Section 1
SECTION 1. Section 30 (b) of the National Internal REvenue Code is hereby amended to read as follows: " (b) Interest: " (l) In general.-The amount of interest paid within the taxable year on idebtedness, except on indebtedness incurred or continued to purchase or carry obligations the interest upon which is exempt from taxation as income under this Title: Provided, however,That interest on deposits paid by authorized agent banks of the Central Bank of the Philippines to depositors shall be allowed as a deduction only if it is shown that the tax on such interest was withheld and paid in accordance with the provisions of Section 53 and 54 of this Code."