• Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 11/11/2013

Singapore - Tax update for fund management sector 

November 11: The Monetary Authority of Singapore announced changes to enhance the existing tax regime for fund management firms.

Currently, the financial sector incentive-fund management incentive regime offers a concessionary rate of 10% on income derived by approved fund management companies from managing or advising qualifying funds.

In June 2013, an additional requirement was imposed on entities seeking to operate or seeking to renew their eligibility under this regime—i.e., the additional requirement to have minimum “assets under management” of S $250 million.

The Monetary Authority of Singapore clarified that private equity, real estate, and infrastructure fund managers may use the committed capital secured for these funds in calculating the S $250 million threshold.

GST for qualifying funds

A goods and services tax (GST) initiative is effective from 22 January 2009 to 31 March 2014. Eligible funds are allowed to recover the input GST incurred on all expenses based on a fixed recovery rate, without having to register for GST.

Read an October 2013 report [PDF 222 KB] prepared by the KPMG member firm in Singapore: Tax Updates to the Funds and Fund Management Industry

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.


Share this

Share this


Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)

Already a Subscriber? Login

Not a member? Subscribe now