Tiu Latonio & Associates Law Office
BIR Ruling No. BOI-LEH-0343-2020 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jun 25, 2020
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June 25, 2020 BIR RULING NO. BOI-LEH-0343-2020 Tiu Latonio & Associates Law Office 2nd Floor, Arcada 5 Building, Highway Tipolo, Mandaue City, Cebu 6014 Attention: Ma. Cristina L. Latonio Gentlemen : This refers to your request, with attachments, dated May 11, 2018, applying on behalf of LIMBROS REALTY AND DEVELOPMENT CORPORATION ,for a Certificate of Tax Exemption from income tax and creditable withholding tax on its income received directly in connection with Happy Homes-Talisay Subdivision ,consisting of 28 housing units, located at Brgy. Tabunoc, Talisay City, Cebu, a project duly registered as economic and low-cost housing project (horizontal) with the Board of Investments (BOI) under Registration No. _____ dated May 30, 2016, for a period of 3 years beginning from July 2016 , pursuant to Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987" and Section 2.57.5 (B) (2) of Revenue Regulations No. 2-98, as amended. Records submitted disclosed that Happy Homes-Talisay Subdivision is also registered with the Housing and Land Use Regulatory Board (HLURB) under Certificate of Registration No. _______ and License to Sell No. _____, both dated February 01, 2016, albeit with indication of its classification as " Open Market ." CAIHTE It should be noted that HLURB Memorandum Circular No. 13; series of 2017 provides that the Price Ceiling for an Open Market is above P4,000,000.00 which is beyond the threshold and/or price ceiling for economic and low cost housing units as prescribed in Happy Homes-Talisay Subdivision's BOI Specific Terms and Conditions. In view of the foregoing, particularly the difference in the classification, we regret to inform you that your request and/or application for a Certificate of Tax Exemption in connection with Happy Homes-Talisay Subdivision ,consisting of 28 housing units, located at Brgy. Tabunoc, Talisay City, Cebu, is denied for lack of legal and factual basis. Please be guided accordingly. (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue
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