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August 26, 2005VAT RULING NO. 015-05113 & 237 Sec. 4.104-2 4.104.5One Asia Development Corporation2302 The Orient SquareEmerald Avenue, Ortigas CenterPasig CityAttention: Mr. Ricardo G. OngChief Financial OfficerGentlemen :This refers to your letter dated February 18, 2002 stating that your company, One Asia Development Corporation (OADC), a corporation duly organized and existing under and by virtue of the laws of the Philippines entered into a joint venture (JV) agreement with Riviera Land Corporation (RLC), also a corporation duly organized and existing under and by virtue of the laws of the Philippines to undertake the development and sale of six (6) parcels of land registered in the name of RLC, located in Barangay Old Balara, Capitol Hills, Quezon City, with an aggregate area of 20,712 square meters, more or less, and covered by Transfer Certificates of Title Nos. 155938, 155939, 155940, 155941, 155942 and 155943 of the Registry of Deeds for Quezon City, that this project was originally started by Anscor Land Corporation (ASL) and RLC under a JV agreement which was dissolved by the failure of...