June 29, 2009
BIR RULING [SH-(055) 397-09]
Sec. 20 RA 7279; RR 2-98; RMC Nos. 42-01 & 30-09; VAT-038-03; DA-386-98
Armvet Printing Company, Inc.
5626 Ampere Street, Palanan
Makati City
Attention: Mr. Aristeo R. del Mundo
CEO
Gentlemen :
This refers to your letter dated June 1, 2009 requesting a ruling on the tax consequences arising from the sale of socialized housing units (townhouses) by Armvet Printing Company, Inc. to its deserving employees.
It is represented that Armvet Printing Company, Inc. is a medium-sized printing company located at Makati City; that it has been in the printing business for thirty-three years; that it has purchased a lot at 129 Elizalde Avenue, BF Homes, Parañaque City, with an area of 8,363 square meter, to be developed into a socialized housing project, known as "Armvet Place", intended for its deserving employees; that the Parañaque City Council has granted Armvet a development permit for the aforesaid housing project pursuant to Batas Pambansa Blg. 220 on March 8, 2007; and that on June 10, 2008, a Certificate of Registration and a License to Sell were issued to Armvet...
