l

SEC Express System ,,

230403006350 1 437

illriltilllilililItilt]ilililtll
Recipient
Maribel Rey
Company Name /
Concentrix CVG Philippines lnc
Delivery Address

25th Floor Ayala North Exchange Tower 2, 6796 Ayala Avenue cor
Salcedo St., Legaspi Village, Makati City
Ayala North Exchange Tower 2
San Lorenzo, CITY OF MAKATI, METRO MANILA, Philippines C
Loc:
Contact lnformation 09282596281

mari bel. rey@concentrix.com

FOR O.R. INFORMATION

Payors Name Concentrix CVG Philippines lnc

CompanyAddress 25th FloorAyala North Exchange Tower2,6T96AyalaAvenue corSalcedo St., Legaspi Village, Makati

Business Style Concentrix CVG Philippines lnc

1 of 1 Document

Tlpe SEC Number Company Name Copies Authenticated Pouch Form Type

1924637 Audited CS201841430 SELLBYTELL 1 ofl Yes LPI - FINANCIAL

Flnanclal GROUP 23r STATEMENT-
Statement PHtLtPPtNES, lNC. ANNUAL
ililrililffitilililil

Thank you for using the SEC Express System. Printed By: C.Guevarra
 STCU RITIES AI'ID EXCHAI{GE COilI ]TIISSTON
s8€rBteriat Eur$ding. Flee Csmple& hmar 6oulevad, Pasaf (lty, 1r0, Ir+rtls i{dnllil Fsslipplnes
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Securltis$ mns
The following document has been
Exchcnge
Csmmlrxlovr
PFTiI-IPP'NE$
Receiving: Salvador Baculanta
Receipt Date and Time: June 01 ,2022 10.52

Company lnformation

SEG Registration No.: CS201841430

Company Name: WEBHELP PHILIPPINES lNC.
lndustry Glassification:
Company Type:

Document lnformation

Document ID : OSTI 0601 20228452864

Document Type: Financial Statement
Document Code: FS
Period Govered: December 31,2021
Submission Type: Annual
Remarks: None

"Fffi.q*# G#pv

Date: 2023-04-04 Time: 09:41:47 AM Kasandra DaIIo

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c S 2 0 8 4 1 4 3 0

COMPANY NAME

W E B H E L P P H I L P P N E S I N c

( F 0 R M E R L S E L L B Y T E L G R 0 U P

P H L I P P N E S N )

PRINGIPAL OFFICE ( No. / Street / Barangay / City / Town / Province )

2 F M A K T s K P L A z A A Y A L A

A E M A K A T I

De oft S:iondsy License Type, ll Applicebh

COMPANY INFORMATION
Mobile N0frb!r
80&7940 N/A

Annual l{eeting FisalYerr

i'lonth/Day MonthlDay

N/A OECEMBER3l

CONTACT PERSON INFORMATION

The d*si!Fali*! i:r,rtta{,| !ersi.,n MUSr be an OfrrpJ of llu Coriination

Nsfrs ol th€ Co,urt ?6son EmilAddr$s Telephooe Numbcr Mobilc Nomtet

RALFH 8iJ]ALA ralpj,L.r-r..1,,,." pi M&794D N/A

CONTACT PERSON'S AODRESS

12F LtAr.qI SKY Pi-€A, AI*ALA AVE , MATATI

occur.rdse ltsffit rirr intvfralivn rnd vwtplzla csnldcl dalrilt ol ah. fr,fr cpiaa(| p&rbn dErfo/dled

2: All 8or.t frurt be p.!,pA4ty .nd rmplFlely fil,E&up. Failure lo do so sir,l cir*. Irre derry ,h
NolieF ol Defrcicnchs Furihw, aotxaipl of[ofirs o/Deriiriencir srlall rol arcuto the cDlpd..lian hDn
rl Frii; Ti-:;[i ri ffi fl]PY

Datez 2023-04-04 Time:09:41:47 AM

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STATEMENT OF

The Management of WEBHELP PHILIPPINES, lNC. is responsible for the preparation and fair presentation of financial
statements, including the schedules attached therein, as of and for the years ended December 31,2021 and 2020 in
accordance with the prescribed financial reporting framework indicated therein, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.

ln preparing the financial statements, management is responsible for assessing the Company's ability to continue as a
going coneem, disclosing, as applicable matters related to going concem and using the going concern basis of accounting
unless management either intends to liquidate the Gompany or to cease operations, or has no realistic altemative but to
do so.

The Board of Directors is responsible for overseeing the Company's financial reporting process.

The Board of Directors reviews and approves the financial statements ineluding the schedules attached therein, and
submits the same to the shareholders.

RAMON F. GARGIA AND CO., CPAs, the independent auditors appointed by the shareholders, have audited the financial
statements of the Company in accordance with Philippine Stiandards on Auditing, and in their report to the shareholders,

Treasurer

Signed this day ot, \rrr,.y S, )szZ

FeBo ---.._:'
AM
PI.,
User
\ .*F,,!--:?a,i'
Fa,
 Rrrplr F. Grfti€ e Collpeay CPAs
Crowe SOF Bt4gundy CaqxnSe Touer,
252 Scn gl Puyol Ai€., M*sti C[]r
Telepbane No. +E-a2 582i 6
63

SUPPLEMENTAL STA tI
fixqhsn
The Shareholders and Board of Directors
WEBHELP PHILIPPINES INC.
(formerly: SELLB yIEt 6ROUP PHILIPPINES,
ffi* mlss
,L*FP'T.'HS
1ZF Makdi Sky Plaza
6788 Ayala Ave., Bpy. San Lorenzo,
MakatiCity

We have $(amined the financial slalements of WEBHELP PHILIPPINES lNC. (funefly: SEILByTEL GROU?
PHILIPPINES, LVc.) for the years ended December 31,2021 and 2020, on which we have rendered lhe ettachBd
reporl, dated May 5,2022.

ln compliance with SRC Rule 68, we ere stating that the said Company has one ('l) shareholder owning more than
one hundred (100) shares.

