Zero tax on selling gold at BSP

DAVAO DE ORO, July 7 (PIA) - - Gold sold to Bangko Sentral ng Pilipinas (BSP) is tax-free.
Acting Director Jane Ann Gonzales of BSP Davao encouraged gold miners and traders in Davao de Oro to sell to them their gold produce as it will be exempted from tax, based on Republic Act 11256.

During an interview in the State of the Province radio program over Z Radio on July 5, 2021, Director Gonzales emphasized that the act was enforced last 2019; however, only a few might have known of it.

Gonzales said that from 2011 to 2019, two percent excise tax and five percent withholding tax were deducted to the gold seller’s income.

“Mao na katong 2011 to 2019, ninghinay gyud ang pagdala og gold dinhi sa atoa,” she said. (That is why from 2011 to 2019, there is a decline in the selling of gold to us.)

Gonzales also bared that the ‘gold’ tax was the biggest factor that caused the gold smuggling in the region.

The BSP director also highlighted that aside from being tax-free, the gold sold to them will be assessed according to the international market price on the day of sale.

“And on the same day, makuha pa jud nila ang 99% of the total value of their gold,” she said. (And on the same day, they will get 99% of the total value of their gold.)

The one percent, she added, will be paid after the final assessment of BSP in Manila.

Gonzales also said that the gold sellers will also be treated fairly at BSP, stating that their weighing scales are well-calibrated by the Department of Science and Technology. (DOST).
Johannes Bantugan, acting Bank Officer IV of the Gold Buying Station in BSP Davao, added that among the benefits and advantages of selling gold to them is their highly technical staff.

“Aduna kami kapasidad ug taas kami og experience kabahin sa bulawan,” he said. (We have the capability and long experience with regards to the gold.)

Bantugan also boosted that they have accreditation to the London Bullion Market Association, who sets standards in gold delivery. (PIA11, Michael Uy)

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