Section 2
SEC. 2. Section 5 of the Local Tax Code shall read as follows: "SEC. 5. Common limitations on the taxing powers of local governments. — The exercise of the taxing powers of provinces, cities, municipalities and barrios shall extend to the imposition of the following: "x x x "(b) Taxes on forest concessions and forest products when sold domestically by the concessionaire himself; "x x x "(e) Taxes on the business of transportation contractors and persons engaged in the transportation of passengers or freight by hire and common carriers by air, land or water except as otherwise provided in this Code, and taxes or fees for the registration of motor vehicles and for the issuance of all kinds of licenses or permits for the driving thereof; "x x x "(g) Taxes of any kind on banks and insurance companies except as otherwise provided in this Code; "x x x "(k) Taxes or fees on agricultural products when sold by the farmer, fisherman, poultry- or animal-raiser himself; "(l) Percentage tax on sales; "(m) Taxes on mines; mining operations; and minerals, mineral products, and their by-products when sold domestically by the operator; "(n) Taxes on cooperatives duly organized and registered with the proper government office; and "(o) Taxes of any kind on the national and local governments."