April 16, 2010
BIR RULING [DA-(JV-012) 048-10]
22 (B); BIR Ruling 002-97; DA-247-01; DA-067-02;
DA-262-01; DA-373-08; DA (JV-001)002-10
Puno and Puno Law Offices
12th Floor, East Tower
Philippine Stock Exchange Centre
Exchange Road, Ortigas Center
City of Pasig, Philippines 1605
Attention: Attys. Ma. Elizabeth Peralta E. Loriega
Dionne Marie M. Sanchez
Gentlemen :
This refers to your letter dated February 11, 2010 requesting on behalf of your client, Federal Land, Inc. ("FLI"), confirmation of your opinion that the Joint Development Agreement ("JDA") entered into by FLI and the Metropolitan Bank and Trust Corporation ("Metrobank") on September 8, 2008 for the purpose of developing a real estate property within the Bonifacio Global City (the "Project"), gave rise to an unincorporated joint venture ("UJV"), which is not a separate taxable entity within the meaning of Section 22 (B) in relation to Section 27 (A) of the National Internal Revenue Code of 1997, as amended (the "Tax Code").
The facts, as represented, are as follows:
FLI is a corporation duly organized under the laws of the Philippines, with principal office address at 16th Floor, GT Tower International, Ayala Avenue corner H....
