Section 7
Sec. 7. The grantee, its successors or assigns, shall be liable to pay the same taxes on its real estate, buildings, and personal property, exclusive of this franchise as other persons or corporations are now or hereafter may be required by law to pay. In addition, the grantee, its successors or assigns, shall pay to the Treasurer of the Philippines each year, within ten days after audit and approval of the accounts referred to in Section six of this Act, five per centum of all gross receipts of the telephone business transacted under this franchise by the grantee, its successors or assigns.