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Duterte signs law on tax perks for small gold miners

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New law provides tax incentives to small-scale gold miners who sell their gold to the Bangko Sentral ng Pilipinas. | via Ruth Abbey Gita | Read

PRESIDENT Rodrigo Dutere has signed a law exempting small-scale gold miners from paying income and excise taxes.

Under the newly-signed law, registered small-scale miners and accredited traders who are selling gold to the BSP are exempt from paying income and excise taxes. The law also provides that those who already paid excise tax prior to the sale of gold to the BSP may file a claim for refund or credit with the commissioner.

Angara said the BSP's gold purchases drastically declined to 35,000 troy ounces in 2012 after BIR imposed the tax requirement in 2011 and further slid to 14,700 troy ounces of gold in 2017.

 

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