RAMON F. GARCIA & COMPANY, CPAS

By:

CPA Certificate No. 0078850

PTR No. 8891006, January 29,2022, Matati City
TIN '10!540-663-000
BOA/PRC Aecredhation No. 0207 (November 1 1, 2019 - April S, 2023)
Partneis BIR Acgeditation No. 0&o01759-oo3-2gm (Febrrary 24,2020 to February 23, 2023)
Pertne/s SEC Accreditation No. 78850, Group A (Valid for the audit of 2019 to 2023 finaneial staements)
Firm's BIR Acsreditation No. 08-00't75p001-202O (February 24,2OZO to February 23, 2023)

ReNn F. Gstiz lrd C,/rrf,sny, CeSe e E lBrba. ot C,@ C12.,r,,a,l.ei*leiir€ A&1ir Te A, Arfv $f, Ss(\s. Ci-.€ Gfrl t: ilrillsl
a&d iftdepada{( 9-.!rx$r$ €d i@,,tirE ftrhslh* rE1affi,.,J i' ff Gre in a;4"R{ria nior tt* I'qleiea{ f*
tllto

I3..,]i RsmNr F. G.eiE & G+Y$uy, CPr€

Datez 2023-04-04 Time: 09:4L:4'l AM

 Raton F. Goreia a C(rrfaary CPAS
,)ir"", CfOWe JoF Burg*ndy CoTorsta Towa,
252 Sen. cll PLryEl Ave , Makdi Gfty
Tel*p,\*ne I'lo +S32 Ee21 6 63
ltrdw f t-iri€

INDEPEN

The Shareholders and Board of Directors

WEBHELP PHILIPPINES INC.
(fw rnefly : sE L LBYTEL GROUP pHt LtpptNEs,
"l?F Makati Sky Plaza
6788 Ayala Ave., Brgy. San Lorenzo,
Makati City

Report on the Audit of the Financial Statements

ONnion

We have audited the accompanying financial statements of WEBHELP PHIUPPINES lNG. (formetty: SELLBrTEL
GROUP PHlLlPPlNEs, INC.) which comprise the statements of financial posilion as at Decembei 3.1, 2021 and
2020, and the statennents of inecme, slstements of changes in equity and statemenls of cesh flows for the years
then ended, and notes to the financial statemerts, including a summary of significant accounting policies.

ln our opinion, the accompanying financial statements present fairly, in all material respects, the financial position
of WEBHELP PHILIPPINES lNC. as at December 31,2021 ano 2o20, and its financial perfbrmance and its cash
flqryg for the years then encted in accordance wilh Philippine Financial Reporting Slandards for Small Eilities
(PFRS for SEs).

Basrs for Opinion

We conduded our audits in accordance with Philippine Stanrlerds on Auditing (pSAs). our responsibitities under
those standards are further described in the Auddors' Respons,bilides for fhe Auail bf me Fin'ancialsfafiernenfs
sedion of our report. We are independent of the Company in accordance with the Gode of Ethics for professional
AcoountsDts in the Philippines (Cocle of Ethics) together with the ethical requirements thet are relevant to our audjt
of the financisl slatements in the Philippines, and we have fulfilled our other ethical responslbilities in accordance
with these requitetrtents arid the Cude of Eii',;';s- We bs;ieve ihat ihe audit evicler'Le we have otrtained is sufficient
afld appropriale to provide a basis for our opinion.

ResponsiD/lres of Managemeot and Thase Charged with covemance forthe Financial Stalements

Management is responsible for the preparation and fair presentation of the financial slatements in ascordance with
Philippine Financial Reporting Standards for Small Entities (PFRS for SEs), and for such intemal corflrol as
managemenl delPrmines is necessary to enable the prepsralion of the financial statEme[ts that ere free from
material misstatement, whether due to freud or enor.

ln preparing the financial statemeflls, manegement is responsible for assessing the Company's ability to continue
as a going concem, disdosing, as applicable, matlers related to going eoncern and using thagoing concern basis
of accouniing unless management eilher intends to liquidate the Gompany or to ceale operations, or has no
realistic altemalive but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Audilars' Respons'brTifies for flro Audil of the Financial Sldemenfs

REton F G..L;: aM Csr,Frny, CFAr * B reinl+. of C.a*s Gl?,.a] .$i'#*rr€ erj{ T4 & A:!dar) s,s ,ia C.. t^{q i{cl M!6.d 3r srirrBtr
aftdind+r,pdrnd'::i:r'li,"Jrlc:-L.-strilir'dFr*rss!ilelLqwJb&c*rdsinsK.fl.s*rnv*uueprw*-pe r .r$l liertg.ou.€Gr,fal iti'lt
€ a MFpra,rir:'i€ i,ibiy r*: +W ,\4, Vv-rk polydeylat *&rc tC.!q{S. .s,ei$ lre b/ t}p
aifrts oi enJ do n.f; €ii&ie rc sf.l,e, drd ar* ftA tird*. fior 6-€ ar-.:&*i, {1 6 !}-.k, /'t.,vi,Jal
z

. |LP49SELBG-Prc-T
Date: 2023-04-04 Time: 09:4L:47 AM
verffUf ame: Kasandr
 As part of an audit in accordance with PSAs, professional judgment and maintain
skeptieism throughout the audit. We also:

r ldentify and sssess the risks of material Int ct ihe financisl statemeitts, to fi"aud or
enor, design and perform audil {h$se aS$
r'o
sufficient and appropriate to provide $pinion. &k
misstaternerft resuhing frcrn fraud is
colluslon, forgery, intentional

. Obtain an understanding of intemal

are appropriate in the cirBumstances, hn b$hidfr drn lhe€ff&iveness
of the Company's intemal control.

. Evaluate the appropri€teness of accounting used end the reasonablensss of accaunling

e$imates and releted disclosures made by

r Conclude on the appropriateness of management's use of thB 0oin0 concern basis of sccounting and,
based on the audit evidence oMained, whether a material uncertainty exists related to events or conditions
that may cast s(lnificsnt doubl on the compsfly's aHlity to coritinue as a going @ncem. lf we conclude
that a material uncertainty exists, we are required to draw attention in ouieuditors' report to the relat€d
disclosures In the financial datements or, il s.rch disclosures are inadequete, to modiry our oprinion. Our
conclusions are based on the audit evidence obtainecl up to the date of our auditors; report. However,
future events or conditions may cttuse the Company to ceese to contlnue as a going cDncern.

r Evaluale the overall presentation, strudure and content of the financial statements, including the
disdosures, and whether the financial stalernents represent the underlying transadions and events in a
manner thst achieves fair pesentation.

We cornnnunieate with these cha!"ged with govemance regarClng, ernong cther metters, the plcnned scrpe arC
timing of the audit and signiRoant audit finrlinqs, including any significant delisiencies in inleinal control that we
idenlify during our audit.

