MAS Broadens Tax Incentives to Encourage Single Family Offices to Invest in Singapore

The Business Times2023-07-05

The Monetary Authority of Singapore (MAS) is expanding its scope of tax incentives for single family offices (SFOs) in Singapore to encourage them to deploy capital in the country more purposefully ...

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The purpose is to assess if the SFO has met its investment requirement.Concessional capital refers to capital that accepts lower returns or higher risks compared to other investors.Ravi Menon, MAS’ managing director, believes such financing can help catalyse commercial capital into worthwhile but less attractive green and transition projects.MAS will recognise grants that SFOs give to support blended finance structures, as two dollars for every dollar of grant given.In tackling climate change, MAS will recognise SFOs’ climate-related investments anywhere in the world, not just those in Singapore.Furthermore, to encourage deeper investments into Singapore, MAS is expanding the scope of tax incentives to recognise all investments in non-listed Singapore operating companies, including private credit.It will recognise twice the amount invested in Singapore-listed equities and in eligible exchange-traded funds and unlisted funds which invest primarily in Singapore-listed equities, for the purpose of meeting SFOs’ investment requirements.SFOs will now be required to have at least one non-family member as one of the investment professionals it needs to hire.Menon said this will expand the pool of available jobs for professionals in Singapore.All new SFO applicants will have to meet their business spending requirement solely from Singapore, as opposed to previously, where overseas spending counted towards meeting the requirement.MAS on Wednesday also launched the philanthropy tax incentive scheme (PTIS) for family offices. The scheme, announced in Budget 2023, will go live on Jan 1, 2024. It will allow qualifying donors in Singapore to claim 100 percent tax deductions for overseas donations made through qualifying local intermediaries.The tax deduction is, however, capped at 40 per cent of the donor’s statutory income.“We hope the introduction of PTIS will encourage philanthropic giving to become a regular professional feature of family offices here,” said Menon.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":18,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1132354354"}