Legal Update: New conditions for Sections 13O & 13U for Family Offices in Singapore

In this legal update, we examine the new guidelines issued by the Monetary Authority of Singapore (“MAS”) on the new conditions under sections 13O and 13U (formerly sections 13R and 13X respectively) under the Income Tax Act 1947 (“ITA”) for family offices in Singapore. These new conditions take effect from 18 April 2022. The new conditions have been issued after a review of the applicable regulations, policies and incentive regimes, and are to ensure that they remain relevant to the developments of the family office sector.

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For further information contact:

Claudia Teo
Partner & Head, Corporate and Financial Services
claudiateo@harryelias.com
+65 6361 9845

Derick Ting
Partner
DerickTing@harryelias.com
+65 6361 9363

Howard Goh
Legal Executive
HowardGoh@harryelias.com
+65 6361 9362

Supporting team member

Christopher Huang
Trainee
ChristopherHuang@harryelias.com