Section 5
SEC. 5. Section Ten of R. A. No. 4093 is hereby amended to read as follows: "SEC. 10. All private development banks, with net assets not exceeding ten million pesos for Class C, twenty million pesos for Class B, and thirty million pesos for Class A banks, excluding the counterpart capital subscribed and paid-in by the Development Bank of the Philippines, shall be totally exempt from payment of all taxes, charges and fees of whatever nature and description except from compensating tax and tariff duties. For this purpose the net assets of all private development banks shall be determined as of December thirty-one (31) of each year and if such are in excess of the limits prescribed by this section they shall be liable for payment of taxes for the following calendar year; said taxes to be assessed, levied and collected in a proportionate amount as the excess shall bear in relation to the total net assets."