ARTICLE - Singapore

Extension of Tax Incentive Schemes for Fund Managers

04 Apr

Extension of Tax Incentive Schemes for Fund Managers - Introduction

Singapore's 2024 Budget, announced by the Hon. Minister of Finance and Deputy Prime Minister Lawrence Wong on February 16, 2024, includes updates to tax incentives aimed at fostering the growth of the fund management industry and supporting the family office sector. Here's an overview of the key changes.

Extension of Incentives

The tax incentives governed by Sections 13D, 13O, and 13U of the Income Tax Act 1947, originally set to expire on December 31, 2024, have been extended until December 31, 2029. Limited partnerships registered in Singapore under the Section 13O scheme will now be included in the tax incentives. Revised economic criteria for Qualifying Funds under all three schemes will be introduced, effective from January 1, 2025.

Implementation and Guidelines

The Monetary Authority of Singapore (MAS) is expected to release detailed guidelines on these changes by the third quarter of 2024.

Implications

The extension of tax incentives provides continuity and stability for fund managers operating in Singapore, encouraging further investment and growth in the industry. The inclusion of limited partnerships expands the scope of entities eligible for tax benefits, potentially attracting more investment and fostering innovation. Revised economic criteria for Qualifying Funds aim to ensure that the incentives target funds that contribute positively to Singapore's economy and financial ecosystem.

Conclusion

Singapore's extension of tax incentive schemes for fund managers demonstrates its commitment to maintaining a conducive environment for the fund management industry and supporting the growth of the family office sector. These changes provide clarity and certainty for businesses operating in this space, fostering continued innovation and investment. Stakeholders should stay updated on the detailed guidelines to understand the full implications of these changes.

Final thoughts

If you have any queries about this article on the Extension of Tax Incentive Schemes for Fund Managers, or Singapore tax matters more generally, then please get in touch.

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Extension of Tax Incentive Schemes for Fund Managers