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Philippines vs. HSBC [SEPARATE OPINION, CONCURRING AND DISSENTING, LAUREL, J.]

THE GOVERNMENT OF THE PHILIPPINE ISLANDS, plaintiff-appellant, vs. THE HONGKONG & SHANGHAI BANKING CORPORATION, defendants-appellees.

G.R. No. 44257 | 1938-11-22

CONCURRING AND DISSENTING
 
LAUREL, J.:
 
In so far as the court upholds the power of the Legislature to impose the tax on banks generally, I agree. The provision here involved was taken from section 21 of the Federal Reserve Act of the United States. (December 23, 1913, c. 6, sec. 21, 38 Stat., 271; See also for other acts sec. 482 of Title 12, U. S. C. A.) The imposition is within the taxing power of the State. In so far also as the decision of the majority implies the rejection of the contention that the levy is in violation of section 29 of the Jones Law, my coincidence likewise goes. But, I dissent from so much of the...