Independent Wealth

Singapore to launch new tax incentive scheme for donors with family offices

Donors with family offices operating in Singapore will soon be able to claim a 100 per cent tax deduction for overseas donations through a new Philanthropy Tax Incentive Scheme for Family Offices.

According to the Business Times, the tax incentive would be limited to 40% of the donor's statutory income and will apply to international donations made through qualified local intermediaries.

Donors must meet qualifying requirements, such as incremental business spending of SGD200,000, and have a fund under the Monetary Authority of Singapore's (MAS) section 13O or 13U schemes in order to be eligible.

More details will be provided by MAS by the end of June 2023.