Section 4
SEC. 4. Section 34 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows: "SEC. 34. Deductions from Gross Income. - x x x (B) Interest. - x x x (C) Taxes. - x x x (1) In General. - x x x (2) Limitations on Deductions. - x x x (3) Credit Against Tax for Taxes of Foreign Countries. - x x x (4) Limitations on Credit. - x x x (5) Adjustments on Payment of Incurred Taxes. - x x x (6) Year in Which Credit Taken. - x x x (7) Proof of Credits. - x x x (8) Input Tax Attributable to VAT-Exempt Sales. - Input tax paid on local purchases attributable to VAT-exempt sales shall be deductible from the gross income of the taxpayer. x x x."