Wed, 05 Aug 2020

Tax exempt accreditation for small- scale gold miners, traders starts

Philippine Information Agency
04 Jul 2020, 20:38 GMT+10

DAVAO CITY (PIA) - Following the release of the Implementing Rules and Regulations (IRR) of Republic Act 11256, the Bangko Sentral ng Pilipinas has announced the accreditation of small-scale gold miners, traders, mining associations or cooperatives for subsequent tax exemption.

R.A. 11256 also known as An Act to Strengthen the Country's Gross International Reserves, Amending For the Purpose Sections 32 and 151 of the National internal Revenue Code, mandates the exemption from payment of income and excise taxes on the sale of gold to the BSP by registered small scale and accredited small scale miners and traders.

The BSP Davao Regional Office Gold Buying Station is now accepting accreditation of these small scale miners and traders. These entities can visit the BSP to obtain copies of the following documents, namely; the IRR, the new BSP Gold Buying Program Guidelines and the Checklist of Requirements for Accreditation with the BSP.

For questions or clarifications or additional information on the accreditation, concerned parties are advised to call Leonides Sumbi, director of BSP Davao Regional Office or Acting Deputy Director Nestor B. Bastereche with number (082) 227-9051 locals 3757 and 3759. Or in case of absence they can contact foal person Engineer Johannes Bantugan or his alternate Bank Officer II Dorothy Joy Diaz at (082) 227-9051 locals 3777 and 3760.

Or they can email at Lsumbi@bsp.gov.ph or nbastareche@bsp.gov.ph bantuganja@bsp.gov.ph and DiazD@bsp.gov.ph.

BSP Davao Regional Office is open Mondays to Fridays from 9:00 a.m. to 2:00 p.m. (PIA/RGAlama)

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