Section 2
SEC. 2. Paragraph (2) of Section 290-B of the National Internal Revenue Code, as amended, is hereby amended as follows: “(2) Specific limitations on the exercise of authority to make adjustments in all internal revenue taxes: “(a) The existing tax rates may be increased or decreased by not more than 50% , Provided, that the rates as last revised shall be the basis for this limitation. “(b) Before any recommendation is submitted to the President by the Minister of Finance pursuant to the provisions of this Section, a public hearing shall whenever practicable be held and interested parties afforded a reasonable opportunity to be heard.