BIR Ruling No. 820-2018

E t BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE

Quezon City

Certificate of Tax Exemption No.

CERTIFICATE OF TAX EXEMPTION

issued to

INSTITUTE OF CORPORATE DIRECTORS, INC. 14'F Trident Tower Condominium H.V. Dela Costa St. SEC Company Reg. No. Salcedo Village Makati City 1227 TIN:

and has proven by actual operation that its primary purpose falls under Section 30 (F) of the National Internal Revenue Code (NIRC) 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

I. Grants, Donations and Contributions; and 2. Membership Dues.

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

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

that the facts are ditterent. then this Certificate shall be considered null and void. documents as represented and submitted. However. if upon investigation. the BiR ascertains This Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this day ofMAY Y 7 2U18

eonIa

K -I-IAC Commissioner of Internat Revenue CAESAR R. DULAY 016526

Page 2 of 3 Institute of Corporate Directors, Inc. CTENo.8 2 Q - 2 J 1 Date issued

OF THE CERTIFICATE OF TAX EXEMPTION TERMS AND CONDITIONS

TAX ENEMPTION

1) INCOME TAX. INSTITU:TE OF CORPORATE DIRECTORS, INC. is only exempt from association.corporation. organization must continue to meet the requirements set forth under Revenue Memorandum Order No. 20-2013. the payment ot income tax on revenues and receipts enumerated on the Certificate of Tax Exemption. Moreover. to he entitled to the tax exemptions enumerated herein. the

LIABILITY FOR INTERNAL REVENUE TAXES

1) INCOME TAX

under the National Internal Revenue Code of 1997, as amended, 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 INSTITUTE OF CORPORATE DIRECTORS, INC, is subject to income tax on all its

Likewise. interest income from currency bank deposits and yield or any other monetary and royalties derived from sources within the Philippines are subject te the twenty percent (20%%) final withholding tax: Provided. however. that interest income deriyed by it'from a fifteen percent (15 )' final withholding income tax pursuant to Section 27(D) 1) in relation to Sec. 57(A ) both of the National Internal Revenue ('ode of 1997. as amended. 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) VALU'F ADDED TAX/PERCENTAGE TAX

if gross receipts do not exceed P3.000.000.00. If INSTITUTE OF CORPORATE DIRECTORS, INC. is engaged in the sale of goods or Services in the course of a husiness pursuit, including transactions incidental thereto. its revenues derived therefrom shall be 'subject to the 12% VAT. in case the gross receipts from such sales exceed Three Million Pesos (P3.000.000.00)2. or to the 3% percentage tax.

Notwithstanding that it is a non-stock. non-profit corporation. its purchase of goods or VAT pursuant to Sections 106 and 107 of the National Internal Revenue Code of 1997. as properties or services and importation of goods shali nevertheless be subject to the 12% amended.

3) WITHHOLDING TAX

Regulations No. 2-98. as amended. or if it makes income payments to individuals or National Internal Revenue Code of 1997. as amended. as implemented by Revenue corporations subject to the withholding tax pursuant to Section 57 of the National Internal Revenue ('ode of 1997. as amended. as implemented hy Revenue Regulations No. 2-98. as amended. INSTITUTE OF CORPORATE DIRECTORS,INC. shall be constituted as withhoiding 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 XIH. Title II of the

Pagc 3 ot 3 Institute of Corporate Directors. Ine. CIENO.E ZO-ICIO Date issued

TAXPAYER'S DUTIES & RESPONSIBHLITIES

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

2) Under Section 235 ot the National Internal Revenue Code of 1997. as amended. any incentives. and its tax liabilities. if 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 compliance with the conditions under which it has been granted tax exemptions or tax incentives shall be subject to examination by the BIR for purposes of ascertaining

3, Further. it is also required under Section 6(C in relation to Section 237 of the National commereial 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). Internal Revenue Code of 1997. as amended. to issue duly registered receipts or sales or

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.