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

After six years, tax reduction on gold sales reaps rewards

AngMinero News by AngMinero News
February 5, 2018
in Business
27 1
0
After six years, tax reduction on gold sales reaps rewards
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

About P1.5 million gold sales were purchased by the Bangko Sentral ng Pilipinas (BSP) in Baguio the previous month as a direct result of the recent adjustment of the creditable withholding tax (CWT) imposed on gold in late 2017.

As per the Department of Finance (DOF), more than a million worth of gold was sold in January 2018 to BSP-Baguio, a grand upscale from zero sales since 2012, after the reformed CWT on gold sales was signed last November.

In Republic Act No. 7076 or the People’s Small-Scale Mining Act of 1991, the Central Bank buys gold from small-scale miners, which is then refined for international trade.

The adjustments made in the CWT, which features gold tradings taxed at the previous five percent to one percent, that both the seller and the BSP can benefit from, as Finance Chief Carlos Dominguez III puts it: “The advantages to the seller are lower transportation costs and accurate assays; BSP is the use of pesos to buy gold which is used as our international reserve.”

Dominguez added the government is now able to collect gold taxes at one percent unlike in the past.

The move to reduce the CWT is seen to encourage small-scale miners to sell back their gold produce to the BSP, especially in areas like Davao, Zamboanga, Naga, and Baguio to get a fair market price rather than getting ripped off at the black market.

Meanwhile, revenue regulations (RR) are rated at two percent, keeping the excise tax on gold sales.

RR’s will also allow the BSP to build its gross international reserves without having to spend dollars as it would be able to buy gold directly using local currency, Dominguez said.

“Unlike using pesos to buy foreign exchange to buy gold, which will affect the peso-dollar rate, this flexibility will not have a direct impact on the movement of the peso against the dollar,” he said.

Source: Malaya Business Insight

Tags: bangko sentral ng pilipinasbspcarlos dominguez iiidepartment of financegold miningmining philippines

Related Posts

Metallic mineral production up 3.17% in three quarters of 2024
Business

Metallic mineral production up 3.17% in three quarters of 2024

January 8, 2025
Nickel Asia to divest stake in Coral Bay, to focus on upstream mining, RE
Business

Nickel Asia to divest stake in Coral Bay, to focus on upstream mining, RE

January 8, 2025
Benguet Corporation eyes new ventures after 30 years
Business

Benguet Corporation eyes new ventures after 30 years

December 27, 2024
B2Gold to expand PH operations with new exploration office in 2025
Business

B2Gold to expand PH operations with new exploration office in 2025

December 13, 2024
Philex 2021 core net income soars 118% to Php2.53B
Business

Philex Mining extends Padcal mine operations until 2028

December 9, 2024
Masbate gold project mark six-year safety record
Business

Masbate gold project mark six-year safety record

December 4, 2024

FEATURED POST

Dinapigue Mining to Deploy 750 Concrete Tetrapods in PHP 22M Deal with CSC

Dinapigue Mining to Deploy 750 Concrete Tetrapods in PHP 22M Deal with CSC

August 27, 2025
Carmen Copper Launches PH’s First Megawatt-Scale Floating Solar Plant

Carmen Copper Launches PH’s First Megawatt-Scale Floating Solar Plant

August 27, 2025
Didipio Mine Opens DMTG Scholarship for Mining and Geoscience Students

Didipio Mine Opens DMTG Scholarship for Mining and Geoscience Students

August 26, 2025
Mindoro Officials Reaffirm United Opposition to Large-Scale Mining

Mindoro Officials Reaffirm United Opposition to Large-Scale Mining

August 26, 2025

EDITOR PICK'S

Dinapigue Mining to Deploy 750 Concrete Tetrapods in PHP 22M Deal with CSC

August 27, 2025

Carmen Copper Launches PH’s First Megawatt-Scale Floating Solar Plant

August 27, 2025

Didipio Mine Opens DMTG Scholarship for Mining and Geoscience Students

August 26, 2025

Mindoro Officials Reaffirm United Opposition to Large-Scale Mining

August 26, 2025

FNI Assures Stable Operations Amid Chairman’s Detention

August 26, 2025

Caraga Mining Symposium Puts ESG at Center of Industry Talks

August 26, 2025

Yamang Minerals Faces Backlash from the Diocese of Bangued for Unauthorized Mining

August 22, 2025

Recent News

Dinapigue Mining to Deploy 750 Concrete Tetrapods in PHP 22M Deal with CSC

Dinapigue Mining to Deploy 750 Concrete Tetrapods in PHP 22M Deal with CSC

August 27, 2025
Carmen Copper Launches PH’s First Megawatt-Scale Floating Solar Plant

Carmen Copper Launches PH’s First Megawatt-Scale Floating Solar Plant

August 27, 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