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 Business

PARA SA MALIIT NA MINERO: Benguet miners welcome tax exemption law

AngMinero News by AngMinero News
May 30, 2019
in Business, News
27 1
0
UMAASANG PAGBIBIGYAN: Miners association call for temporary mining permit in Benguet
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Benguet’s mining community welcomed the exemption of small-scale gold miners in paying income and excise taxes when selling gold to the Bangko Sentral ng Pilipinas (BSP) after the “Gold Bill” was signed by President Rodrigo Duterte on March 29.

“Happy to know that so it will pave the way for the small-scale miners to directly sell their gold produce to the BSP and for the DENR (Department of Environment and Natural Resources) secretary to immediately give clearance to all Minahang Bayan applications of the small-scale mining to pave the way for them to be legalized,” Lomino Kaniteng, president of the Benguet Federation of Small Scale Miners (BFSSM), was quoted saying in a SunStar.com report.

Loacan Itogon Pocket Miners Association also expressed their acceptance of the law through their spokesperson Daniel Pay-an.

According to Kaniteng, small-scale miners stopped selling their gold outputs to BSP since 2012 since the Bureau of Internal Revenue imposed a two percent excise tax on gold sales to the central bank.

Republic Act 11256 amended said two-percent excise tax alongside Sections 32 and 151 of the National Internal Revenue Code. Registered small-scale miners will now be exempted from paying income and excise taxes when they sell gold to BSP.

Meanwhile, Kaniteng also suggested a meeting between BSP representatives and small-scale miners group so that the former can know the latter’s existing policy.

Kaniteng stated that the gold mining in Benguet remained the steadiest economic driver of the province employing 23,000 workers despite the dangers and restriction in the industry.

Tags: bangko sentral ng pilipinasBenguetBenguet Federation of Small Scale Minersdepartment of environment and natural resourcesGold Billgold miningLoacan Itogon Pocket Miners AssociationNational Internal Revenue Codepresident rodrigo duterte

Related Posts

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte
News

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

October 28, 2025
De Lima urges House probe into alleged illegal mining in Nueva Vizcaya
News

De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

October 28, 2025
Investors show interest in Philex’s Silangan mine ahead of 2026 launch
News

Investors show interest in Philex’s Silangan mine ahead of 2026 launch

October 27, 2025
President Marcos urges sustainable, law-abiding mining investments in PH
News

President Marcos urges sustainable, law-abiding mining investments in PH

October 27, 2025
Chamber of Mines says reforms can revive PH mining exports
News

Chamber of Mines says reforms can revive PH mining exports

October 27, 2025
SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B
Business

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

October 20, 2025

FEATURED POST

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

October 28, 2025
De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

October 28, 2025
Investors show interest in Philex’s Silangan mine ahead of 2026 launch

Investors show interest in Philex’s Silangan mine ahead of 2026 launch

October 27, 2025
President Marcos urges sustainable, law-abiding mining investments in PH

President Marcos urges sustainable, law-abiding mining investments in PH

October 27, 2025

EDITOR PICK'S

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

October 28, 2025

De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

October 28, 2025

Investors show interest in Philex’s Silangan mine ahead of 2026 launch

October 27, 2025

President Marcos urges sustainable, law-abiding mining investments in PH

October 27, 2025

Chamber of Mines says reforms can revive PH mining exports

October 27, 2025

SMPC declares PHP1.25 special cash dividend, total 2025 payout at PHP13.8B

October 20, 2025

FNI legal team earns top honors at 2025 ALB Philippine Law Awards

October 16, 2025

Recent News

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

DENR sets public scoping for proposed Mapawa Gold Project in Surigao del Norte

October 28, 2025
De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

De Lima urges House probe into alleged illegal mining in Nueva Vizcaya

October 28, 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