Section 18Sec./Art. 18

Section 109 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 109. Exempt Transactions. -

The following transactions shall be exempt from the value-added tax:

x x x

(CC) Sale or lease of goods or properties or the performance of services other than the transactions mentioned in the preceding paragraphs, the gross annual sales do not exceed the amount the Three million pesos (P3,000,000): Provided, That the amount herein stated shall be adjusted to its present values using the consumer price index, as published by the Philippine Statistics Authority (PSA) every three (3) years."