Section 3Sec./Art. 3

Section 32 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:

"Section 32. Gross Income. -

(A) General Definition. - x x x

(B) Exclusion from Gross Income. - The following items shall not be included in the gross income and shall be exempt from taxation under this Title:

(1) x x x;

(2) x x x;

(3) x x x;

(4) x x x;

(5) Income Exempt under Treaty. - Income of any kind, to the extent required by any treaty obligation, including agreements entered into by the President with economies and administrative regions, subject to the concurrence of the Senate, binding upon the Government of the Philippines;

(6) x x x; and

(7) x x x."