Small-scale miners selling gold to BSP exempted from tax

Arianne Merez, ABS-CBN News

Posted at May 21 2019 03:57 PM

MANILA -- President Rodrigo Duterte has signed a law exempting from tax small-scale miners who sell gold to the Bangko Sentral ng Pilipinas, according to a copy of the measure.

The new law, which was signed on March 29, amends the National Internal Revenue Code to exempt from taxation income derived from the sale of gold by registered small-scale miners to the monetary authority.

Also covered by the measure are small-scale miners who sell gold to accredited traders for the eventual disposal to the central bank.

The BSP previously appealed to small-scale miners to sell their gold to them instead of the black market to build up the country's foreign exchange reserves.