February 22, 2010
BIR RULING [DA-(JV-009) 031-10]
Sec. 22, Joint Venture; DA (JV-020) 537-2009
Filinvest Land, Inc.
173 P. Gomez Street
San Juan, Metro Manila
Attention: Atty. Juan R. Bernardino, Jr.
Tax & Corporate Counsel
Gentlemen :
This refers to your letter dated November 27, 2009 requesting confirmation of the various tax consequences arising from a Joint Venture Agreement for construction purposes, between Filinvest Land, Inc. and Filrizsam Realty & Development Corp.
The facts as represented are as follows:
Filinvest Land, Inc. ("FLI'', for brevity), a corporation duly organized and existing under the laws of the Republic of the Philippines, is engaged in the business of acquiring, developing and selling real estate, including commercial buildings, residential subdivisions and condominium units.
Filrizsam Realty & Development Corp. ("FRDC" for brevity) is a corporation duly organized and existing under the laws of the Republic of the Philippines, and is the registered owner of a parcel of land located in Santiago de Fuego, General Trias, Cavite, covered by Transfer Certificate of Title No. T-62244 of the Registry of Deeds of the Province of Cavite, with an area of 83,097...
