REVENUE MEMORANDUM CIRCULAR NO. 66-2019 issued on July 4, 2019 publishes the full text of Republic Act (RA) No. 11256, entitled “An Act to Strengthen
the Gross International Reserves (GIR), Amending for the Purpose Sections 32 and 151 of the National Internal Revenue Code (NIRC), as Amended, and for Other
Purposes”.

Section 32(B)(7) of the NIRC is further amended to read as follows:
“Sec. 32. Gross Income. –
“x x x
“(B) Exclusions form Gross Income. – The following items shall not be
included in gross income and shall be exempt from taxation under this title:
“x x x
“(7) Miscellaneous Items. –
“x x x
“(i) Income Derived from the Sale of Gold Pursuant to Republic Act No. 7076. – Income derived from the following transactions pursuant to Republic Act
No. 7076, otherwise known as the “People’s Small-scale Mining Act of 1991”:
“(1) The sale of gold to the Bangko Sentral ng Pilipinas by registered small-scale miners, as defined under RA No. 7076, and accredited traders; and
“(2) The sale of gold by registered small-scale miners to accredited traders for eventual sale to the Bangko Sentral ng Pilipinas.”
Section 151 of the NIRC is further amended to read as follows:
“Sec 151. Mineral Products. –
“x x x
“(C) Notwithstanding the foregoing, gold which is sold or eventually sold to the Bangko Sentral ng Pilipinas, in accordance with Section 32(B)(7)(i), shall
be exempt from the payment of excise tax: Provided, however, that if excise tax due thereon had been paid prior to the sale of gold to the BSP, the taxpayer
may file a claim for refund or credit with the Commissioner for the excise tax paid.”

In addition to the foregoing, and notwithstanding the existing provisions of the RA No. 6938, as amended, and other applicable laws, the sale of gold by registered
small-scale miners, as defined under RA No. 7076, to accredited traders for eventual sale to the Bangko Sentral ng Pilipinas (BSP) shall enjoy the same tax treatment and privileges given to the direct sale of gold to the BSP under the Tax Code.

All gold sold to the BSP by accredited traders shall be presumed to have been purchased by said traders from small-scale miners.
Within sixty (60) days after effectivity of RA No. 11256, the Governor of the BSP, the Secretary of Environment and Natural Resources, the Secretary of the Interior and Local Government, and the Commissioner of Internal Revenue shall recommend to the

Secretary of Finance, for promulgation, the rules and regulations necessary for the effective implementation of the Act. The rules and regulations shall include provisions for the registration and accreditation requirements of small-scale miners and traders in order to avail of the tax exemptions under the Act.