Itís Your Money > Taxes

Taxes on foreign stock or endowments

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Emilez:
When living in the Philippines, are there taxes on owning foreign stocks? How about endowments?

Since the stocks in an endowment is not legally owned by me it should probably not be taxable in the philippines, right?

GregW:
Where is the income derived from?† As a general rule income derived from outside the RP is not taxed in the RP.† Income earned in the RP is of course subject to RP taxes.

You would be wise to seek the counsel of a professional tax consultant for the definitive answer.

tom.inbigdtexas:

--- Quote from: Emilez on February 22, 2010, 03:19:52 PM ---Since the stocks in an endowment is not legally owned by me it should probably not be taxable in the philippines, right?

--- End quote ---

Unless you are a hospital, church, university or some similar institution, you usually are not the recipient or beneficiary of an \"endowment.\"† Do you mean \"trust\" or some other type of fund?

At any rate, if the \"fund\" was established outside the RP, and the passive income is paid to you from a source outside the RP, and all you do is transfer monies from your foreign account to the RP... very unlikely you would have any RP tax issues.

Tom in Big D





c_a_p_t_a_i_n_r_o_n:

--- Quote from: tom.inbigdtexas on February 23, 2010, 03:56:02 AM ---
--- Quote from: Emilez on February 22, 2010, 03:19:52 PM ---Since the stocks in an endowment is not legally owned by me it should probably not be taxable in the philippines, right?

--- End quote ---

Unless you are a hospital, church, university or some similar institution, you usually are not the recipient or beneficiary of an \"endowment.\"† Do you mean \"trust\" or some other type of fund?

At any rate, if the \"fund\" was established outside the RP, and the passive income is paid to you from a source outside the RP, and all you do is transfer monies from your foreign account to the RP... very unlikely you would have any RP tax issues.

Tom in Big D


--- End quote ---

He probably means an endowment policy

An endowment policy is a life insurance contract designed to pay a lump sum after a specified term (on its \'maturity\') or on earlier death. wikipedia

Again exempt from RP taxation

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