Wednesday, September 17, 2014

‘Remove excise tax on gold of small-scale miners’


8:12 am | Thursday, September 18th, 2014


Benguet gold

A small-scale miner takes a break after taking out sacks of gold ore from a tunnel at the Acupan mines in Itogon, Benguet province. RICHARD BALONGLONG / INQUIRER NORTHERN LUZON FILE PHOTO



MANILA, Philippines–Two lawmakers from gold-rich Benguet province want to remove taxes on gold extracted by small-scale miners to curb the smuggling of the precious metal out of the country.


The removal of excise and income taxes on gold will encourage small-scale miners to sell their gold to the Bangko Sentral ng Pilipinas (BSP) rather than in the black market, according to Reps. Nicasio Aliping Jr. of Baguio City and Ronald Cosalan of Benguet.


The two have filed House Bill 4951, which seeks to amend Sections 32 and 151 of Republic Act 8424, or the National Internal Revenue Code, as amended, exempting small-scale miners from taxation.–DJ Yap


Follow Us





Recent Stories:


Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.


Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:


c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94



seo tools
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)