Singapore to Change Tax Rules That Attracted the Super Rich
- Tax incentives to be adjusted to boost domestic market
- Family offices have surged in city-state to 1,100 last year
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The Monetary Authority of Singapore will change the tax incentives it gives to single family offices in an effort to boost the hiring of locals and investment in the country’s equity markets.
Tax incentives will also be adjusted to encourage these firms to invest in climate-related projects and undertake more philanthropy through Singapore, MAS managing director Ravi Menon said at a briefing after the release of its annual report.