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                    [ArticleID] => 346764
                    [Title] => TOAP clarifies ruling on UITF
                    [Summary] => The Trust Officers’ Association of the Philippines (TOAP) said that gains arising from redemption of unit investment trust fund (UITF) participation are not subject to a final withholding tax. 


In a position paper, the TOAP said the Bureau of Internal Revenue (BIR) Ruling No. 003-05 stated that the final tax withheld on interest income payments to the trust fund is distinct and separate from the tax on the income derived by the individual investor, it qualified that this is only applicable to irrevocable trusts. 


                    [DatePublished] => 2006-07-11 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

            [1] => Array
                (
                    [ArticleID] => 279936
                    [Title] => Banks asked to explain sudden increase in living trust accounts
                    [Summary] => The Bangko Sentral ng Pilipinas (BSP) is asking banks to explain the sudden increase in their living trust accounts, indicating that interim measures might be taken while the harmonized rules on collective investment products were being finalized. 


Following the phase-out of common trust funds, the BSP had detected a shift to other lightly-regulated trust accounts, prompting the BSP to warn that it would soon crack down on these instruments as well. 


                    [DatePublished] => 2005-06-01 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096655
                    [AuthorName] =>  Des  Ferriols
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [2] => Array
                (
                    [ArticleID] => 272645
                    [Title] => BSP notes unusual increase in  living trust accounts of banks
                    [Summary] => Following the phase-out of common trust funds, banks have been shifting en masse to other lightly-regulated trust accounts, prompting the Bangko Sentral ng Pilipinas (BSP) to warn that it would soon crack down on these instruments as well. 


The BSP reported over the weekend that there had been an "unusual increase in the living trust accounts of banks" shortly before and right after the effectivity of the rule that required banks to convert to unit investment trust funds (UITFs). 


                    [DatePublished] => 2005-04-04 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096655
                    [AuthorName] =>  Des  Ferriols
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

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    [results] => Array
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            [0] => Array
                (
                    [ArticleID] => 346764
                    [Title] => TOAP clarifies ruling on UITF
                    [Summary] => The Trust Officers’ Association of the Philippines (TOAP) said that gains arising from redemption of unit investment trust fund (UITF) participation are not subject to a final withholding tax. 


In a position paper, the TOAP said the Bureau of Internal Revenue (BIR) Ruling No. 003-05 stated that the final tax withheld on interest income payments to the trust fund is distinct and separate from the tax on the income derived by the individual investor, it qualified that this is only applicable to irrevocable trusts. 


                    [DatePublished] => 2006-07-11 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 
                    [AuthorName] => 
                    [SectionName] => Banking
                    [SectionUrl] => banking
                    [URL] => 
                )

            [1] => Array
                (
                    [ArticleID] => 279936
                    [Title] => Banks asked to explain sudden increase in living trust accounts
                    [Summary] => The Bangko Sentral ng Pilipinas (BSP) is asking banks to explain the sudden increase in their living trust accounts, indicating that interim measures might be taken while the harmonized rules on collective investment products were being finalized. 


Following the phase-out of common trust funds, the BSP had detected a shift to other lightly-regulated trust accounts, prompting the BSP to warn that it would soon crack down on these instruments as well. 


                    [DatePublished] => 2005-06-01 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096655
                    [AuthorName] =>  Des  Ferriols
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

            [2] => Array
                (
                    [ArticleID] => 272645
                    [Title] => BSP notes unusual increase in  living trust accounts of banks
                    [Summary] => Following the phase-out of common trust funds, banks have been shifting en masse to other lightly-regulated trust accounts, prompting the Bangko Sentral ng Pilipinas (BSP) to warn that it would soon crack down on these instruments as well. 


The BSP reported over the weekend that there had been an "unusual increase in the living trust accounts of banks" shortly before and right after the effectivity of the rule that required banks to convert to unit investment trust funds (UITFs). 


                    [DatePublished] => 2005-04-04 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
                    [AuthorID] => 1096655
                    [AuthorName] =>  Des  Ferriols
                    [SectionName] => Business
                    [SectionUrl] => business
                    [URL] => 
                )

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abtest

TOAP clarifies ruling on UITF

July 11, 2006 - 12:00am

The Trust Officers’ Association of the Philippines (TOAP) said that gains arising from redemption of unit investment trust fund (UITF) participation are not subject to a final withholding tax. In a position...

Banking

Banks asked to explain sudden increase in living trust accounts

By Des Ferriols | June 1, 2005 - 12:00am

The Bangko Sentral ng Pilipinas (BSP) is asking banks to explain the sudden increase in their living trust accounts, indicating that interim measures might be taken while the harmonized rules on collective investment...

Business

BSP notes unusual increase in living trust accounts of banks

By Des Ferriols | April 4, 2005 - 12:00am

Following the phase-out of common trust funds, banks have been shifting en masse to other lightly-regulated trust accounts, prompting the Bangko Sentral ng Pilipinas (BSP) to warn that it would soon crack down on...

Business