Tax on banks.
Section 260
SEC. 260. Tax on banks.—-There shall be collected a tax of five per centum on the gross receipts derived by all bank doing business in the Philippines from interests, discounts, dividends, commissions, profits from exchange, loyalties, rentals of property, real and personal, and all other items treated as gross income under section 29 of this Code. This tax shall also be collected from other financial intermediaries on their gross receipts derived fr quasi-banking activities as herein defined. "Bank" as herein used, indicates every incorporated or other bank, and every person, association, or company having a place of business where credits are opened by the deposit or collection of money or currency subject to be paid or remitted upon draft, check, or order, or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes, are received for discount or for sale. Quasi-banking activities shall refer to borrowing funds from twenty or more personal or corporate lenders at any one time, through the issuance, endorsement or acceptance of debt instruments of any kind other than deposits for the b?rrower's own accounts, or through the issuance of certificates of assignment or similar instruments, with recourse, or of repurchase agreements for purposes of relend* ing or purchasing receivables and other similar obligations.