MANILA – The House of Representatives on Wednesday approved on second reading a measure exempting small-scale gold miners from paying excise taxes.
The Lower House passed via voice vote House Bill 3297, which aims to strengthen the country's gross international reserves (GIR) by encouraging small-scale gold miners to sell to the Bangko Sentral ng Pilipinas.
The proposed tax exemption would help return the sale of gold from small-scale mining to the formal sector.
The bill seeks to amend Sections 32 and 151 of Republic Act 8424, or the National Internal Revenue Code.
It also aims to support the trade of small-scale miners pursuant to the People's Small-Scale Mining Act. (PNA)
