February 18, 2020
REVENUE REGULATIONS NO. 04-20
| SUBJECT | : | Implements the Provisions of Republic Act No. 11256, Also Known as "An Act to Strengthen the Country's Gross International Reserves, Amending for the Purpose Sections 32 and 151 of the National Internal Revenue Code, as Amended, and for Other Purposes" |
| TO | : | All Internal Revenue Officers and Others Concerned |
SECTION 1. Scope. — Pursuant to the provisions of Section 244 of the National Internal Revenue Code ("NIRC"), as amended, the following Regulations are hereby promulgated to implement the provisions of Republic Act No. 11256, also known as "An Act to Strengthen the Country's Gross International Reserves, Amending for the Purpose Sections 32 and 151 of the National Internal Revenue Code, as Amended, and for Other Purposes."
SECTION 2. Definition of Terms. — For purposes of these Regulations, the following terms are defined as follows:
a) Accredited Traders — persons and/or entities engaged in the business of buying and selling gold that have complied with the BSP's gold trader accreditation procedures.
b) Registered Small-Scale Miners (SSMs) — refer to...
