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Vistra: Versterking van het concurrentievermogen van Singapore fondsbeheer

Vistra: Versterking van het concurrentievermogen van Singapore fondsbeheer

  • Anderen
  • Extending and refining tax incentives for qualifying funds
  • Vistra (Amsterdam) B.V.
  • http://www.vistra.com
  • sjaak.ten.hove@vistra.com
  • http://news.vistra.com/rv/ff0015f9b690f2d2f4fada95ff4a9764e23f8fdd
  1. Extending and refining tax incentives for qualifying funds

To encourage the growth of the asset management sector in Singapore, the Monetary Authority of Singapore (“MAS”) has put in place tax incentive schemes for funds, where specified income that is derived from designated investments is exempted from tax, subject to MAS’ approval. Apart from minimum conditions that need to be fulfilled under each scheme, MAS also considers projected growth of the company and the substance being brought by the company to Singapore, in assessing the eligibility of the applicants.

  • Resident Fund Scheme (13R) – Aimed at Singapore resident funds incorporated as a company managed by a Singapore fund manager.
  • Enhanced Tier Fund Scheme (13X) – Aimed at all funds over S$50 million managed by a Singapore fund manager.
  • Offshore Fund Scheme (13CA) – Aimed at non-Singapore funds managed by a Singapore fund manager.

In the Singapore Budget 2014 statement, MAS confirmed that the above schemes will be extended for another five years till 31 March 2019. The schemes are further refined to enhance Singapore’s position as an attractive and international fund management hub in Asia:

  • 13CA scheme will now include trust funds with Singapore resident trustees with effect from 1 April 2014.
  • for 13CA and 13R schemes, the investor ownership levels will be computed based on prevailing market value of the issued securities on that day instead of the historical value. This takes effect from 1 April 2014.
  • the list of designated investments will be expanded to include loans to qualifying offshore trusts, interest in certain limited liability companies and bankers acceptance. This will apply to income derived on or after 21 February 2014 from such investments.

2. Recovery of Goods & Services Tax (“GST”) for qualifying funds

In the Budget statement, MAS also announced that GST concession awarded to Singapore-based funds approved under the 13R, 13X has also been extended for another 5 years till 31 March 2019.

This concession allows qualifying funds to claim GST incurred on expenses at a fixed rate.

3. Designated Unit Trust scheme (“DUT”)

The DUT scheme previously applied to both retail and non-retail unit trusts. With effect from 21 February 2014, the DUT scheme will be limited to unit trusts offered to retail investors.

Existing non retail unit trusts approved under the scheme will continue under that status, but new funds will have to consider other tax exemption schemes, which have more stringent requirements than those under the DUT scheme.

With effect from 1 September 2014, retail unit trusts need not go through an application process for the DUT scheme, provided they fulfill certain conditions.

Over Content Editor V

Content editor of PressCenter website.

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