BIR Ruling No. 440-2017

REPUBLIC OF THE PHILIPPINES

DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE

Quezon City

Certificate of Tax Exemption No. 40-20'7

CERTIFICATE OF TAX EXEMPTION

issued to

CLARA O. CORPUS FOUNDATION, INC Unit 203, La Maison Rada Condo, I15 Rada Street, Legaspi Village. Makati City

SEC Company Reg. No TIN:

This certifies that the above-named corporation is a non-stock, non-profit corporation and

Internal Revenue Code of !997, as amended.'It is exempt from INCOME TAX only on the has proven by actual operation that, its primary purpose falis under Section 30 (E) of the National following revenues or receipts:

I. Donations. lothing follows

subject to the provisions of applicable BIR rules and regulations and the tax exemptions. liabilities and responsibilities stated in the Terms and Conditions hereto attached and made an integral part hereof. It is liable. however, to all other taxes not enumerated abovc.

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

provided under Revenue Memorandum Order (RMO) 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 fiting of a subsequent application for revalidation

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 documents

Issued this. day of 1

CAESAR R. DULAY Commissioner of Internal Revenue

Clara O. Corpus Foundation, Ine. K-IVDPMI-

Resource Management Group Deputy Commissioner Officer-in-Charge Celiac. Kins CAC

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OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX EXEMPTION

t) INCOME TAX.CLARA O.CORPUS FOUNDATION,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 entitied to the tax exemptions enumerated herein. the

LIABILITY FOR INTERNAL REVENUE TAXES 1) INCOME TAX

CLARA O.'CORPUS FOUNDATION, INC. is subject to income tax on all its the NiRC on its income derived from any of its properties, real or personal, or any 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 Exemption. Moreover, it is subject to the corresponding internal revenue taxes imposed under

Likewisc, interest income from currency bank deposits and yield or any other monetary benefits. royalties derived from sources within the Philippines are subject to the twenty percent (20%) bank under the expanded foreign currency deposit system shall be subject to seven and onc. half percent (7-1/2%) final withholding income tax pursuant to Section 27(D)( 1) in relation to from deposit substitute instruments and from' trust funds and similar arrangements. and final withhoiding tax: Provided, however, that interest incomc derived by it from a depository Sec. 57(A) both of the NIRC

2) VALUE ADDED TAX

in the course of a business pursuit, including transactions incidental thereto. in generat, it shall be liable for VAT on the revenues derived therefrom. If CLARA O. CORPUS FOUNDATION, INC. is engaged in the sale of goods or services

Notwithstanding that it is a non-stock, non-profit corporation. its purchase of goods or properties or services and importation of goods shall nevertheless be subject to the 12% VAT pursuant to Sections 106 and':07 of the NIRC.

3) WITHHOLDING TAX

the government if it acts as an employer and its employees receive compensation income implemented by Revenue Regulations No. 2-98, as amended, or if it makes income payments to individuals or corporations subject to the withholding tax pursuant to Section 57 of the NIRC. CLARA O. CORPUS FOUNDATION, INC. shall be constituted as withholding agent for subject to the withhoiding tax under Section 79 (A). Chapter XIIl. Title Ii of the NIRC. as as implemented by Revenue Regulations No. 2-98, as amended.

TAXPAYER'S DUTIES & RESPONSIBILITIES

i) CLARA O. CORPUS FOUNDATION,INC. is required to file on or bcforc the i5th day of the fourth month following the end of the accounting period a Profit and i.oss Statement and

CLARA O. CORPUS FOUNDATION, INC. Page 3 of 3 CTE No. Date issued_3.-F-201r 440-2017

Balance Sheet with the Annual information Return under oath, stating its gross income and as sources and disposition of income. Copy of this Certificate of Tax Exemption shall be 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 wel attached to the aforementioned Annual Information Return.

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-cxempt 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 becn 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 issuc duly registered receipts or sales or commercial invoices for each sale or transfer of merchandise or for services rendered which are not directly related to the activities for which the Association is registered. (Revenue Memorandum Circu{ar No. {RMC] No. 76-2003).

Finally, it is subject to the payment of registration fee of PhP 500.00 as prescribed in Section 236(B) of the NIRC