Updated MAS annual declarations for family offices

The webinar will examine the new Annual Declaration forms pertinent to Section 13O and U funds tax incentive schemes and submission issues.

On 2 May 2024, the Monetary Authority of Singapore (MAS) released the final version of the updated Annual Declaration (AD) forms pertinent to the Section 13O and U funds tax incentive schemes.

Given the technical issues encountered during the initial forms submission, the MAS had extended the deadline by an additional two months, from the original date of 30 April 2024 (cut-off for fund entities with a December year-end) to a new deadline of 30 June 2024.

The revised AD forms now incorporate more rigorous confirmations and data requirements, aligning with the comprehensive scrutiny typically applied to new incentive applications, which is an affirmation of the MAS’s commitment to maintain Singapore's status as a trusted financial center.

The updates prompt several critical questions:

• Which individuals should be designated as key employees in the declarations?
• What are the implications of not obtaining prior approval for the replacement of investment professionals?
• Who is obligated to fulfill the Capital Deployment Requirements, and what do these entail?

Join us at this webinar where we will meticulously examine the new AD forms, delve into the policy rationale behind the updated forms, and explore practical issues related to completing and submitting the forms accurately and efficiently. Our goal is to equip you with the knowledge and insights necessary for a smooth and successful inaugural submission using the revised forms. Don't miss this opportunity to stay ahead in the ever-evolving landscape of family office tax incentives in Singapore.

Presenter:

• Desmond Teo, EY Asia-Pacific Family Enterprise Leader; EY Asia-Pacific and Asean EY Private Tax Leader
• Spencer Hsu, Associate Partner, Private Tax Services, EY Corporate Advisors Pte. Ltd.
• Adeline Chiam, Manager, Private Tax Services, EY Corporate Advisors Pte. Ltd.
• Claire Siew, Consultant, Private Tax Services, EY Corporate Advisors Pte. Ltd.

This event is now over. Please contact the organizer to receive invites for future events.