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May 28, 2010BIR RULING [DA-(IL-008) 080-10]EO 226; [DA(IL-035)651-2009]; [DA(IL-006)194-2009]; DA-456-007; DA-630-2006; DA-048-97Household Development Corporation3rd Level Starmall Las PiñasC.V. Starr Avenue, Philamlife VillagePamplona, Las Piñas CityAttention: Ms. Lorelyn D. MercadoChief AccountantGentlemen :This refers to your letter dated January 25, 2010 requesting for confirmation of your opinion that HOUSEHOLD DEVELOPMENT CORPORATION is exempted from the withholding tax on the sale of house and lot units with contract price not exceeding Three Million Pesos (P3,000,000.00) per unit, for its subdivision project "Crestwood 2 Subdivision", pursuant to the Income Tax Holiday (ITH) granted by the Board of Investments (BOI) under Executive Order (EO) No. 226 otherwise known as the Omnibus Investments Code of 1987, for a period of three (3) years from the date of approval or start of commercial operations, whichever comes earlier. It is represented that on January 22, 2010, the Board of Investments ("BOI") issued in favor of HOUSEHOLD DEVELOPMENT CORPORATION (the "Corporation") a Certificate of Registration as an Expanding Developer of Low-Cost Mass Housing Project for its subdivision project "Crestwood 2 Subdivision" located in Bayugo,...