BIR Ruling [DA-008-03]

January 14, 2003 BIR RULING [DA-008-03] R.A. No. 7279 S-20-067-2000 Extraordinary Development Corporation 6th Floor, Westar Building 611 Shaw Boulevard Pasig City Attention: Mr. Ricardo G. Ong Chief Financial Officer Gentlemen : This refers to your letter dated January 7, 2003 requesting for an amendment of BIR Ruling No. S-20-015-2002 dated December 26, 2002 issued in your favor increasing the socialized housing package to P225,000.00 pursuant to Memorandum Circular No. 02, Series of 2002 of the Housing and Urban Development Coordinating Council (HUDCC). It appears from the said ruling that: ". . . It shall be understood that to be tax-exempt, the selling price per lot or house and lot shall not exceed P150,000.00, in accordance with Revenue Regulations No. 9-93, as amended by Revenue Regulations No. 11-97, implementing R.A. No. 7279 [maximum of P180,000.00 per unit pursuant to Section 5.1 of Memorandum of Agreement on Housing Finance entered into by and between the Housing and Urban Development Coordinating Council (HUDCC), and Department of Finance (DOF), Department of Budget and Management (DBM), the Government Service Insurance System (GSIS), the Home Development Mutual Fund (Pag-IBIG), the National Home Mortgage Finance Corporation (NHMFC), and the Social Security System (SSS), in Metro Manila and highly urbanized areas mentioned in Table 25, Priority Area For Shelter Development and Implementation of R.A. 7279. (BIR Ruling No. 021-97 dated March 3, 1997)." However, Secretary Michael T. Defensor of HUDCC issued Memorandum Circular No. 02, Series of 2002 dated October 21, 2002 wherein it adjusted the socialized housing package to P225,000.00. HIaTCc Such being the case, your request is hereby granted. Accordingly, socialized housing package is now adjusted at a maximum of P225,000.00. This amends BIR Ruling No. S-20-015-2002 dated December 26, 2002 insofar as the selling price package is concern. All other conditions remains the same. Very truly yours, Commissioner of Internal Revenue By: (SGD.) MILAGROS V. REGALADO Assistant Commissioner Legal Service