Section 1. Section seven of Republic Act Numbered Twenty-nine hundred and fifty-seven is hereby amended to read as follows:
"Sec. 7. In consideration of the franchise and rights hereby granted, the grantee, his successors or assigns shall, during the life of the franchise, 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, a tax of one per centum of all gross receipts of the telephone business transacted under this franchise by the grantee, his successors or assigns, and the said tax shall be in lieu of all taxes, fees, charges or duties of any kind, nature or description, levied, established or collected by any municipal, city, provincial or national authority."