Section 8
SEC. 8. The grantee shall pay on its real estate, buildings, plant, machinery, and other personal property the same taxes as are now or may hereafter be required by law from other persons, with the exception of the property expressly declared exempt in this section. In consideration of the franchise hereby granted, the grantee shall pay into the municipal treasury of Tayabas where it is furnishing electricity to the public under this franchise, a tax equivalent to two per centum of its gross earnings from its sales of electric current under this franchise. Said percentage shall be due and payable quarterly and shall be in lieu of taxes and assessments of any nature now or hereafter required, established, or collected by any authority on its poles, wires, insulators, switches, transformers, and other structures, installations, and equipment, and accessories on and across the streets, avenues, roads, thoroughfares, bridges, and other public places, and on its franchises, rights, privileges, receipts, income, and profits, from which taxes and assessments the grantee is hereby expressly declared exempt.