Section 4
SEC. 4. A new paragraph to be known as paragraph (f) is hereby inserted at the end of Section 21 of the National Internal Revenue Code, as amended, which shall read as follows: "(f) Simplified Net Income Tax for the Self-employed and for Professionals Engaged in the Practice of Profession. - A tax is hereby imposed upon the taxable net income as determined in Section 27 received during each taxable year from all sources, other than income covered by paragraphs (b), (c), (d) and (e) of this section by every individual whether a citizen of the Philippines or an alien residing in the Philippines who is self-employed or practices his profession therein, determined in accordance with the following schedule: "Not over P 10,000 3% "Over P 10,000 but not over P 30,000 P 300 + 9% of excess over P 10,000 "Over P 30,000 but not over P120,000 P 2,100 + 15% of excess over P 30,000 "Over P 120,000 but not over P 350,000 P 15,600 + 20% of excess over P 120,000 "Over P350,000 P 61,600 + 30% of excess over P350,000"