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MAS tightens criteria for family offices to qualify for tax incentives
From Monday (Apr 18), applications for funds managed and/or advised directly by a family office must have a minimum fund size of S$10 million at the point of application. Applicants must commit to increasing AUM to S$20 million within a 2-year period, under the new Section 13O of the Income Tax Act, which pertains to funds for which fund vehicles are incorporated and based in Singapore.
