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Be it enacted  by the Senate  and House of Representatives of the Philippines in Legislature assembled and by the authority of the same:

SECTION 1. Section twenty-four hundred and  ninety-three of the Administrative Code is hereby  amended to read as follows:

"SEC. 2493.  Annual tax and penalties—Extension, remission of the payment of the tax.—An annual tax of one and one-half per centum on the assessed value of all real estate in the city subject to taxation as hereinbefore provided is hereby levied.   All taxes shall be  due and payable on  or before the  thirtieth day of June  of each year, and if any taxpayer shall  fail to  pay the taxes assessed  against him on or before the thirtieth day of June of the year for which such taxes  are  due, he shall be delinquent in such payment and shall be subject, as  a penalty for  such  delinquency, to an additional tax of twenty  per centum of the amount of the original tax if both the original and the additional tax be paid during the first six  months of such  delinquency, and if not so paid to  an additional tax of  twenty-five per centum of  the amount of the original tax;  the additional tax to be collected at the same time  and in the same manner as the original tax.

"At  the option  of  the taxpayer, the  tax due for any year may  be  paid in two installments, the first of  such installments  to consist  of  one per centum of the assessed valuation  of  the property and the second to consist of the remainder of the tax for the  year.  In such cases the first installment must be paid on or before the thirtieth day of June of the year for which the tax is due,  and the second may be paid at any time prior to the first day of January of the following year, but if the first installment of the tax for any year is  not paid on or before the thirtieth day of June of such year, then  the whole of that year's tax shall be delinquent and the penalty due thereon as hereinbefore provided.   If any taxpayer, having paid the first installment of his tax for any year, shall fail to pay the second installment thereof before the first day  of January of the following year, the penalty collected shall be twenty per centum of the amount of  such second installment during the first six months of said  following year, and thereafter twenty-five per centum of such amount.

"The penalties thus  imposed shall be accounted for  by the city treasurer in the same manner as the tax.  In the event that such tax  and penalty shall remain unpaid for fifteen  days after the tax becomes delinquent, the city treasurer shall proceed to make collection thereof in the manner hereinafter  prescribed.

"The municipal board may extend the time for the collection of the tax on real  estate in the  city of Manila for ta a period not to  exceed  three months.   It may also remit all or part of the tax on real estate or the penalties thereon during the ensuing year in case there  are  good and sufficient  reasons for  it.   The  resolution  in any  such case shall not take effect until it has  been approved  by the Governor-General.

"The Governor-General may, in his  discretion,  extend the time for the collection of the tax on real estate in Manila „" until a date  within the same calendar year and may also remit or reduce the tax  on  real estate during any year if he deems  this to be in the public interest."

SEC. 2.  This Act shall take effect on its approval.

Approved, March 10, 1922.