Singapore – Global Investment Law Watch

Singapore Tax: Implications of Section 10L on Investment Funds

Mar 14 2024

By: Edward Bennett, Roberta Chang, Anita Zhou and Ke Jia Lim

Historically, Singapore has not taxed capital gains. However, since 1 January 2024, under the newly enacted Section 10L of the Income Tax Act 1947 of Singapore, gains received in Singapore from the sale or disposal of any foreign asset (e.g. shares issued by a company incorporated outside Singapore) by an entity within a multinational group will be treated as taxable income if the entity does not have adequate economic substance in Singapore. Section 10L is designed to address international tax avoidance risks and align the key areas of Singapore’s tax regime with international norms and the European Union’s Code of Conduct Group’s foreign source income exemption (FSIE) guidance.

Singapore: MAS Consults on Simplified Regulatory Framework for Fund Managers

Nov 05 2023

By: Edward Bennett and Ke Jia Lim

On 24 October 2023, the Monetary Authority of Singapore (MAS) issued a consultation paper on the repeal of the regulatory regime for Registered Fund Management Companies (RFMCs).

Singapore: Updates to Tax Incentives for Single Family Offices

Oct 20 2023

By: Edward Bennett and Ke Jia Lim

The Monetary Authority of Singapore (MAS) has recently introduced new guidelines for Single Family Offices (SFOs) applying for tax incentives under the Section 13O and Section 13U schemes. The changes aim to expand tax incentives for family offices to promote investment in environmental and social causes.

$2 Billion Money Laundering Case Threatens Singapore’s Reputation

Oct 20 2023

By: Edward Bennett and Ke Jia Lim

Singapore, known for its fiercely guarded reputation as a global financial hub and growing asset management centre, is currently entangled in one of the most substantial money laundering scandals globally, with a staggering S$2.8 billion (US$2 billion) in seized assets. Ten suspects, originally from China but residing in Singapore, face money laundering charges linked to scams and illegal online gambling.

Singapore: MAS Publishes Observations From Inspection of Venture Capital Fund Managers

Apr 12 2023

By Edward Bennett and Jordan Seah

Earlier this year, selected market participants were issued a report from MAS on observations from its 2022 inspection of licensed Venture Capital Fund Managers (“VCFMs”).

Having requested that MAS publish its report more widely, the circular is now publicly available here.

Singapore: Financial Institution Guidance to Enhance Vigilance Over Money Laundering and Terrorism Financing

Mar 16 2023

By Edward Bennett and Jordan Seah

The Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulatory authority, is, amongst many other things, responsible for the development of Singapore as an international financial hub.

As part of its constant drive to uphold and improve the integrity of the nation’s financial ecosystem, the MAS issued a circular in early March 2023 to remind financial institutions (FIs) on the importance of staying vigilant to money laundering and terrorism financing (ML/TF) risk, including steps FIs may take to navigate ML/TF risk inherent in the wealth management sector, including private fund management.

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