Report on Other Legal and Regulatory Requirement

Our audits were conducted for the purpose of forming an opinion on the basic financial statements laken as a
whole. The supplementary information on taxes, dulies and license fees in the Notes 10 th6 Financial Statements
is Presented for purposes of frling with the Bureau of Intemal Revenue and is not a requlred part of the basic
financial statemenls. Such supplementary intormation is the responsibility of management. The supplemenisry
inFormation has been subjected to the auditing procedures applied in our audit of the basic financial staiements. ln

PTR No. 6E9100ts, January 29,2022, Makati City

TIN 105-540-68$000
BOtuPRCAccreditation No.0207 (November 11 .2015 -Aprit S,2023)
Parlner's BIR Accreditation No. 08-0017s9-003-2020 (February 24,2o2o to February 23,2o2g)
Pannefs SEC Acffeditetion No. 78850, Group A (Valid forthe audit oI 2O1g to 2023 financial siatemenrs)
Firm's BlRAccreditation No.08-0017s1001-2020 February 24,2o2oto February 23,zozg)
Firm's SEC Accreditetion No. 0207-SEC-A (Valid for the eudit of 2021 to 2025 finincial statement,

May 5,2022
Makati City

YX::*ti:'":."Y.a"llryyj9l*-r:-r rJ:"Y:t*.y cuAqi r$i+lsii$rqiifi_ Tax&Adisr4.E^6. Gi:*

8nd in,i+8.'"jient &..l;Efitieo aftJ l* $erfing filrns
iiat are li_p/,1.4€i io re Cf:@ ln i4,FJitr sxh !I€ i{x.airJ $
Gnd{t: a r€\ylrrg,dar'd;,r*tfrprd,f or}-+,idie
is a rcnfr$r.li/ig ei
fi lo i,'ret cii^-,k Cr$ps Gllal ltlrll
*,/4 !-; !1a.^. S4 .ibij L"/ ltE
{Sa"'.:& 3f, ead 3f rct . ?ie s:ara's a*
@ :1,: R&t
^-a
F Geri,e E C6rtuty, CFAS

Date : 2023-04-04 Time: 09: 47:47 AM

Df Wl"t Llvql liU

 WEBHELP PHILIPPINES INC.
(fonnerl y: S ELL BW EL G RO U P
(A Wholly-Owned Subsidiary of Sellbytel $*cur*tf
Statements of Financial Position
As at Decembet 31 .2021 and 2020 ffixchun
(ln Philippine Pesa)
0ommis*
PFiiLlppt
ASSETS 2021

Current Assets
Cash in banks 16,503,504 20,786,124
Trade and other receivables 64,3gg,46g 14,236,829
PrepaymenLs and other cunent assets 300,281 1,870,570
income tax 1.971,79'l
523

Non-current Asset
Property and equipment, net 25,6 714,389
Deferred tax assets 2m, l,b 3,324,497 364,321
- Total 4,03S,876 364;321

TOTAL ASSETS 87,2A3,921 37.257.844

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Trade and other payables 2c,2h,7 1 0,080,388 1,779,247
lncome tax payable 2m 233,946
Other current liabilities I u,rar,rrc 2.654.282
037 4,667,475

Non-cunent Liabilities
Due to related parly 2n, 16 43,282,714 14,738,379
Pension liability 2j, 13 2,9S8,78S 2,OOO,22Z

TOTAL LIABILITIES

SHAREHOLDERS' EQUITY 2k, 14

Subscribed and fully paid capital 10,600,000 10.600.000

TOTAL LIABILITIES ANO SHAREHOLDERS' EQUITY

fsse noles l,o,tnan0ffi I stalements)

r!;
tSttut

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Date: 2023-04-04 Time: 09:47:47 AM
Verlfi
 WEBHELP PHILIPPINES ING.
(formefly: SELIBYIEI GROUP
(A Wholly-Owned Subsidiary of
L$ f.fif $

Statements of Income Kffihffif-*

For the years ended December 31, *,@^
(ln Philippine Pesrj LI
'S*
Pi"JrLrFptft{:

Revenue 21, g 142,1 10,979 25,571 ,683

Cost of services Z, 10 (136,904,021) (21.079.695)

Gross profit 5,206,958 4,491 ,g8B

Profit (loss) from operations (11 ,690,635) 1,s80.592

Other income (expenses) net Zl, 12 (5.310.949) (319.217)

Prorit (loss) before income tax

Provision for income tax (benefit) 2m, 15

Current 2,425,571 (678,701)
Deferred 182,822
Total 3,074,631 (495.87S)

1 .165.496
(see no1f,9 to li,2an6,aj slalFmert$J

g&,;:t'r1$':$fl,S Tr
 WEBHELP PHILIPPINES INC,
(formerlll: SEttByTEt GRO U P PH lLlPPt NES,
(A Wholly-Owned Subsidiary of Sellbytel Group e..$r$tE
Statements of Chanqes in Equity
For the years ended December 31,2021 and Kffihffiffi
(ln Philippine Pase)
ffi o
rss
TOTAL

Balances as ast December 31, 20'19 4,086,272 14.686,272

Net profit for the ye€r 1,.1q5,-4"99.."..,.._ 1,165,4e6

Feg@ ffi k" :d*s

3o117
Vertfiod eir\i"r.ii sEL!

Dater 2023-04-04 Time: 09:41:.4'l AM

 WEBHELP PHILIPPINES INC.
({orme dy: S ELLBYT EL G RO tl P
(A Wholly-Owned Subsidiary of Settbytet
Statements of Cash Flows
1
l
*ffur$tl
For the years ended December 31, 2021 and KChtr$1
(ln Phitippine Pew)
, #ffi m$ss
ntl!LtpFlNE

GASH FLOWS FROM OPERATING ACTIVITIES

Profil (lo*s) before income tax (17,001,584) 1,661,37s
Adjr.rstment for non cssh ilems:
Depreciation 6 64,944
Retirement expense 13 958,s62 543,215
lnterest expense on loan 16 2,359,795 40,084
lnterest income on cash in bank 3
OPERATING (13,627,259)
lncrease in current assets
Trade and olher receivables (50,152,639) (7,007,3S7)
PreFayrnents and o(her current assets (401,502) (1,823,773)
lncrease in current liabilities
lnqrease in trade and other payables 8,301,141 580,695
lncrease in other current liabilities 2,939
USE 7,3211
lnterest income received 8,976 26,404
lncrease in pension liability

