"SECTION 122. Tax on Finance Companies. - There shall be collected a tax of five percent (5%) on the gross receipts derived by all finance companies, as well as by other financial intermediaries not performing quasi-banking functions doing business in the Philippines, from interest, discounts and all other items treated as gross income under this Code: Provided, That interests, commissions and discounts from lending activities, as well as income from financial leasing, shall be taxed on the basis of the remaining maturities of the instruments from which such receipts are derived, in accordance with the following schedule:

"Short-term maturity (not in excess of two (2) years) 5%

"Medium-term maturity (over two (2) years

but not exceeding four (4) years) 3%

"Long-term maturity:

"(1) Over four (4) years but not exceeding seven (7) years 1%

"(2) Over seven (7) years 0%

"Provided, however, That in case the maturity period is shortened thru pretermination, then the maturity period shall be reckoned to end as of the date of pretermination for purposes of classifying the transaction as short, medium or long-term and the correct rate of tax shall be applied accordingly.

"Nothing in this Code shall preclude the Commissioner from imposing the same tax herein provided on persons performing similar financing activities.