Section 4March 20, 2007, Sec./Art. 4

A new Section 15-B is hereby inserted, amending Republic Act No. 7227, as amended, to read as follows:

"SEC. 15-B. Morong Special Economic Zone (MSEZ) . Duly registered business enterprises operating within the MSEZ created under Proclamation No. 984, series of 1997, shall be entitled to tax and duty-free importation of raw materials and capital equipment. In lieu of all national and local taxes except real property tax on land, a five percent (5%) tax on gross income earned shall be paid by all registered business enterprises which shall be directly remitted as follows: three percent (3%) to the National Government, and two percent (2%) to the treasurer's office of the municipality or city where they are located."