Impact of Revisions to Income Tax Act and Philanthropy Tax Incentive Scheme on Family Office Giving

Assoc Prof Kenneth Goh asked the Prime Minister and Minister for Finance (a) whether the Government tracks the impact that the tax incentive conditions under (i) the revised sections 13O and 13U of the Income Tax Act and (ii) the Philanthropy Tax Incentive Scheme have on family office giving; and (b) if so, what is the number of (i) family offices making qualifying donations and (ii) the aggregate amounts donated locally and overseas.

Single Family Offices (SFOs) in Singapore can apply for tax schemes, such as those under Sections 13O and 13U of the Income Tax Act and the Philanthropy Tax Incentive Scheme (PTIS). The PTIS was introduced in 2024 to incentivise regional giving through Singapore, by allowing 100% tax deductions on overseas donations through qualifying local intermediaries. This sits alongside the 250% tax deduction for qualifying cash donations made to local causes through approved Institutions of Public Character.

These schemes do not require specific levels of philanthropic giving but set out broader criteria for SFOs to generate economic benefits for Singapore, such as through the SFO's employment. SFOs receiving these tax incentives employed more than 2,500 locals in 2025. SFOs also benefit the financial and professional services sectors in Singapore.

As explained in this House on 24 September 2025, the Monetary Authority of Singapore (MAS) does not track the social contributions from SFOs in Singapore. Nevertheless, there are examples of families engaging in philanthropic activities and establishing philanthropic entities, such as the James Dyson Foundation, the Tsao Foundation and the Ishk Tolaram Foundation. The establishment of networks and intermediaries in Singapore, such as ImpactSG and Philanthropy Asia Alliance, also reflects growing interest in philanthropy among high-net-worth families in Singapore.

There are currently eight approved tax incentive recipients under PTIS. These recipients have collectively channelled more than $30 million to overseas causes in 2024 and 2025 under PTIS. The Government will continue to engage SFOs in Singapore to encourage their social contributions locally and overseas.