February 22, 2010
BIR RULING [DA-(JV-010) 032-10]
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 Annabelle Ocampo, Leonardo Uy, Helen Hao Been Tin and Winnifred Lim.
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.
Annabelle Ocampo, Leonardo Uy, Helen Hao Been Tin and Winnifred Lim ("Annabelle Ocampo, et al.," for brevity), on the other hand, are the registered owners of a parcel of land located in Barrio Luyahan, Zamboanga City, covered by Transfer Certificate of Title No. T-124894 of the Registry of Deeds of Zamboanga City, with an area of 10,731 square meters,...
