Republic Acts1 min read
Section 4Sec./Art. 4
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Section 34 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows:
"Section 34. Deductions from Gross Income. -
x x x
(B) Interest. - x x x
(C) Taxes. - x x x
(1) In General. - x x x
(2) Limitations on Deductions. - x x x
(3) Credit Against Tax for Taxes of Foreign Countries. - x x x
(4) Limitations on Credit. - x x x
(5) Adjustments on Payment of Incurred Taxes. - x x x
(6) Year in Which Credit Taken. - x x x
(7) Proof of Credits. - x x x
(8) Input Tax Attributable to VAT-Exempt Sales. - Input tax paid on local purchases attributable to VAT-exempt sales shall be deductible from the gross income of the taxpayer.
x x x."
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