NET CASH USED IN OPERATING ACTIVITIES

CASH USED IN INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

46,184.540 13.sm 162

NET TNCREASE (DECREASE) tN CASH tN BANKS (4,252,620) 6,209,304
CASH IN BANKS AT THE BEGINNING OF THE YEAR 20,786,124 14.576,820

fsde,7oirJ lo 6naner?.1 sJaa€me4ts]

4of 17 L-AFs?C11

Date: 2023-04-04 Time: 09:47:47 AI\4

Lr.KQea!,dra DaI
 WEBHELP PHILIPPINES, INC.
(formedy: SELLBYTEL GROUP PHILIPPINES, tNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding Gernran
Notes to Financial Statements
As at and forthe years ended Decenrber 31,2021
(ln Philippine Peso)

Sellbytel Group Philippines, lnc. (herein tdadrlr* i&l0#Elle existing

Philippine Laws on November 13, 2018 with 0ornnisiqn $(SEC} with SEC
Registration Number CS201841430. lts purpose business of providing business process
outsourcin g services for internationa I support shared services, induding but not limited to
information and technology, back office technology or contact center activities, data entry and
encoding, data management, customer support services, support and do any and all things necessary and
proper in the pursuance of the above objects without telecommunications business.

The Company is a wholly-owned subsidiary of Sellbytel Group GmBH (the 'Parent'), a corporation organized and
exisling under the laws of Germany. For the current year, name of Parent was change to Webhelp Holding
Germany GmbH.

The Compatty's registered office address is located at 1ZF Makati Sky Plaza, 6788 Ayala Avenr.re, Brgy. San
Lorenzo, Makati City, Philippines, 1223

The accompanying financial statements of the Company for the years ended December 31 ,2A21 and 2020 were
reviewed and authorized for issue by the Board of Directors on May 5,2022.

Note 2 - Significant Accounting Policies

The financial statements prepared by the Company is in accordance with the 'PFRS for Sntall Entities" issued by
the Financial Reporting Standards Council (FRSC). The significant accountirrg policies that have been used in the
preparation of the financial slatements are set out below. These policies have been consistently applied to the
period presented, unless otherwise stated.

a. Basis of preparation

1. Statement of compliance with Philippine Financial Reporting Starrdards for Small Entities.

The financial statemenls of the Association have been prepared in acserdance with Philippine Financial
Reporting Standards for Small Entities (PFRS for SEs) (the 'Framework') as approved by the Financiat
Reporting Standards Council, Board of Accountanry, and Securitles and Exchange Commission (SEC).

SEC Memorandum Circular No. 05 (2018) defines small entilies as those that meet all the following
criteria:

i. total assets of between P 3 million to P 100 million or total llabilities of between P 3 million to P 100
million. lf the entity is a parent company, the said amounts shall be based on the fgures;

ii. not required to file financial statements under Part ll of SRC Rule 68;

iv. not holders of secondary licenses issued by reg

The PFRS for Small Entities was approved by the

:.-r.i;,${
Fi Standards Gouncil (FRSC) on
December 13,2017 and by the Board of Accountancy Professional Regulation Commission
(PRC) on February 20,2A18.

2. Basis of measurement

The financial statements of the Company have been prepared under the historical cost convention, excepl
for retirement liability whir:h as preserrted at presenl val basls whlch
contemplate the realization of assets and settlement of liabiliti
.*;+!Pi:,'
..p"e, I 4b
'ifi,ruJ
L,y: rer:
Date: 2023-04-04 Time: 09:4I:4'7 AMase5oftz
SELLBYTEL
 WEBHELP PHILIPPINES, INC.
(formefly: SEttByIEL cROUP PHILIPPINES, lNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding G
Notes to Financial Statements
As at and for the years ended December 31,2021
(ln Philippine Peso)

The preparation of financial statements

accounting estimates. lt also requires
required accounting policies.
o 'fT\T
the

3. Functional and presentation curency PF.l IL*PPiNRS

'are
Items included in the financial statements of measured using tlre currency of the primary
econonric environnlent In which the entity functional cunency). The financial stalements are
presented in Philippine Peso, the Company's currenry, and all values represenl absolute
amounts Except when otherwise indicated.

b. Financial lnstruments

A financial instrument is any contract that gives rise to both a financial asset as one entity and a financial
liability or equity instrument of another entity. A financial instrument is recognized when the entity becomes a
party to its contractual provisions. The Company classifies its financial instruments into the following
categories: (a) basic financial instruments, and (b) complex flnancial instruments.

The Company's basic flnancial instruments consist only of cash in bank, trade and other receivables,
accrued expenses and advances. The Company does not have complex financial instruments.

c. Basic Financial lnstruments

lnitial instrument

On initial recognition, a debt financial instrument is measured at transaction price (including transaction
costs), unless the arrangement is in effect a flnancing transaction. ln this case, it is measured at present
value of the future payment discounted using a market rate of interest for a similar debt instrument.

Subsequenl m e asu re ment

Debt financial inslruments are subsequently measured at amortized cost using the effective interest method.

lmpairment of financial inslruments measured at amodized cast

At each reporting dale, the Company assesses whelher there is objective evidence of impairment on any
financial assets that are measured at amortized cost. Where there is any objective evidence of impairment,
an impairment loss is recognized immediately in profit or loss.

The impairment loss is the difference between the asset's carrying amount and the present value of
estimated cash flows discounted at the asset's original effective interest rale.

Derecognition of laranclal assels

An entity only derecognizes a financial asset when the contractual rights to the cash flows from the assets
have expired or are settled, or the entity has transferred to ano(her party substantially all the risks and
rewards of ownership relating to lhe financial asset.

D e re cogr r i ti on of fin an ci al li abilit i e s

Financial liabilities are derecognized only when these are extinguished - that is, when the obligation is
discharged, cancelled or has expired.

d. Cash in bank

Cash in bank is carried in the statement of financial position at cost. Cash in bank generally earns interest
based on daily bank deposit rates.

e. Trade and other receivables

Trade receivables represent amounts colleclible from

shall recognize the receivable only when the entity becomes a

Date: 2023-04-04 Time: 09:47:41 AIWaoe6or17

 WEBHELP PHILIPPINES, INC.
({ormedy: SELLBYTEL GROUP PHILIPPtNES, lNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding
Notes to Financial Statements
As at and forthe years ended December 31,2021
(ln Philippine Peso)

Receivables are recognized initially at ' the

undiscounted amount which is normally at
undiscounled amount of the cash or other
of trade receivables is established when th+t ltlq €cpRpny lillgrg be able to
collect all amounts due according to the

Other receivables pertaining to advances for carried at face value and less allowance for any
uncollectible amount.

