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.
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