemption No. 390-2013

CERTIFICATE OF TAX EXEMPTION

issued to

WORD OF LIFE SEASIDE BIBLE CAMP, INC. SEC Company Reg. No. Zone 1 Barra Opol, Misamis Oriental TIN:

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

1. Grants, Gifts and Donations. E

nothing follows

subject to the provisions of applicable BIR rules and regulations and the tax exemptions, integral 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

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

provided under Revenue Memorandum Order (RM0) No. 20-2013. Failure to renew this Certificate shall be deemed a revocation thereof upon the expiration of the three (3)-year 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 day of MAR 0 8_2018

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K-1-JAC Commissioner of Intermal Reyenue CAESAR R. DULAY 01416

Word of Life Seaside Bible Camp, Inc. Page 2 of.3 CTE No. 390-2018 Date issued_ E-8-2019

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION 1) INCOME TAX.WORD OF LIFE SEASWE BIBLE CAMP INC. is only exempt from the association/corporation/ organization must continue to meet the requirements set forth under Revenue Memorandum Order No. 20-2013. 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 .

returned for taxation. activity conducted for profit regardless of the disposition thereof, which income should be Exemption. Moreover, it is subject to the corresponding internal revenue taxes imposed WORD OF LIFE SEASIDE BIBLE CAMP,INC. is subject to income tax on all its 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

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

2) VALUE ADDED TAX/PERCENTAGE TAX

Notwithstanding that it is a non-stock, non-profit corporation, its purchase of goods or If WORD OF LIFE SEASIDE BIBLE CAMP,INC. is engaged in the sale of goods or services in the course of a business pursuit, including transactions incidental thereto, its revenues derived therefrom shall be subject to the 12% VAT, in case the gross receipts (P1,919,500.00), or to the 3% percentage tax, if gross receipts do not exceed P1,919,500.00. properties or services and importation of goods shall nevertheless be subject to the 12% from such sales is One Million Nine Hundred Nineteen Thousand Five Hundred Pesos VAT pursuant to Sections 106 and 107 of the NIRC. 4-

3) WITHHOLDING TAX

subject to the withholding tax under Section 79 (A), Chapter XIII, Title II of the NIRC, as WORD OF LIFE SEASIDE BIBLE CAMP INC. shall be constituted as withholding agent implemented by Revenue Regulations No. 2-98, as amended, or if it makes income 57 of the NIRC, as implemented by Revenue Regulations No. 2-98, as amended. for the government if it acts as an employer and-its employees receive compensation income payments to individuals or corporations subject to the withholding tax pursuant to Section

Page 3 of 3 Word of Life Seaside Bible Camp, Inc. CTE No. 390-2018 Date issued 3u8-2018

TAXPAYER'S DUTIES & RESPONSIBILITIES 1) WORD OF LIFE SEASIDE BIBLE CAMP INC. is required to file on or before the 15th day of the fourth month following the end of the accounting period a Profit and Loss Return. Statement and Balance Sheet with the Annual Information Return under oath, stating its gross income and expenses incurred during the preceding period and a certificate showing that there has not been any change in its By-laws, Articles of Incorporation, manner of operation and activities as well as sources and disposition of income. Copy of this Certificate of Tax Exemption shall be attached to the aforementioned Annual Information

2) Under Section 235 of the NIRC, any provision of existing general and special law to the contrary notwithstanding, the books of accounts and other pertinent records of tax-exempt organization .or grantees of tax incentives shall be subject to examination by the BIR for purposes of ascertaining compliance with the conditions under which it has been granted tax exemptions or tax incentives, and its tax liabilities, if any. 3) Further, it is also required under Section 6(C) in relation to Section 237 of the NIRC to issue duly registered'receipts or sales or commercial invoices for each sale or transfer of which the Association is registered. (Revenue Memorandum Circular No. [RMC] No. 76- merchandise or for services rendered which are not directly related to the activities for 2003).

4} Finally, it is subject to the payment Of registration fee of PhP 500.00 as prescribed in Section 236(B) of the National Internal Revenue Code of 1997, as amended.