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An Update on Tax Regimes for Single Family Offices in Singapore and Hong Kong


Singapore's fund tax incentive schemes have been available to funds managed by single family offices (SFOs) for several years now. During this time the Monetary Authority of Singapore (MAS) have made incremental changes to enhance the schemes, in order to support the growth of the asset and wealth management industry in Singapore and to develop Singapore into an international hub for family offices.

The MAS announced the latest set of changes on 5 July 2023, with revised qualifying conditions for funds which are applying for either one of the fund tax incentive schemes under Section 13O or Section 13U of the Income Tax Act and which are managed by SFOs which are exempt from registration or licensing as a fund manager.  The MAS also announced the launch of a new Philanthropy Tax Incentive Scheme for SFOs which grants a donor who is connected to an approved SFO a 100% tax deduction on cash donations made outside Singapore.

In Hong Kong, the enactment of the Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holdings Vehicles) Ordinance 2023 on 19 May 2023 brought into effect Hong Kong's own tax concession regime for SFOs. A tax exemption now applies to profits arising from qualifying transactions derived by family-owned investment holding vehicles (FIHVs) managed by SFOs in Hong Kong and by special purpose entities held by such FIHVs. The tax concession took effect retrospectively to any year of assessment commencing after 1 April 2022.

In these online sessions, Vincent Sim (Managing Associate, Mishcon de Reya LLP, Singapore) and Wenwen Chai (Senior Associate, Karas So LLP in association with Mishcon de Reya) will shed light on these changes and their implications.

This webinar will take place on both 13 and 20 July. Register for 20 July instead here.


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