Section 2
SEC. 2. Section fifteen hundred and thirty-four of the same Act is hereby amended to read as follows: "SEC. 1534. Rate and basis of tax on mines.—There shall be levied and collected on the gross output of each mine an ad valorem tax equal to one and one-half per centum of the actual market value of such output: Provided, That in the case of gold mines, their output shall be subject to an ad valorem tax of one and one-half per centum, if the value of the said output does not exceed one million pesos; two and one-half per centum when the value exceeds one million pesos but does not exceed two million five hundred thousand pesos; three and one-half per centum when the value exceeds two million five hundred thousand pesos but does not exceed four million pesos; and five per centum when the value exceeds four million pesos."