Section 42
SEC. 42. A new Subsection A is hereby added to Sec. 260 of this Code, as amended, to read as follows: "Sec. 260-A. Additional Tax on banks non-bank financial intermediaries and authorized foreign-exchange dealers.—There shall be collected, in addition to the tax on gross receipts imposed under Section 260 hereof, a tax of one per centum (1%) based on the gross value of every sale or purchase of foreign exchange by all banks, non-bank financial intermediaries, and all authorized foreign-exchange dealers. "The tax imposed hereunder, for foreign exchange. transacted within one week, shall be payable on the first banking day of the succeeding week and it shall be the duty of every bank and non-financial intermediary to make a true and complete return of the value of foreign exchange sold or purchased during the week and pay the tax due thereon and if the tax is not paid on the date prescribed herein, the amount of the tax shall be increased by twenty-five per centum, the increment to be part of the tax. "In case of willful neglect to file the return on the date prescribed herein, or in case a false or fraudulent return is willfully made, there shall be added to the tax or to the deficiency tax in case any payment has been made on the basis of such return before the discovery of the falsity or fraud, a surcharge of fifty Per centum of the amount. The amount so added to the tax shall be collected at the same time and in same manner and as part of the tax unless the tax has been paid before the discovery of the falsity or fraud, in which case the amount so added shall be collected in the same manner as the tax.