AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home News

House approves bill granting tax cuts for small-scale gold miners on second reading

AngMinero News by AngMinero News
October 4, 2018
in News
27 1
0
House approves bill granting tax cuts for small-scale gold miners on second reading
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The House of Representatives approved on second reading on Wednesday a bill exempting from income and excise taxes small-scale miners selling gold to the Bangko Sentral ng Pilipinas (BSP).

The House Bill 3297 aims to amend several provisions under Republic Act 7076 or The People’s Small-Scale Mining Act of 1991 to shore up the country’s gross international reserves (GIR) by buying gold from small-scale miners. The proposed amendment seeks to encourage small-scale miners to sell their mined gold to the central bank.

Under the proposed bill, gross income tax exemptions apply to the sale of gold by registered small-scale miners, and traders to the BSP.

“The gold sold or eventually sold to the BSP shall further be exempt from the payment of excise tax. A taxpayer who had paid excise tax before the sale of gold to the BSP may file a claim for refund or credit with the Internal Revenue Commissioner for the excise tax paid,” the Lower House said in a statement.

The proposed tax treatment and privileges given to the direct sale of gold to the BSP also applies to gold sold by small-scale miners to traders for eventual sale to the Central Bank.

The bill’s principal author, deputy Speaker Evelina Escudero, explained that the imposition of two percent excise tax and five percent creditable withholding tax on gold purchases from small-scale miners and traders caused a huge drop in the volume of gold sold to the BSP.

“From BSP’s total gold purchases in 2010 of 918,110 troy ounces, purchases declined by 98 percent to 20,354 troy ounces in 2014. In terms of value, from the 2010 figure of P49.543 billion, BSP only purchased P984 million worth of gold in 2014,” Escudero said in an explanatory note.

75 percent of gold mined in the Philippines comes from small-scale mining. Escudero argued taxing the sale of gold only marginalizes small-scale miners that have an estimated annual income of only P64, 942 or P250 per day.

 

Photo Courtesy of House of Representatives

Tags: House of Representativessmall-scale miningTax

Related Posts

PHP 67M Reforestation by 4 Mining Firms Transforms Cagayan Valley
News

PHP 67M Reforestation by 4 Mining Firms Transforms Cagayan Valley

July 24, 2025
Itogon Residents File Lawsuit to Stop Nickel Mining Project
News

Itogon Residents File Lawsuit to Stop Nickel Mining Project

July 24, 2025
PGMC Receives Top Honor at Water Summit for River Rehab Program
News

PGMC Receives Top Honor at Water Summit for River Rehab Program

July 24, 2025
DENR-MGB Issues Critical Warning on Landslide and Flood Risks Amid Heavy Rains
News

DENR-MGB Issues Critical Warning on Landslide and Flood Risks Amid Heavy Rains

July 24, 2025
MGB, UNDP-Led Projects to Advance Biodiversity in Mining
News

MGB, UNDP-Led Projects to Advance Biodiversity in Mining

July 17, 2025
MGB Warns of Long-Term Impact of US Tariff on Philippine Copper
News

MGB Warns of Long-Term Impact of US Tariff on Philippine Copper

July 17, 2025

FEATURED POST

PHP 67M Reforestation by 4 Mining Firms Transforms Cagayan Valley

PHP 67M Reforestation by 4 Mining Firms Transforms Cagayan Valley

July 24, 2025
Itogon Residents File Lawsuit to Stop Nickel Mining Project

Itogon Residents File Lawsuit to Stop Nickel Mining Project

July 24, 2025
PGMC Receives Top Honor at Water Summit for River Rehab Program

PGMC Receives Top Honor at Water Summit for River Rehab Program

July 24, 2025
DENR-MGB Issues Critical Warning on Landslide and Flood Risks Amid Heavy Rains

DENR-MGB Issues Critical Warning on Landslide and Flood Risks Amid Heavy Rains

July 24, 2025

EDITOR PICK'S

PHP 67M Reforestation by 4 Mining Firms Transforms Cagayan Valley

July 24, 2025

Itogon Residents File Lawsuit to Stop Nickel Mining Project

July 24, 2025

PGMC Receives Top Honor at Water Summit for River Rehab Program

July 24, 2025

DENR-MGB Issues Critical Warning on Landslide and Flood Risks Amid Heavy Rains

July 24, 2025

SGS Urges Mining Firms to Start Carbon Accounting Under New DENR Rule

July 18, 2025

Atty. Herman: Future of Mining Lies in Ancestral Domains

July 18, 2025

MGB, UNDP-Led Projects to Advance Biodiversity in Mining

July 17, 2025

Recent News

PHP 67M Reforestation by 4 Mining Firms Transforms Cagayan Valley

PHP 67M Reforestation by 4 Mining Firms Transforms Cagayan Valley

July 24, 2025
Itogon Residents File Lawsuit to Stop Nickel Mining Project

Itogon Residents File Lawsuit to Stop Nickel Mining Project

July 24, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In