Section 67Sec./Art. 67

Section 194 of the NIRC, as amended, is hereby further amended to read as follows:

"Sec. 194. Stamp Tax on Leases and Other Hiring Agreements. - On each lease, agreement, memorandum, or contract for hire, use or rent of any lands or tenements, or portions thereof, there shall be collected a documentary stamp tax of Six pesos (₱6.00) for the first Two thousand pesos (₱2,000), or fractional part thereof, and an additional Two pesos (₱2.00) for every One thousand pesos (₱1,000) or fractional part thereof, in excess of the first Two thousand pesos (₱2,000) for each year of the term of said contract or agreement."