Tax Exemption Schemes for Single Family Offices: Updates to S13O & S13U Application Criteria and Launch of New Philanthropy Scheme

17 August 2023

The Monetary Authority of Singapore (“MAS“) has implemented the following two key changes to tax schemes related to single family office (“SFO“).

On 5 July 2023, MAS announced changes to the qualifying criteria for SFO fund vehicles applying for the tax exemptions under sections 13O and 13U of the Income Tax Act 1947 (“ITA“). The changes seek to encourage the meaningful deployment of capital and bolster the development and sophistication of Singapore’s asset and wealth management industry.

For more information, click here to read the full Legal Update.

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Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Singapore LLP. All rights reserved. Rajah & Tann Singapore LLP (UEN T08LL0005E) is registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A) with limited liability.