Budget 2019 – Summary Of Key Tax Changes For Qualifying Funds

This article provides a summary of the changes to the available tax incentives for Qualifying Funds¹, and their implications for fund managers and family offices in Singapore.

Singapore's Minister for Finance Mr. Heng Swee Keat delivered the Budget Statement for the financial year 2019 in Parliament on 18 February 2019 ("Budget Statement"). The Budget Statement and broader measures that were announced on the same day, contained inter alia, the extension and refinement of the tax incentive schemes viz. sections 13CA, 13R and 13X (of the Income Tax Act) schemes to Qualifying Funds managed in Singapore (collectively, the "Tax Incentive Schemes").

First, with the aim of growing Singapore's asset management industry, the Tax Incentive Schemes (which were due to expire on 31 March 2019) will be extended until 31 December 2024.