SECTION 1. Subparagraph (1), paragraph (b) of Section twenty-four of the National Internal Revenue Code, as amended, is further amended to read as follows:
"(b) Tax on foreign corporations.—(1) Non-resident corporations.&mdashThere shall be levied, collected, and paid for each taxable year, in lieu of the tax imposed by the preceding paragraph, upon the amount received by every foreign corporation not engaged in trade or business within the Philippines, from all sources within the Philippines, as interest, dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinate annual or periodical gains, profits, and income, a tax equal to thirty per centum of such amount: Provided, however, That premiums shall not include reinsurance premiums."