REVENUE REGULATIONS NO. 7-2017 issued on November 23, 2017 amends pertinent provisions of Revenue Regulations (RR) No. 2-1998, as amended by RR No. 17-2003, in relation to RR No. 6-2012 reducing Bangko Sentral ng Pilipinas’ (BSP’s) obligation as withholding agent of the Creditable Withholding Tax (CWT) from the rate of five percent (5%) to one percent (1%). Income payments on purchases of minerals, mineral products, and quarry resources, such as but not limited to silver, gold, marble, granite, sand, boulders and other materials/products, are subject to withholding at the rate of five percent (5%). However, BSP is required to withhold 1% of gross payments made and remit the same to the government. All buyers of metallic minerals are constituted as agents for the collection of two percent (2%) Excise Tax on metallic minerals and the 5% CWT thereon. However, the BSP, as constituted agent, shall only collect the 1% CWT on its purchase of metallic minerals and 2% Excise Tax due thereon. To be able to claim the costs of metallic minerals, the seller/possessor must be able to show proof of withholding and remittance of the 5% Withholding Tax on the said product, 1% in the case of said minerals sold to BSP, otherwise all claimed costs and expenses associated therewith shall be disallowed.