Section 7
SEC. 7. In consideration of the franchise hereby granted, the grantee shall pay to the Municipal Treasurer of Pinamalayan in the Province of Oriental Mindoro a tax equivalent to one per centum of the gross earning of its business during the life of this franchise for every quarter past in lieu of all other taxes, fees of any kind, nature or description levied, established or collected by any authority, municipal, provincial, city or national, now or in the future and on its building, machinery and equipment.