Section 4June 1, 1999, Sec./Art. 4

Chapter III, Section 24 of Republic Act No. 7916 is hereby amended to read as follows:

"Section 24. Exemption from National and Local Taxes. Except for real property taxes on land owned by developers, no taxes, local and national, shall be imposed on business establishments operating within the ECOZONE. In lieu thereof, five percent (5%) of the gross income earned by all business enterprises within the ECOZONE shall be paid and remitted as follows:

"(a) Three percent (3%) to the National Government;

"(b) Two percent (2%) which shall be directly remitted by the business establishments to the treasurer's office of the municipality or city where the enterprise is located."