The Department of Finance wants its two attached agencies—the Bureau of Internal Revenue and the Bureau of Customs—to curb the smuggling of gold out of the country and boost tax collection from the sale of the precious metal.
Gold prices clawed back some losses Tuesday after suffering their heaviest slump in 30 years triggered by weak Chinese growth data and reports Cyprus was planning to sell part of its reserves.
The Philippines is leaving no stone unturned in its quest for rare earth elements, or REE—a major component of electronic products.
The global metals and mining environment will likely be unfavorable in the coming year given the oversupply arising from this year’s global downturn but trends are seen improving at least for gold and copper miners, according to global credit watcher Standard & Poor’s.
Gold sellers are actually paying less taxes than they should, according to chief revenue commissioner Kim Henares.
The Bangko Sentral ng Pilipinas (BSP) has joined the clamor for a review of the 7-percent tax on gold sales, believing that the smuggling of the precious metal out of the country could become even more rampant if the tax issue remained unresolved.
Philex Mining Corp. disclosed on Monday that the company produced P1.4 billion worth of metals in July.
Despite rising metal prices worldwide, the amount of gold traded in the country plunged by an unbelievable 92 percent in the first quarter of the year, leaving the Department of Environment and Natural Resources (DENR) to wonder where the precious metal all went.
Nickel Asia Corp. posted lower sales and income despite higher shipment volume in the first quarter of 2012 as benchmark London Metal Exchange (LME) prices dipped.
Atlas Consolidated Mining and Development Corp.’s wholly owned subsidiary, Carmen Copper Corp. (CCC), has set a new record in metal exports, according to a disclosure to the Philippine Stock Exchange.
LONDON—The gold price is on course this year to go above $2,000 an ounce for the first time as investors seek out the safe haven metal amid economic turmoil, consultancy GFMS forecast on Thursday. Gold was being traded at $1,810 on Thursday, off its record high of $1,921.15 an ounce reached on September 6. “Although [...]
LONDON—Gold hit a record high near $1,900 an ounce in Monday trade as lingering fears of a fresh global recession caused dealers to snap up the precious metal regarded as a safe-haven investment. Gold struck an all-time peak of $1,894.80 on the London Bullion Market, beating its high of $1,878.15 recorded last Friday. It stood [...]
