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Authorities eye more refinements in BSP's gold buying policies - Vimarsana News

Authorities eye more refinements in BSP's gold buying policies

Published: October 8, 2021

MANILA - Exempting small-scale miners from paying income and excise taxes resulted in around 1,000 percent jump in Bangko Sentral ng Pilipinas' (BSP) gold purchases in 2020 and more refinements are still in the pipeline to support this. In a virtual briefing on Friday, BSP Mint and Refinery Operations Department Director Joseph Norbert S. David said Republic Act (RA) 11256, or the amendment in the National Internal Revenue Code, which was signed into law on March 29, 2019 "has a positive impact on our purchases". "The BSP was able to buy a total volume of 115,800 troy ounces...

Source: philippinetimes.com
Related Topics:
Davao CityJoseph Norberts DavidBangko SentralNational Internal Revenue CodeRefinery Operations DepartmentRepublic ActMonetary BoardQuezon CitySecurity Plant ComplexManila Exempting Small Scale Miners From Paying Income And Excise Taxes Resulted In Around 1000 Percent Jump In Bangko Sentral Ng Pilipinas 39 Bsp Gold Purchases 2020 And More Refinements Are Still The Pipeline To Support This Ina Virtual Briefing On FridaySp Mint And Refinery Operations Department Director Joseph Norberts David Said Republic Act Ra 11256R The Amendment In National Internal Revenue CodeHich Was Signed Into Law On March 29019 Quot Hasa Positive Impact On Our Purchases The Bsp Was Able To Buya Total Volume Of 115800 Troy Ounces As Compared To The 10207 Troy Ounces In 2019 It Is Also Worthy To Mention That The Current Volume Of Purchases This Year Has Already Exceeded Last 39sUot He SaidEclined To Give The Figures For Their Gold Purchases So Far This YearIting That There Are Certain Protocols Before This Can Be Disclosed To The Public In GeneralE Said Most Of Their Gold Purchases Came From Baguio Followed By Those DavaoOth Of Which Was Due To The High Resources In These Areas Further Entice More Small Scale Miners Sell Their Gold Central BankAvid Said They Have Submitted To The Bsp 39s Policy Making Monetary Board Mb Proposed ChangesOme Of Which Are Seen To Be Implemented Either This Or Next Year These Programs Include Making Rates Attractive Small Scale MinersInimizing The Processing Cost