Receivables are included in cunenl assets if maturity is within 12 months from the reporting period.
Otherwise, these are classified as non-current assets.

f. Prepayments and other current assets

Prepaynrenls represent expenses not yet incurred but already paid in cash. Prepayments are initially
recorded as assets and measured at the amount of cash paid. Subsequently, these are charged lo the
statement of income as they are consumed in operations or expire with the passage of time. Prepayments of
the Company pertains to prepaid insurance and other prepayments.

Assets that are expected to be converted to cash within 12 months or to be realized, sold or consumed
within the Company's normal operating cycle are classified as cunent assets in the statement of financial
position. Other current assets recognized by the Company includes deferred input taxes arising from
purchases of services and other cunent assets.

s. Property and equipment

Property and equipment are carried at cost less accumulated depreciation and accumulated impairment in
value.

The initial cost of property and equipment comprises ils purehase price and any directly attribrrtable cost of
bringing the asset to its vrorking condition and location for its intended use. Expenditures incurred after the
assets have been put into operation, such as repairs and maintenance and overhaul costs, are normally
charged to expense in the period the costs are incuned. ln situations wlrere il c.an be clearly demonstrated
that the expenditures have resulted in an increase in the fulure economic benefits expected to be obtained
from the use of an item of property and equipment beyond its original assessed standard of performance, the
expenditr-rres are capitalized as an additional cost of property and equiprnent.

Depreciating an item begins when property and equipment is available for use and to continue depreciation
of an item until it is derecognized, even if in lhat period the item is idle.

Depreciation are calculated on a straight-line basis over the following estimated useful life of the assets:

Asset Cateqory Estimated Useful Life

Computer equipment 3 years

The useful life and depreciation method are reviewed periodically to ensure that the period and method of
depreciation are consistent with the expected pattern of economic benefits derived from items of property
and equipment.

An item of property and equipment is derecognized upon disposal or when no future economic benefits are
expecled from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the
difference behveen the net disposal proceeds and the carrying amount of the asset) is included in the
statement of income of such period. The carrying amount of a part of an item of property and equipment is
derecognized if that part has been replaced and included the cost of the replacement in the carrying amount
of the item.

Date: 2023-04-04 Time: 09: 41,:47 AMaseTor17

 WEBHELP PHILIPPINES, INC.
(formeily: SELLBYTEL GROUP PHILIPPINES, lNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding
Notes to Financial Statements
As at and for the years ended December 31, 2021
(ln Philippine Feso)

Property and equiprnent are reviewed for i the

carrying values may not be recoverable. lf "&fi66,*t exqeed
the estimated recoverable amounts, the to their
recoverable amounis. The recoverable nSsdliqgff,priHe erd value in
use. The net selling price is the amount of an asset in an arm's length transaction
while value in use is the present value of flows expected to arise from the continuing
use of an asset and from its disposal at the end life. Recoverable amounts are estimated for
individual assets or, if it is not pos-sible, for the unit to which the asset belongs.

A previously rccognized impairment loss is rcversed only if there has been a change in the estimates used to
determine the recoverable amount of an asset, however, not to an amount higher than the carrying amount
that would have been determirred (net of any depreciation and amortization) had no impairment loss been
recognized for the asset in prior years. A reversal of an impairment loss is credited to cunent operations.

h. Trade and other payables

Payables of the Company representtrade payables, accrued expenses recognized during the year and other
cLrrrent liabilities.

Trade and other payables are recognized initially at the transaction price and subsequently measured at
anrorlized cost using the effective interest method.

Other payables are recognized initially at the transaction price and subsequently measured at amortized cost
using the effective interest method.

Accrued expenses are recognized based on expected amount required to setfle the obligation or liability.

Provisions and contingencies

Provisions are recognized when the Company has a present obligation, either legal or constructive, as a
result of a pasl event, it is probable that the Company will be required to settle the obligation througlr an
outflow of resources embodying economic benefits, and the amount of the obligation can be estimated
reliably.

When the effect of time value is material, provisions are measured at the present value of the amount
expected to be required to settle the obligation using a pre-tax rate(s) that reflect(s) current market
assessments of the time value of money and the risks specific to the obligation. Changes in the provisions
due to passage of time are recognized in statements of income.

Contingent liabilities and assets are not recognized because their existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
enti$. Contingent liabilities are disclosed, unless the possibility of an outflow of resources enrbodying
economic benefits is remote. Contingent assels are disclosed only an inflow of economic benefits is
probable.

Employee benefits

Employee benefits are all forms of consideration given by an entity in exchange for service rendered by
empioyees, including direetors and management. Employee benellts are recognized when the employee
eams those benefits, not when those benefils are paid in cash. Employee benefits of the Company comprise
of the following:

1. Short term

Comprise of the monetary benefits like wages, salaries, social security contributions, bonuses and meal
allowances. While non-monetary benefits consist of medical care.

Date: 2023-04-04 Time: 09:4L:41 AMage8orlT

 WEBHELP PHILIPPINES, INC.
(farmedy: SELLBYTEL GROUP PH|LIPPINES, lNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding
Notes to Financial Statements
As at and for the years ended December 31,2421
(ln Phiiippine Peso)
# e$r$t$
2. Retirement benefit obligations xffifuffin
The Retirement Plan is non-conlributory and
full-time employees. The Retirement t herpfit qual*o Orp*alGl\&nlh's Final
Salary for every year of Credited Service Republic Act No. 7641 (Retirement Pay
Law), wherein 'one-half month' is defined as salary plus one-twelfth (1112) ol the 13th
month pay and the cash equivalent of five (5) incentive leave. Benefits are paid in a lump
sum upon retirement or separation in accordance wi the terms of the Plan,

The cost of the defined benefit Retirement Plan is determined by applying the Accrued Benefit Actuariel
Cost Method (Projected Unit Credit). Computed benefits were treated as accrued retirement benefit cost.
Accrual approach is applied by calculating the expected liability as of reporting dale using the current
salary of the entitled employees and the employees' years of service, without consideration of future
changes in salary rates and service periods.

k. Equity

Share capital is determined using the nominal value of shares that have been issued.

Accumulated profits include current and prior period results as disclosed in the statement of income.

