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October 21, 2009BIR RULING [SH-(100) 662-09]RA 7279; SH (086) 572-2009 dtd. 9/10/09Prismodial ConstructionGeneral ContractorNo. 4 Republic Avenue, Bgy. Holy SpiritQuezon CityAttention: Mr. Bernardito C. SabalilagGeneral ManagerGentlemen :This refers to your letter dated September 18, 2009, requesting for exemption from project-related income taxes and value-added tax (VAT) pursuant to the provisions of Republic Act (RA) No. 7279, otherwise known as the "Urban Development and Housing Act of 1992". From the documents submitted, it appears that on June 02, 2009 a Contract Agreement for the completion of the Package 1B-Construction of 1 Unit 3-Storey, 15 Classroom School Building at Southville 3, Site 2, NBP, Muntinlupa City was executed between Prismodial Construction as the contractor, and the National Housing Authority (NHA); that pursuant to the said Contract, Prismodial Construction represents that it has the capacity to undertake the construction of school building project known as Package 1B-Construction of 1 Unit 3-Storey, 15 Classroom School Building at Southville 3, Site 2, NBP, Muntinlupa City; and that said project was certified by the National Housing Authority (NHA) with availability of...