Section 3
SEC. 3. Section 118 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows: “SEC. 118. Percentage Tax on International Carriers. — “(A) International air carriers doing; business in the Philippines on their gross receipts derived from transport of cargo from the Philippines to another country shall pay a tax of three percent (3%) of their quarterly gross receipts. “(B) International shipping carriers doing business in the Philippines on their gross receipts derived from transport of cargo from the Philippines to another country shall pay a tax equivalent to three percent (3%) of their quarterly gross receipts.”