Revenue and expense recognition

Revenue is measured as the fair value of the consideration received or receivable, net of disaounts,
excluding returns and value-added tax. Revenue is recognized to the edent that the revenue can be reliably
measured and it is probable that the economic benefits will flow to the Company; and the costs incurred or to
be incurred can be measured reliably. ln addition, the following specific recognition criteria must also be met
before revenue is recognized:

1. Rendering of services - revenue from rendering of services is recognized upon billing.

2. lntercst - revenue is recognized as the interest accrues taking into accounl the effective yield on the
asset.

3. Other incanle - other income and other non-operaling income are recognized when eamed.

Cost and expenses are recognized in the statement of income upon utilization of services or at the date they
are incurred.

m. lncome taxes, deferred taxes

The Company uses deferred income taxes method, under this method, an enl.ity shall recognize the current
and future tax consequences of transactions and other events that have been recognized in financial
statements-

Cunent lncome Tax

Current income tax assets or liabilities comprise those daims from, or obligations to, fiscal authorities
relating to the current or prior reporting period, that are uncollected or unpaid at the reporting period. They
are calculated using the tax rates and tax laws applicable to the fiscal periods to which they relate. based on
the taxable profit for the year. All changes to current tax assets or liabilities are recognized as a component
of tax expense in the statement of income

Defened Tax

Deferred tax is income tax recoverable in respect of the tax loss for future reporting periods as a result of
past transaclions or events.

Date: 2023-04-04 Time: 09:41241 Alhaoeeorrz andra DalIo

 WEBHELP PHILIPPINES, INC.
(formerly: SELLBWEL GROUP PHILIPPINES, lNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding
Notes to Financial Statements
As at and for the years ended December 31,2021
(ln Phitippine Peso)

n. Related party transactions and relationshi ffixehun

Related party relationships exist when one
or more intermediaries, the r>ther party or "Sarsff*I oue6 the rDthentpgrt$ in
making
olle

financial and operating decisions. Such between and/or among entities which are
under common control with the reporting ente and/or among the reporting enterprises and
their key management personnel, direclors, or its rs. Transactions between related parties are
accounted for at anns' length prices or on terms to those offered to non-related entities in
economically comparable market.

ln considering each possible related party relationship, attention is directed to the substance of the
relationship and not merely on its legal form.

o. Events after reporting period

Post year-end events that provide additional information about lhe Company's position at the end of the
reporting Beriod (adjusting events) are reflected in the financial statements. Post year-end events that are
not adjusting evenls are disclosed in the notes to the financial statements when material.

Note 3 - Gash in Bank

The Company's balance of cash in bank amounts to P 16,503,504 and P 2O,786,124 as at December 31 ,2021
and2O2O, respectively. Cash in bank generally earns interest based on daily bank deposit rates.

lnterest income earned for 2021 and 2O2O anrounted to P 8,976 and P 26,404, respectively.

Note 4 - Trade and Other Receivables

This account consists of

2021 2020
Trade receivables 58,257,505 13,849,292
Trade receivables - related party (Note 16) 5,728,481 300,454
Other receivables 403,483 87,083
Total 54,389,469 14,236,829

Trade receivables pertains to receivable from customers for virtual support services billed by the Company and
intercompany reeeivable.

Other receivables consisl of advances subjeet to liquidation and receivable from SSS.

Note 5 - Preoavments and Other Current Assets

This account consists of:

2021 2020
Deferred input 81,205
Other prepayments 219,076 1.870,570
Toial 300,28't 1,870,570

ln 2021 , other prepayments perlain to unclainred creditable withholding tax and other payments to supplier while
in 202O, it mainly pertains to incentive provided with attached bond for length of service to be provided.

Date: 2023-04-04 Ti-me:

 WEBHELP PHILIPPINES, INC.
(tormedy: SELLBYTEL GRAUP PHILIPPINES, lNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding
Notes to Financial Statements
As at and for the years ended Decenrber 31, 2021
(ln Philippine Pesa)

Note 6 - and net

The classifications of property and equipmerrt at

follows:
[)i"r,ttli) It,l {1 $

Computer 2021
TOTAL

Cost
December 31,2020
Acquisltions 779,333 779,333
Disoosal
December 31.2021 779,333 779,333

Accumulated Deprecialion
December 31, 2020
Depreciation 64,g44 64,94
Disoosal
December 31 .2021 64,944 64,944

Garrvino Value 7'14,389 714,389

The Company's acquisition of property and equipment amounted to P 779,333 and nil in 2021. Major acquisition
pertains to laptops to support the Company's expansion of operations.

Depreciation charged to operations during the year 2021 and 2020 amounted to P 64,944 and nil.

Management believes that lhe carrying value of the Company's property and equipment approximates its fair
values or recoverable values. Also, after due consideration of the assessment of its assets for impairment, the
Management believes that there are no indications that the property and equipment as at December 31,2021
impaired nor its carrying amount cannot be recovered.

There are no property and equipment items as at December 31 ,2021 and 2020 that are pledged as security to
liabilities.

Note 7 - Trade and Other Pavables

This account consisls of;

2021 2020
Trade payables 6,308,293 939,740
Accrued expenses 3,598,614 686,274
Other oevables 173481 153,233
Total 10.080,388 1,779.247

Trade payabies represents amount billed by suppliers for goods or services acquired during the course of
business of the Company. This also includes rebates entitlement of customers that shall be applied against future
receivables with the customers.

Accruals represents expenses already incurred but not yet billed, including accrued professlonal fees and other
expenses. This also includes acerued expenses related employees such as commission, employee beneflts and
other accrued expenses.

Date: 2023-04-04 Time: 09: 41-:41 Altage 11or17

 WEBHELP PHILIPPINES, INC.
(fomerly: SELLBYTEL GROUP PHILIPPINES, lNC.)
(AWholly-Owned Subsidiary of Webhelp Holding
Notes to Financial Statements
As at and for the years ended Decenrber 31,2021
(ln Philippine Peso)
Sec$rlti
Note 8 - Other current liabilities

This acsount consists of: *omffiriss

IP
202'l
Deferred output tax 4,867
Vat payable 1,330,602 357,826
Withholding taxes 2,594,414 2,126,854
SSS, PHIC and HDMF liabilities 164.77',t 169.562
Total 8,957,220 2,654,282

Note 9 - Revenue

Revenue of lhe Company represents income from virtual support servises provided to ils customers. This
includes senrices as virtual operation support specialists, virtual marketing manager, virtual demand generalion
specialists and virtual team lead services. These are billed on a monthly basis on a 30 - 60 days' paymenl terms.

