Written reply to Parliamentary Question on philanthropic contribution by family offices
Date: For Parliament Sitting on 9 May 2023
Name and Constituency of Member of Parliament
Mr Dennis Tan Lip Fong, Hougang SMC
To ask the Prime Minister (a) whether the Family Office Development Team tracks the amount of contributions which family offices contribute to philanthropic activities each year; (b) if so, what is the total amount of contributions in each of the past five years; and (c) whether annual contributions to philanthropic activities in Singapore can be included in the criteria for family offices, together with clear and specific conditions.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1.The Family Office Development Team (FODT) does not track the amount of contributions family offices make to philanthropic activities.
2.MAS continually reviews the conditions of the tax incentive schemes for single family offices to ensure that they contribute to Singapore. We are studying whether tax incentives could be used to encourage philanthropic activity or impact investing.