A law has been passed exempting gold sales by small-scale miners to the central bank from excise and income taxes to beef up the country’s foreign exchange reserves and prevent smuggling, the Bangko Sentral ng Pilipinas said on Wednesday.
Gold sold to the central bank fell 99 percent to 10,000 fine troy ounces this year from more than 900,000 fine troy ounces in 2010 because of taxes imposed in 2011, government data showed. This should more than offset the 35 million pesos the government expects to lose annually in foregone revenues from the tax exemptions.
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