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 successor or assigns, shall pay to the treasurer of the Philippines each year, within ten days after the audit and approval of the accounts as prescribed in Section six of this Act, two per centum of all the gross receipts of the telephone or other electrical transmission business transacted under this franchise by the grantee, its successors or assigns.