As at 2A21 and 2020, the revenue of the Company from these services amounted lo P 142,110,g7g and
P 25,571 ,683, respectively.

Note 10 - Cost of Services

This account consists of:

2021 2020
Salaries and other benefits 123,552,923 19,453,7'16
SSS, PHIC and HDMF contributions 7,062,245 769,677
Employee benefits 5,158,507 170,3?1
Retirement expense (Note 13) 792,921 543,215
Consultants' Fees 240,000 120,943
Tran and 97.425 21,823
'136,904.021 21.O79

Note 11 - Operating Expenses

This account consisls of:

2021 2020
Salaries and other benefits 8,345,537
Professional fees 3,825,756 1,921,517
Sofhnare and licensing expense 802,549
Recruitment expense 685,600
Taxes and licenses 668,909 140,823
SSS, PHIC and HDMF contributions 304,320
Bank charges 290,769 48,673
Employee benefits 279,457
lnsurance 172,615 317,U8
Retirement expense 't 65,641
Training expense 111,564
Depreciation 64,94
Total 16,897,593 2.S j 1.396

PaSo
Verified b,,: z
w,
Date: 2023-04 -04 Time: 09:47:4'7 AMasel2oriT Use

. :) ,i : :l
 WEBHELP PHlLIPPINES, INC.
(formedy: SELLBWEL GROUP PHILIPPINES, lNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding
Notes to Financial Statements
As at and for the years ended December 31,2021
(ln Philippine Peso)

Note '12 - Other lncome

This account consists of: Gm

FATLIFPI
m6ss
2021 2020
Unrealized forex loss (2,960,131) (66,1e2)
lnterest expense (Note 16) (2,359,795) (40,084)
lnterest income (Note 3) 8,976 26,444
Realized forex loss _ (239,345)
Total (5,31 0,949) (31 9,217)

Note 13 - Pension liability

The Company has a non-contributory and of the final salary, defned beneflt type covering regular and full-tlme
employees. The retirement plan provides a retirement benefit equal to one-half month's final salary for every year
of credited service in accordance with Republic Act No. 7641 , wherein "one-half month" is defined as lifteen (15)
days salary plus one-twelfth (1/12) of the 13th month pay and the cash equivalent of five (5) days of service
incentive leave. Benefits are paid in a lump sum upon retirement or separation in ascordance with the terms of
the Plan.

Movement of accrued pension liability for the year is as follows:

2021 2020
Beginning, Jan. 1 2,000,222 1,457,007
Add: Accrual for the vear 958,563 543,215
Ending, December 31 2,S58,785 2,040,22:2

Additional accrual of retirement expense for the year amounted to P 958,563 (2020 - P 543,215), in whiclr P
792,921 (2020 - *3,215) is reported under cost of service while P 165,641 (2020 - nil) is under operating
expenses

Note '14 - Equitv

a. Details of the shareholde/s equity as at December 31 ,2021 and 2020 are as follows:

No. of shares Amount

Authorized share capital
Ordinary shares of slocks @ 1 par value 10,500,000 10,500,000

Subscribed & oaid 10,500,000 10,600,000

b. As at Desember 31,2021 and 2020, the Company has one (1) shareholder owning more than one hundred
('100) shares.

r?q$ffi*f

Date: 2023-04-04 Time: 09: 4l:47 A}hase13of 17 UserffifiEii Kasandra Dallo

SELLBYTEL-AFS2N21
 WEBHELP PHILIPPINES, INC.
(formerly: SELLBWEL GROUP PHILIPPINES, lNC.)
(A Wholly-Owned Subsidiary of Webhelp Holding G
Notes to Financial Statemenhs
As al and for the years ended December 31, 2021
(ln Philippine Peso)

Note 15 - lncome Deferred Taxes

a. lncome tax benefit (expense) Conruffi3ss

0ut
2021

Taxable (profit) loss at applicable lax 2,311,106

Effect of chanqe in tax rate - CREATE - '114,465
Subtotal 2,425,571 (687,701)

Deferred tax:
Retirement expense 19',t,712 162,965
Realized Forex Loss - previous year s,238)
(1
Unrealized Forex Loss 592,025 19,857
Effect of chanqe in tax rate - CREATE (121,440l,
Subtotal 649,060 182.822

lncome tax benefit (expense) 3,074,63'l (495,87e)

Reconciliation of provision for ineome tax using statutory rate to provision for income tax as shown on the
stalements of income is as follows:

2021 2020
lncome tax at statutory rate of 30% 3,400,317 (4S8,413)
Adjustments; (tax effects)
Effect of change in tax rate - CREATE (5,975)
Other adjustment (13,239)
Non-taxable income 1,795 7,921

b. Deferred tax assets

Deferred tax assets of the Company as at 2021 and 2O2O are as follows:

2021 2020
NOLCO - 2021 2,31 1 ,105
Retirement liability 42',1,356 344,444
Unrealized forex loss 592,026 19,857
Total 3,324,487 364,321

NOLCO for 2021will expire in2O26.

Optional Standard Deduction

Effective July 2008, Republic Act (RA) 9504 was approved giving corporate taxpayers an option to claim
itenrized deduclion or optional slandard deduction (OSD) equivalent to 40% of gross income. Once the
option to use OSD is made, it shall be irrevocable for the taxable year for which the option was made.

For 2021 and 2020, the Company opted to claim itemized deductions.

G€8tr.Y

Palis - -_ fregea
Date: 2023-04-04 Time: 09: 47:47 AMease 14o117 Verifio<l -' US
 WEBHELP PHILIPPINES, INC,
(formedy: SELLBYTEL GROUP PHILIPPINES' INC-)
(AWholly-Owned Subsidiary of Webhelp Holding Ge
Notes to Financial Statements
As at and for the years ended December 31, 2021
(ln Phitippine Fesa)
ffGr$ti
d. Changes in tax rates Kffi&#s'}
On March 26,2A21, the President signed i 3
Reeovery and Tax lncentives for Enterprises wFich{ redlceditre cprFpr*eSincome tax
rates and rationalized the cunent flscal i time bound, targeted and performance -
based- CREATE Act introduces reforms in the : income tax, value - added tax, and tax
incenlives, aside from providing COVID - 19 reliefs The salient provisions of the Create Act
applicable to the Company are as follows:

1. Etfective July 1,2020, domestlc corporatiotr with tolal assets not exceeding P100 million and taxable
income of p5 miilion and below shall be subject lo 2Aa/o income tax rate while the other domestic
corporations and resident foreign corporations will be subjecllo 25n/o income tax rate.

