Section 3
SEC. 3. The heading of Chapter I, Title VIII, and section two hundred and forty-nine of Commonwealth Act Numbered Four hundred and sixty-six are hereby amended to read as follows: "Chapter I.—Tax on Banks "SEC. 249. Tax on banks.—There shall be collected a tax of five per centum on the gross receipts derived by all banks doing business in the Philippines from interests, discounts, dividends, commissions, profits from exchange, royalties, rentals or property, real and personal, and all other items treated as gross income under section twenty-nine of this code. There shall be collected upon the amount of reserve deficiencies incurred by the bank, and for the period of their duration, as provided in section one hundred and twenty-six of Act Numbered One thousand four hundred and fifty-nine, as amended by Act Numbered Three thousand six hundred and ten, one per centum per month. “Bank,' as herein used, includes every incorporated or other bank, and every person, association, or company having a place of business where credits are opened by the deposit or collection of money or currency subject to be paid or remitted upon draft, check, or order, or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes, are received for discount of for sale."