Singapore on Wealth & Asset Management

On 16 Feb 2024, the Singapore Government announced in its 2024 Budget that it would extend the tax exemption schemes under S13D, S13O and S13U of the Income Tax Act 1947 ("ITA") for fund vehicles managed by Singapore-based fund managers from 2025 onwards.

I looked at the risks to which settlors of trusts in Singapore can be exposed if they take advantage of Section 90(5) of the Trustees Act to reserve for themselves "any or all powers of investment or asset management functions".

With the proliferation of family offices in Singapore, more questions on effective family governance have been raised.