2. Minimum corporate income tax (MCIT) rate reduced lrom 2a/s to 1% effective July 1 , 2020' to June 20'
2023:

3. The irnposition of impropei-ly accurnulated earnings is repealed'

Applying the provisions of the CREATE Act, the Company would have been subjected to lower income tax
riG ot iS,t and MCIT rate of 1% effective July 1 , 2020. Based on the provisions of RR 5-221 dated April 8,
2021 issued by BlR, the prorated income tarand MCIT rate of the Gompany for 2020 is 2516 and 1.5%,
respectively.

ln 2O21, adjustrnent is made for difference in tax rate for 2020.

Note 16 - Related

The sum6ary and nature of accounts with the related parties as at December 3'l ,2021 and 2020 and for the Year
then ended are the following:

a. Key management Personnel

2021 2020 Remarks

Nature of Tratrsactions Amount of Outstanding Amount of Outstanding
Transactions Balance Transactions Balance

Officers / Directors
Salaries of top
Compensation to keY and middle
management personnel manegement

b. Transactions with Company with comnron parent

2021 2020 Remarks

Amount of Outstanding Amount of Outstanding
Nature of Transactions Transactions Balance Transaclions Balance
Payable within 30
days from receipt
Sale of services (Note 4) 5.428,027 5.728.481 1 .411.644 300.454 of invoice
lnterest bearing &
t46.5'13.200) 160,924.000) 14.344.608 (14.410.800) unsecured
Loans Pavable

{2.318.630) Q,358,7',|41 40.084 (40.084)

lnterest
Non-interesl
bearing &
Manaoement and other fees 287.495 780.888 (287,49s) unsecured

(s7,554,233) fiAAA-g
Gi.,&a u.. ;$iii: :) i "."..2,. ")r;3 S it
,rJ@
Dd te: 2023-04-04 Time: 09: 4L:4'l AMpgsglsof 17 **l
Vetf,od
 WEBHELP PHILIPPINES, INC.
(forme rly : S ELLBYT EL G ROIJ P P H I Ll P P N E S, I NC.)
I

(aWnoiy-Owned Subsidiary of Webhelp Holding Ge

Notes to Financial Statements
As at and forthe years ended December 31,2021
(ln Philippine Peso)

On November 6,2020, the Company was gr

could borrow a minimum of $100,000 but not
'ffim&tryrr
Company
its recurring cost and is payable in two (2)
borrowed $900,000 (2O2O - $300,400) and i FIOP04IJr{eFSF}NriS
ln 2019. the Company entered into an agreement leTed company, Sellbytel Malaysia, for the latter
to provide management services including but not operation support, billing instruction and review,
coilection and commission calculation, HR coordination, for support and other relevanl seruices
such as lT, admin and training support. Balance of this account was paid in 2021 -

lmpact of Govid-l9

The implementation uarantine by lhe D-

19, which slarted in of 2Q20, has ne as
Metro Manila has do ert Level 1 in Ma ch
resulted to increasing rate of vaccinated individuals, it is I he
economic losses brought about by the COVID-19 pandemic in the succeeding years to come.

Though th theabove has implemented

sustainabil uttingprogr the negative effect
should the ComPanY c tion'

tion under Bureau of lnternal Revenue's Revenue

required part
The following supplementary information are presented for purpose of filing with the BIR and are not
of the basic financial statements.

a. Revenue Regulation No. 15-2010

ln compliance with the requirements set forth by RR 15-20'10 hereunder are the information on taxes and
license fees paid or accrued during the taxable year.

1. Output tax

2021 2420
Accounl Output Tax Tax Base Tax
Tax Base
VATable sales 98,882,473 1 1,865,897 24,7e4,901 2,974148
Zero-rated sales 1,111,190
Total 98,882,473 11,865,897 25,896,09',l 2,974,188

The Company's revenues were subjected to or"rtput tax set at 12%-fhe CompanY charged VAT based
on actual collections received, hence may not be the same amounts recognized in the statement of
income and expenses.

2 lnput value-added tax

Balance at January 1
Cunent year's domestic purchases for:
Goods and services 321 ,550 247,903
Add (deduct) adjustments:
Total output vat closed against input vat (11,865,897) 818
Vat the ,--,-*.. T.IlSzlc
Balance at December 31

Fa6p :i Fai:5
V:.rtfud b)E T4t^ $ []ato il
Date: 2023-04-04 Time z 09:41 AM P39s 16 of 17 andra Dallo
SELLBYTEL.AFS2OZl
 WEBHELP PHILIPPINES, INC.
(fo rme rty : SELLBYTEL G RO U P PH I Ll P P I N ES, IN C)
(AWholly-Owned Subsidiary of Webhelp Holding
Notes to Financial Statements
As at and for the years ended December 31 ,2O2'l
(ln PhilipBine Pesa)
, Sseur*ti
3 Taxes on irnportations

The Company does not have Cammiss

PI.I'L;PP]NES
4. Excise lax

The Company does not have excise tax in 2021

5. Documentary stamp tax

The Company have paid documentary stamp tax amounting to P 480,526 in 2021 for insurance and
loan with related party, and nil in 2020 .

6 Taxes and licenses

Payments of laxes and licenses for 2021 and 2020 are as follows:

2021 2020
Business permit 139,560 121,318
BIR annual registration 500 500
Documentary stan"tP tax 290,344
Other fees
Total 668,909 140,823

7. Withholding taxes

2021 2020
Expanded withholding taxes 181,366 17,891
Final withholding taxes 588,962 10,o2'l
Compensation withholding taxes 10,579,205 2,434,828
Total 11,349,533 2,462,740

8. Tax case and assessmetrt

, ,

The Company has no tax assessment nor tax cases as at December 31,2021 and 2020.
t

b. RR 34 - 2o2o ]

ln conrpliance with BIR RR 34-2020 (issued last December 8, 2020) in prescribing Guidelines and
Procedures for the Submission of BIR Form 1709, Transfer Pricing Documentalion [PD) and offer
supporting documents to allow the BIR to veri! that taxpayers are reporting their related party transactions
at arm's length prices, the Company is not required to submit BIR Form 1709 based on the criteria set
under the said revenue regulation,

Date: 2023-04-04 Time: 09:4I:47 AlWaqelTof 17