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February 17, 2010BIR RULING [DA-(IL-003) 029-10]EO 226; 163-94; DA518-99; DA133-00; UN205-95Surewell Equities, Inc.690 A Quirino AvenueTambo, Parañaque CityAttention: Mr. Edwin N. EspedidoDepartment Head Government Compliance SectionGentlemen :This refers to your letter dated December 3, 2009 stating that Surewell Equities, Inc. (SEI) is a Board of Investments (BOI) registered entity; that SEI is a developer of mass housing project on a Non-Pioneer Status located in Cavite, namely:   No. of  BOIProjectLocationEconomic Date of Registration  UnitsRegistrationNo.     Le Rica Homes Phase IGeneral Trias, Cavite41212-23-20082008-332Le Rica Homes Phase IIGeneral Trias, Cavite70705-24-20062006-070that under the terms of its registrations, SEI is entitled to certain fiscal and non-fiscal incentives which include an Income Tax Holiday (ITH) respectively for a period of three (3) years from November 2009 and four (4) years from August 2006 or actual start of commercial operations/selling, whichever is earlier, but in no case earlier than the date of registration.Based on the foregoing representations, you now request for a ruling on the tax consequences that as a BOI-registered enterprise enjoying an ITH it is exempt from income tax and consequently...