Baker & McKenzie.Wong & Leow Tax Client Alert – MAS Issues Circulars on GST Remission for Prescribed Funds and Changes to the Fund Management Tax Incentive Schemes
MAS Issues Circulars on GST Remission for Prescribed Funds and Changes to the Fund Management Tax Incentive Schemes
In the 2009 Budget Statement, the Minister for Finance introduced a new Goods and Services (“GST”) remission for prescribed funds managed by prescribed fund managers in Singapore.
On 3 April 2009, the Monetary Authority of Singapore (“MAS”) issued a circular, which provided details of the GST remission.
Changes to the Fund Management Tax Incentive Schemes:
(I) Introduction of an Enhanced-Tier Fund Tax Incentive Scheme
(II) Expansion of the ‘Designated Investments’ and ‘Specified Income’ Lists
(III) Extension/Introduction of a Sunset Clause to the Existing Fund Vehicle Tax Exemption
In the 2009 Budget Statement, the Minister for Finance introduced a new Enhanced-Tier Fund Tax Incentive Scheme, and made several changes to existing fund management tax incentive schemes. On 30 April 2009, the MAS issued a circular, which provided details of the changes.
