The Monetary Authority of Singapore recently issued new guidelines on the updated conditions for a Fund Company of a Single-Family Office that wishes to apply for the Section 13O or the Section 13U Tax Incentive Schemes under the Income Tax Act 1947. These updated conditions apply to SFOs that submit the Annex A (Preliminary Application) to the MAS after 5 July 2023. Nonetheless, SFOs with an existing 13O or 13U tax incentive can still choose to “opt-in” to fulfil the conditions under the Tiered Spending Framework and Capital Deployment Requirement when submitting their annual declaration due after 5 July 2023.

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