Section 4
SEC. 4. Section twenty-four of Commonwealth Act Numbered Four hundred and sixty-six is hereby amended to read as follows: "SEC. 24. Rate of tax on corporations.—There shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding taxable year from all sources by every corporation organized in, or existing under the laws of the Philippines, no matter how created or organized, but not including duly registered general co-partnerships (companias colectivas), a tax of twelve per centum upon such income; and a like tax shall be levied, assessed, collected, and paid annually upon the total net income received in the preceding taxable year from all sources within the Philippines by every corporation organized, authorized, or existing under the laws of any foreign country: Provided, however, That Building and Loan Associations operating as such in accordance with sections one hundred seventy-one to one hundred ninety of the Corporation Law, as amended, shall pay a tax of six per centum on their total net income: And provided, further, That in the case of dividends received by a domestic or resident foreign corporation from a domestic corporation liable to tax under this Chapter, only twenty-; five per centum thereof shall be returnable for purposes of the tax imposed by this section."