Angara urges small scale miners to sell gold to BSP: Kumita ka na, may tax incentive pa
Reelectionist Senator Sonny Angara appealed to small-scale miners to sell their gold to the government instead of trading in the black market to prop up the country’s foreign exchange buffer.
Angara said small-scale miners will soon benefit from the proposed “Gold Bill” which he authored and sponsored as chair of the Senate Committee on Ways and Means.
Under the measure, Sections 32 and 151 of the National Internal Revenue Code will be amended to make the sale of gold from small-scale miners to the Bangko Sentral ng Pilipinas exempt from income and excise taxes.
The tax exemptions cover proceeds from “sale of gold by registered small-scale miners” and “sale of gold by registered small-scale miners to accredited traders for eventual sale to the BSP,” Angara said.
“By selling their gold to the BSP, our small-scale miners will not only help the BSP shore up the country’s gross international reserves (GIR), but they will also be assured that they will receive a fair price for their gold unlike in the black market where prices are below market levels,” he added.
Angara, running under the platform “Alagang Angara,” will visit today Compostela Valley, which has the largest gold deposits in the country.