Amendment of Section 151 (Mineral Products – Excise Tax Exemption)
- Gold sold or eventually sold to BSP under Section 32(B)(7)(i) is exempt from excise tax.
- If excise tax has been paid before the gold is sold to BSP, taxpayers may claim a refund or credit with the Commissioner of Internal Revenue.
Tax Incentives and Privileges for Small-Scale Miners
- Sale of gold by registered small-scale miners to accredited traders for eventual sale to BSP enjoys the same tax treatment and privileges as direct sales to BSP.
- These incentives apply notwithstanding other provisions under Republic Act No. 6938 or other laws.
Presumption on Source of Gold Sold to BSP
- All gold sold to BSP by accredited traders is presumed to have been purchased from small-scale miners.
Implementing Rules and Regulations
- The BSP Governor, Secretary of Environment and Natural Resources, Secretary of the Interior and Local Government, and Commissioner of Internal Revenue must recommend rules within 60 days of the Act’s effectivity.
- These rules will include registration and accreditation processes for small-scale miners and traders to avail of tax exemptions.
Repealing Clause
- All laws, executive orders, rules, and regulations inconsistent with this Act are revoked, repealed, or modified accordingly.
Separability Clause
- If any provision is declared unconstitutional, it will not affect the validity of other provisions of the Act.
Effectivity Clause
- The Act takes effect fifteen (15) days after its publication in the Official Gazette or a newspaper of general circulation.