Government steps up gold purchasesJoseph Norbert David, director of the BSP Mint and Refinery Operations Department, told participants in a media lecture series that the volume of gold purchases of the BSP this year has already surpassed last year’s level. He reported that gold purchases by the central bank reached 115,800 troy ounces in 2020 or more than 11 times the 10,207 troy oz purchased in 2019. The BIR eventually issued RR 6-2012, slapping a five percent withholding tax and two percent excise tax on the gold purchases of the BSP from small-scale miners. There is an increase in our gold purchases as a result of the lifting of taxes imposed on our sellers,” David said. The BSP refines and converts all gold purchases into good delivery gold bars via its mint and refinery operations department, forming part of the country’s GIR.

Source: Philippine Star October 08, 2021 15:56 UTC