Section 2Sec./Art. 2

Section 28(A)(1) of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 28. Rates of Income Tax on Foreign Corporations. -

(A) Tax on Resident Foreign Corporations. -

(1) In General. - Except as otherwise provided in this Code, a corporation organized, authorized, or existing under the laws of any foreign country, engaged in trade or business within the Philippines, shall be subject to an income tax equivalent to twenty-five (25%) of the taxable income derived in the preceding taxable year from all sources within the Philippines effective July 1, 2020: Provided, That registered business enterprises under the enhanced deductions regime as provided in Section 294(C) of this Code, shall be subject to a tax rate equivalent to twenty percent (20%) of their taxable income derived from registered projects or activities during each taxable year.

x x x.

x x x.

x x x.

(B) Tax on Nonresident Foreign Corporation. -

(1) In General. - x x x."