A further challenge to Philippine foreign policy Sovereign Wealth Funds (SWFs) have become a significant investor in the global economy throughout the years and one study shows that there are now at least 40 SWFs in the world holding a combined total of billions, if not trillions, of US Dollars in assets. An SWF is a state-owned fund, or a pool of money owned by a government, that is invested into various financial assets. Take the case of a country that has excess budgetary reserves, instead of keeping the money in the country’s central depository bank, the country may opt to create an SWF and invest the money elsewhere for a greater or higher return. As a government-owned fund, an SWF may enjoy tax benefits on its income earned, subject of course to the tax laws of the jurisdiction where the SWF’s investment is located. In the case of the Philippines, the Tax Code accords tax exemption to certain investment income derived by foreign governments from investments in the Philippines. The Tax Code provision referred to here is Section 32(B)(7)(a) which provides that “Income derived from investments in the Philippines in loans, stocks, bonds or other domestic securities, or from… Read full this story
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