The Philanthropy Tax Incentive Scheme ("PTIS") seeks to support 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
Tap on Singapore as a Base for Overseas Giving: Receive 100% Tax Deduction for Overseas Donations for a Period of 5 Years, capped at 40% of Donor's Statutory Income.
| Overseas Donations |
| 'Overseas Donations’ refer to cash donationsDonations are as defined in Paragraph 5.1 of IRAS’ e-Tax Guide – Guidance on Tax Deductible Donations. made towards any charitable, benevolent, or philanthropic purpose whose main objective is to benefit persons, events or objects outside of Singapore.
Overseas Donations which are made towards innovative forms of philanthropy (i.e. blended finance structures, social impact bonds, impact investments, venture philanthropy) can also receive 100% tax deductions under PTIS provided that the:
- Approved Qualifying Donor who received the 100% tax deduction under PTIS does not receive any principal repayment or any returns generated as a result of their participation.
- Qualifying Local Intermediary through whom the donation was made, abide by the rules and regulations relevant to its charity registration status.
- PTIS incentive applicants and donations meet the incentive and eligibility criteriaThe ‘eligibility criteria’ of donations would refer to the requirement to meet the definition of ‘Overseas Donations’ under the PTIS. within PTIS.
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Qualifying Donor
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Recipient of Tax Deduction - each SFO is to choose only one among the following:
- The SFO managing the S13O/U Fund
- An Ultimate Beneficial Owner of the S13O/U Fund
- A Beneficiary of the S13O/U Fund
- Related Family Business i.e. an unlisted 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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| Qualifying Local Intermediaries ("QLIs") |
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Overseas donations are to be channelled through QLIs.
Categories of QLIs
- Selected Registered and Exempt Charities with a valid Fundraising 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
List of approved QLIs (updated as of 21 Jun 2024)
- Asia Community Foundation Ltd.
- AVPN Ltd.
- Caritas Humanitarian Aid & Relief Initiatives (Singapore) Ltd.
- Philanthropy Asia Alliance Ltd.
- SymAsia Foundation Limited
- UBS Optimus Foundation Singapore Ltd.
- WWF-World Wide Fund For Nature (Singapore) Limited
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| Conditions |
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Qualifying SFOs managing Section 13O/U fund must:
- Appoint and maintain a Philanthropy Professional (inhouse or outsource) so that there is sustained professional attention on philanthropy
- Incur an additional Local Business Spending of S$200,000
- Employ an additional local Professional Headcount (who may be the Philanthropy Professional)
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Download infographics (456.1 KB)
Interested SFOs can submit an application here .
Prospective QLIs 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)"