Section 38
SEC. 38. Section 243 of this Code, as amended, is hereby further amended to read as follows: "Sec. 243. Stamp tax on leases and other hiring agreements.—On each lease, agreement, memorandum, or contract for hire, use or rent of any lands or tenements, or portions thereof, there shall be collected a documentary stamp of three pesos for each year of the term of said contracts or agreement." (a) When the consideration, or value received or contracted to be paid for such realty, after making a proper allowance of any incumbrance, does not exceed one thousand pesos ten pesos. (b) For each additional one thousand pesos, or fractional part thereof in excess of one thousand pesos of such consideration of value, ten pesos. When it appears that the amounts of the documentary stamp tax payable hereunder has been reduced by an incorrect statement, of the consideration in any: conveyance, deed, instrument, or writing subject to such tax, the Commissioner, provincial or city treasurer, or other revenue officer shall, from the assessment rolls or other reliable source of information, assess the property of its true market value and collect the proper tax thereon."