Author Topic: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...  (Read 51830 times)

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Offline ghost

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Re: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...
« Reply #15 on: July 01, 2011, 10:37:36 PM »
Gold is much more easier to deal with than diamond, that is all I can say.  ;)

DINDO BAYAUA

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Re: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...
« Reply #16 on: December 09, 2011, 10:12:24 AM »
CAUTION ON TRANSACTIONS OF SELLING GOLD TO CENTRAL BANK

Cebuano gold trader charged with nearly P3-B tax evasion case

Thursday, December 8, 2011

A CEBU City-based trader was slapped with tax evasion case before the Department of Justice (DOJ) on Thursday after he failed to pay P2.67 billion in taxes for gold purchases from 2005 to 2009.

Junrie Daitol Tenorio of Guadalupe, Cebu City is on the list of businessmen who have been selling gold to the Bangko Sentral ng Pilipinas (BSP) last May.

Based on the documents gathered by the Bureau of Internal Revenue (BIR), Tenorio sold gold to BSP amounting to P3.95 billion from 2005-2009. Tenorio, however, failed to remit his dues to the government for the said transactions.

According to BIR Commissioner Kim Henares, Tenorio will face five counts of attempting to evade tax, 15 counts of failure to file quarterly income tax returns and five counts of failure to file annual income tax returns.

....

Tenorio and Aw-yong are being charged for violations of sections 254 and 255 of the National Internal Revenue Code of 1997.

The penalty for violating section 254 of the tax code is a fine of P30,000 to P100,000 and imprisonment of two to four years while the violation of section 255 of the tax code carries a fine of at least P10,000 and imprisonment of one to 10 years.
« Last Edit: December 09, 2011, 10:54:50 AM by DINDO BAYAUA »

DINDO BAYAUA

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Re: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...
« Reply #17 on: December 09, 2011, 10:17:03 AM »
I was just wondering why BSP has not cut the tax from every selling transaction that was made as I understand that the government will automatically deduct the tax due from every transaction made.

Hmmm, something is wrong...either my last knowledge on tax law is not updated or ... .

Lemmon Sweeter, would you please help expound further the intricacies of business tax specially on gold transactions?
« Last Edit: December 09, 2011, 10:56:51 AM by DINDO BAYAUA »

Offline Myres

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Re: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...
« Reply #18 on: December 09, 2011, 11:12:52 AM »
In my humble opinion, why should anybody even bring their gold to the BSP or even merely considering its sale to the institution? It is like putting your head in a lion's mouth. Ha ha!

t_hunter44

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Re: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...
« Reply #19 on: December 09, 2011, 11:34:55 AM »
I was just wondering why BSP has not cut the tax from every selling transaction that was made as I understand that the government will automatically deduct the tax due from every transaction made.

Hmmm, something is wrong...either my last knowledge on tax law is not updated or ... .

Lemmon Sweeter, would you please help expound further the intricacies of business tax specially on gold transactions?

DB, Go to Google, type in BSP Branching Operation, Click on Branching Operations and go to #24. Presently, BSP does not deduct Taxes when you sell Gold to them.

t_hunter44

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Re: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...
« Reply #20 on: December 09, 2011, 11:43:49 AM »
I was just wondering why BSP has not cut the tax from every selling transaction that was made as I understand that the government will automatically deduct the tax due from every transaction made.

Hmmm, something is wrong...either my last knowledge on tax law is not updated or ... .

Lemmon Sweeter, would you please help expound further the intricacies of business tax specially on gold transactions?

DB, Go to Google, type in BSP Branching Operation, Click on Branching Operations and go to #24. Presently, BSP does not deduct Taxes when you sell Gold to them.

Here is the Link.  http://74.6.117.48/search/srpcache?ei=UTF-8&p=BSP+Branching+Operations&fr=ytff1-tyc&u=http://cc.bingj.com/cache.aspx?q=BSP+Branching+Operations&d=4587231617024689&mkt=en-US&setlang=en-US&w=d5153b6f,4c0880e7&icp=1&.intl=us&sig=bXeaGewtZ7IDIr9cUDTZvg--

DINDO BAYAUA

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Re: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...
« Reply #21 on: December 09, 2011, 11:58:34 AM »
Yes, I see it and it says:

"Presently, the BSP does not withhold any tax in the transaction. However, the silver is expected to comply with relevant taxation laws. Gold sold to the BSP is considered export commodity and is deemed zero-rated for VAT (value added tax) purposes."

Now, it is quite clear why the case has been filed against Tenorio. Thanks for the link

Offline renantiur

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Re: Gold Buying! Banko Central ng Pilipinas..para di na tayo ignorante...
« Reply #22 on: December 12, 2011, 11:10:27 PM »
only vat is zero-rated. he is still required to pay income taxes. a gold trader is not exempted from paying income taxes. income tax and vat are different.