Important Changes to Singapore’s Section 13O and Section 13U Tax Incentive Schemes - May 2022

On 11 April 2022, the Monetary Authority of Singapore announced updated conditions for family offices that wish to apply for the Section 13O (formerly known as 13R) and Section 13U (formerly known as 13X) tax incentive schemes. These conditions came into effect on 18 April 2022. The updated conditions apply to fund vehicles that are managed or advised directly by a family office that a) is an exempt fund management company, which manages assets for or on behalf of the family, and b) is wholly owned or controlled by members of the same family.

Read our memo for more information.