Section 1
SECTION 1. Section eighty-five of Commonwealth Act Numbered Four hundred and sixty-six, otherwise known as the National Internal Revenue Code, is hereby amended to read as follows: "SEC. 85. Rates of estate tax.—There shall be levied, assessed, collected, and paid upon the transfer of the net estate of every decedent, whether a resident or nonresident of the Philippines, a tax equal to the sum of the following percentages of the value of the net estate determined as provided in sections eighty-eight and eighty-nine: "One per centum of the amount by which the net estate exceeds five thousand pesos and does not exceed twelve thousand pesos; "Two per centum of the amount by which the net estate exceeds twelve thousand pesos and does not exceed thirty thousand pesos; "Two and one half per centum of the amount by which the net estate exceeds thirty thousand pesos and does not exceed fifty thousand pesos; "Three per centum of the amount by which the net estate exceeds fifty thousand pesos and does not exceed seventy thousand pesos; "Five per centum of the amount by which the net estate exceeds seventy thousand pesos and does not exceed one hundred thousand pesos; "Seven per centum of the amount by which the net estate exceeds one hundred thousand pesos and does not exceed one hundred and fifty thousand pesos; "Nine per centum of the amount by which the net estate exceeds one hundred and fifty thousand pesos and does not exceed two hundred and fifty thousand pesos; "Eleven per centum of the amount by which the net estate exceeds two hundred and fifty thousand pesos and does not exceed five hundred thousand pesos; "Thirteen per centum of the amount by which the net estate exceeds five hundred thousand pesos and does not exceed one million pesos; and "Fifteen per centum, of the amount by which the net estate exceeds one million pesos."