Section 14
SEC. 14. in consideration of this franchise and rights hereby granted and any provision of law to the contrary notwithstanding, the grantee shall pay the same taxes as are now or may hereafter be required by law from other individuals, co-partnerships, private, public or quasi-public associations, corporations, or joint stock companies, operating under a similar franchise on real estate, buildings and other personal property, radio equipment, machinery and spare parts needed in connection with the business of the grantee. In consideration of this franchise, a tax equal to two per centum of all gross receipts from the business transacted under this franchise by the grantee shall be paid to the Treasurer of the Philippines each year, within ten days after assessment as provided in this Act.