rr 7-2008 - REVENUE REGULATIONS NO 7-2008 issued on May 2...

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REVENUE REGULATIONS NO. 7-2008 issued on May 2, 2008 prescribes the regulations to govern the taxation on the sale to the Bangko Sentral ng Pilipinas (BSP) of gold and other metallic mineral products extracted or produced by small-scale miners pursuant to Republic Act (RA) No. 7076, otherwise known as the “People’s Small-Scale Mining Act of 1991” , and further amends section 2.57.2 (T) of Revenue Regulations (RR) No. 2-98, as amended by RR No. 17-2003. RA No. 7076 requires person/s undertaking small scale mining activities to register with the Board and may organize themselves into a cooperative in order to qualify for the awarding of people’s small scale mining contract. A holder of small-scale mining contract is liable to pay the following national internal revenue taxes, to wit: a. Excise Tax at the rate of two percent (2%) prescribed under Section 151(A)(3)(b) of the Tax Code , as amended, on every sale of gold to BSP, based on actual market value. For this purpose, actual market value shall refer to the prices competitive with
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This note was uploaded on 12/07/2011 for the course TAXATION 101 taught by Professor Atty.phua during the Spring '11 term at University of the Philippines Diliman.

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rr 7-2008 - REVENUE REGULATIONS NO 7-2008 issued on May 2...

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