Global

Details

  • 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




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