Exposure of Singapore's Reserves to Proposed Changes to Section 892 of US Tax Code

Mr Kenneth Tiong Boon Kiat asked the Prime Minister and Minister for Finance (a) whether the Ministry has assessed the exposure of Singapore's Reserves to the proposed changes to section 892 of the United States (US) tax code; (b) whether Singapore has made representations to the US Treasury before the 13 February 2026 comment deadline; and (c) whether the Ministry retains confidence that GIC's and Temasek's US investments are adequately protected from this regulatory change.

The Government expects our investment entities to operate on a commercial basis and to fully comply with the laws and regulations of the jurisdictions they invest in. We also expect them to closely monitor regulatory changes in overseas jurisdictions and to adjust their portfolios accordingly should these affect our investment returns or risks.

As with other investors and interested parties, GIC and Temasek may provide feedback or comments on proposed regulatory or tax changes introduced by the United States (US) or other foreign governments, where relevant.

Separately, the Singapore Government maintains regular and constructive engagement with the US Treasury on a broad range of issues, including developments in financial and tax regulations.

The Government retains confidence that our investment entities have the capabilities and risk-management frameworks to assess and manage the implications of regulatory changes and to take appropriate steps to protect Singapore's investment interests.