Section 2
SEC. 2. The approval of the Secretary of the Interior and the Secretary of Finance shall be secured whenever the rates of municipal taxes fixed or imposed by ordinance of the municipal council by virtue of the provisions of this Act exceed fifty per centum of the rates of fixed internal revenue privilege taxes regularly imposed by the Insular Government upon the same businesses or occupation except on cockpits, cockfights, hotels, restaurants, cafes, refreshment parlors, theaters, cinematographs, concert halls, museums, circuses, billiard rooms, race tracks, and retail dealers in vino liquors, and fermented liquors, tuba, basi, and tapuy, procuradores judiciales and pawnbrokers, and any tax or fee on livery stables, garages, and other places or establishments where public vehicles and other conveyances are kept for hire: Provided, however, That the municipal council shall have no authority, without the approval of the Secretary of the Interior and the Secretary of Finance, to impose fixed municipal license taxes on businesses not excepted in this Act or otherwise covered by the provisions of this section and subject to the fixed annual tax imposed in section fourteen hundred and fifty-seven of the Administrative Code of nineteen hundred and seventeen, as amended, if the tax on each business is in excess of twenty-five pesos per annum.