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Philanthropy tax incentive scheme for family offices
The introduction of the PTIS broadens the suite of incentives supporting philanthropy work carried out in and from Singapore.
In Budget 2023 announced on 14 Feb 2023, the Minister of Finance announced that the Philanthropy Tax Incentive Scheme for family offices (PTIS) would be introduced to encourage family offices operating in Singapore to conduct philanthropy activities out of Singapore. On 5 Jul 2023, the Monetary Authority of Singapore (MAS) announced details of the PTIS, with the formal application form published on 8 Sep 2023. In this alert, we highlight the key conditions and qualifying requirements of the PTIS and explore the opportunities it presents for family offices in Singapore.