Single Family Offices Benefiting from Philanthropy Tax Incentive Scheme, Donations Made and Enhancements Planned

Mr Desmond Choo asked 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.

Mr Gan Kim Yong (for the Prime Minister): The Philanthropy Tax Incentive Scheme (PTIS) for Family Offices was opened for applications this year and the Monetary Authority of Singapore (MAS) has, thus far, received nine 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.

MAS has been engaging industry stakeholders, including SFOs, tax and legal professionals, private banks and charitable organisations on 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 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.