Financial Sector Tax Incentive Schemes
Financial institutions with plans to establish or expand their operations in Singapore may apply for the following MAS tax incentives:
- The applies to licensed financial institutions, from large universal banks, fund managers to capital market players.
- The applies to licensed insurance players, from large composite insurers and reinsurers to specialised insurers and reinsurers.
Incentive recipients have anchored substantive operations in Singapore and contributed meaningfully to the growth of Singapore’s financial centre and the overall economy, as illustrated by the two profiles of incentive recipients which are awarded the FSI Scheme and IBD Scheme.
Applicants will have to demonstrate plans to anchor and grow their operations in Singapore. Successful incentive applicants are subject to annual reviews which takes into consideration the following:
- Headcount growth in key business functions.
- Growth or expansion in business activities, for example through new product lines, new functions or expansion of geographical market coverage.
- Economic contributions to other sectors.
- Incentivised income is commensurate with economic activities performed in Singapore.