H. No. 1350 / 44 OG No. 11, 4236 (November, 1948)
"(m-3) To impose a municipal tax, not to exceed one-half of one per centum, on the total premiums collected by fire insurance companies on properties located within the City of Manila, the proceeds of which tax shall be appropriated exclusively for the acquisition of fire-fighting equipment for the City Fire Department.SEC. 2. This Act shall take effect upon its approval.
"The tax herein prescribed shall be subject to the same conditions and limitations as those prescribed under Chapter II of Title VIII of the National Internal Revenue Code, as amended, for the collection of the tax on insurance premiums accruing to the National Government."