Section 61
SEC. 61. Tax discount.—If the basic and additional real property tax levied for the Special Education Fund or any quarterly installment thereof is paid in full within the prescribed period of payment, the taxpayer shall be granted a discount on the tax due as follows: twenty per cent on the tax due and payable during the year 1974; fifteen per cent on the tax due and payable during the year 1975; ten per cent on the tax due and payable during the year 1976; and five per cent on the tax due and payable during the year 1977; Provided, however, That the tax discount herein authorized shall apply only to lands and not to improvements; Provided, further, That only lands without any delinquency shall be granted the same; and Provided, finally, That the discounted tax shall not be lower than the tax corresponding to the next preceding tax year. Beginning with the calendar year 1978 and thereafter, the President of the Philippines may, at his discretion or upon recommendation of the Secretary of Finance, authorize the grant of discounts on taxes due on real property at such rates and for such periods as he may fix, if he deems that the public interest so requires.