Written reply to Parliamentary Question on Single Family Offices and Philanthropy Tax Incentive Scheme

Date: For Parliament Sitting on 6 August 2024

Name and Constituency of Member of Parliament

Mr Desmond Choo, MP, Tampines GRC

Question:

To ask the Prime Minister and Minister for Finance (a) what is the number of Single Family Offices (SFOs) that have applied to benefit from the Philanthropy Tax Incentive Scheme (PTIS) since its launch; (b) what is the total amount of philanthropic donations made by SFOs through this scheme to date, both domestically and overseas; and (c) whether any feedback on PTIS has been received and, if so, what are the plans to refine PTIS to enhance philanthropic giving.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. The Philanthropy Tax Incentive Scheme (PTIS) for Family Offices was opened for applications this year and MAS has thus far received 9 applications and indications of interest from Single Family Offices (SFOs). As the first reporting cycle will only take place next year, we do not have data on the total amount of philanthropic donations made through the scheme.

2. MAS has been engaging industry stakeholders, including SFOs, tax and legal professionals, private banks and charitable organisations on the PTIS. These stakeholders have provided feedback that the scheme is useful in encouraging greater philanthropic giving among SFOs and in supporting the growth of the philanthropic ecosystem as well as capabilities in Singapore. MAS will continue to engage stakeholders to increase awareness and understanding on the PTIS. MAS has received some suggestions to streamline and reduce the scheme requirements. We will monitor the take up of the scheme, continue to take feedback and review the scheme if necessary.

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