The new philanthropy tax incentives scheme in Singapore has attracted a handful of single family offices, according to the chairman of the city-state’s financial regulator.
As part of its ambitions of becoming a hub for charitable giving, Singapore recently introduced a new Philanthropy Tax Incentive Scheme (PTIS) for family offices. While the previous regime was biased towards local activities, the new regime will provide tax reductions for overseas donations as well.
Applications for the PTIS opened this year and according to the Monetary Authority of Singapore’s (MAS) chairman Gan Kim Yong, nine applications and indications of interest from single family offices (SFO) have been received thus far. The total amount of philanthropic donations was not disclosed as the first reporting cycle only takes place next year.
«Useful» Scheme
The disclosure was a response to questions in parliament about the new scheme. In engaging industry stakeholders, including SFOs, tax and legal professionals, private banks and charitable organizations on the PTIS, Gan noted that the scheme was said to be «useful in encouraging greater philanthropic giving among SFOs and in supporting the growth of the philanthropic ecosystem as well as capabilities in Singapore».
«MAS will continue to engage stakeholders to increase awareness and understanding on the PTIS,» said Gan, who is also Singapore’s Deputy Prime Minister as well as Minister for Trade and Industry. «MAS has received some suggestions to streamline and reduce the scheme requirements. We will monitor the take up of the scheme, continue to take feedback and review the scheme if necessary.»
