Section 26Sec./Art. 26

Section 118 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 118. Percentage Tax on International Carriers. -

(A) International air carriers doing business in the Philippines on their gross sales derived from transport of cargo from the Philippines to another country shall pay a tax of three percent (3%) of their quarterly gross sales.

(B) International shipping carriers doing business in the Philippines on their gross sales derived from the transport of cargo from the Philippines to another country shall pay a tax equivalent to three percent (3%) of their quarterly gross sales."