PRESIDENT Rodrigo Duterte has signed into law a bill that seeks to strengthen the country’s gross international reserves (GIR) by offering tax incentives to local small-scale miners, a move welcomed by the Bangko Sentral ng Pilipinas (BSP).
Signed on March 29 but revealed to the media only on Wednesday, Republic Act (RA) 11256 amended the National Internal Revenue Code to exempt from taxation income from gold sold by these miners directly to the BSP.
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