Singapore: Guidance on proposed philanthropy tax incentive scheme for single family offices
A circular providing details of proposed philanthropy tax incentive scheme for qualifying donors with single family offices operating in Singapore
Guidance on proposed philanthropy tax incentive scheme for single family offices
The Monetary Authority of Singapore (MAS) on 5 July 2023 released Circular FDD Cir 10/2023 providing details of the proposed philanthropy tax incentive scheme (PTIS) for qualifying donors with single family offices (SFOs) operating in Singapore.
Under the PTIS, qualifying donors would qualify for a 100% tax deduction for their overseas donations made through specified qualifying local intermediaries, capped at 40% of the donor’s statutory income. No carry-forward of excess donations would be allowed and the excess could not be used under any tax group reliefs.
The PTIS, which was announced by the Minister of Finance in his 2023 budget speech, is proposed to take effect from 1 January 2024 and would be valid for a five-year period.
Read an August 2023 report [PDF 311 KB] prepared by the KPMG member firm in Singapore
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