Section 2
SEC. 2. Section 24, paragraph (b) (2) of the National Internal Revenue Code is hereby further amended by adding thereto a proviso to read as follows: XX XX XX "'Provided, That any profit remitted abroad by a branch office to its mother company shall be subject to tax at fifteen per cent (15%) (except those registered with the Export Processing Zone Authority); PROVIDED FURTHER, That any profit remitted by a branch office to its mother company authorized to engage in petroleum operations in the Philippines shall be subject to tax at seven and one-half per cent (7.5%)."