| The Court of Tax Appeals (CTA) has granted a P216.9-million tax refund on the interest income earned on Treasury bond (T-bond) investments made by Singapore’s sovereign wealth fund in 2012. In a 23-page decision dated March 17, the CTA First Division said GIC Pte. Ltd., owned and controlled by the Singapore government, is entitled to a tax exemption under the National Internal Revenue Code (NIRC).
Monetary benefits from interest income on T-bonds are subject to a 20% final withholding tax to be remitted by the Bureau of the Treasury to the Bureau of Internal Revenue (BIR)...............................................Full Article: Source
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