Changes to the Section 13O and 13U Tax Incentive Schemes for Family Offices

To enhance the attractiveness of Singapore as a jurisdiction for high-net-worth families to set up their family offices, the government of Singapore had made available two tax incentive schemes, the Section 13R and 13X schemes. On 11 April 2022, the Monetary Authority of Singapore (MAS) updated the conditions and procedural requirements for the aforementioned tax incentive schemes, now referred to as the Section 13O and 13U schemes.

Partner and Head of Private Wealth and Family Office, Ray Shankar, provided a comprehensive outline of the updated criteria for family offices seeking to avail themselves of the tax incentives available.

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