The PTIS seeks to encourage greater philanthropic giving among Single Family Offices (“SFOs”) and the growth of philanthropic capabilities in Singapore. The scheme is scoped to SFO applicants who are managing a fund(s) under Section 13O (“S13O”) or Section 13U (“S13U”) of the Income Tax Act 1947.
Encouraging more philanthropic activities overseas through Singapore
Giving Using Singapore as a Base: 100% Tax Deduction for Overseas DonationOverseas Donations’ refer to cash donations made towards any charitable, benevolent, or philanthropic purpose whose main objective is to benefit persons, events or objects outside of Singapore, where donations are as defined in Paragraph 5.1 of IRAS’ e-Tax Guide – Guidance on Tax Deductible Donations. capped for 40% of Donor's Statutory Income
Conditions
Qualifying Single Family Offices managing Section 13O/U fund must:
- Appoint and maintain Philanthropy Professional (inhouse or outsource)
- Incur additional local business spending of S$200,000
- Employ one additional local Professional Headcount
| Qualifying Donor |
Qualifying Local Intermediaries |
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Recipient of tax deduction (Choose maximum one over 5 years)
- The single Family Office managing the S13O/U Fund
- An ultimate Beneficial Owner of the S13O/U Fund
- A Beneficiary of the S13O/U Fund
- Related Family BusinessUnlisted corporate entity that is based in Singapore and whose largest shareholder belongs to the same family as the UBO (s) or Beneficiary(ies) of the S13O/U Fund
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- Selected Registered and Exempt Charities with a valid FRFCPFundraising for Foreign Charitable Purpose Permit
- Charitable Institutions and Not-For Profit Organisations established by Financial institutions in Singapore, as specified by MAS
- Selected Grantmakers under MCCY’s Grantmaker Scheme
- Other Selected Entities, as approved by MAS
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Application forms for interested SFOs will be made available from 1 September 2023 onwards. Prospective Qualifying Local Intermediaries may submit interest to ptis@mas.gov.sg with the following subject title “PTIS QLI Application: (Name of Intermediary)."
For further enquiries on PTIS, please write to ptis@mas.gov.sg with the following subject title:
“PTIS Enquiry: “Name of (SFO & 13OU Fund)/Name of (Intermediary)”".