Singapore MAS Discusses Lower Tax Burden For Fund Managers

Singapore’s Monetary Authority of Singapore is discussing ways to reduce taxes charged to fund managers, including a possible lower tax rate under a specific incentive scheme, according to Ming Pao reported. The standard corporate tax rate in Singapore is 17%, while the scheme allows investment institutions to lower their tax rate to 10% and pass the savings to portfolio managers. Senior fund executives also told regulators that recent changes to Hong Kong tax rules are likely to prompt financial institutions to move to Hong Kong.