In a parliamentary response, Monetary Authority of Singapore Chairman Gan Kim Yong reported that eight approved recipients under the Philanthropy Tax Incentive Scheme collectively channelled more than SGD 30 million to overseas causes in 2024 and 2025. He reiterated that MAS does not track the broader social contributions of single family offices, including comprehensive figures for qualifying donors and aggregate local and overseas giving. Introduced in 2024, the scheme provides a 100% tax deduction for overseas donations made through qualifying local intermediaries, alongside a 250% deduction for qualifying cash donations to local causes through approved Institutions of Public Character. Neither this scheme nor the tax incentives under Sections 13O and 13U of the Income Tax Act require specified levels of philanthropic giving. Instead, they apply broader economic benefit criteria, with incentivised single family offices employing more than 2,500 Singapore residents in 2025.
2026-09-08Monetary Authority of Singapore
Monetary Authority of Singapore reports eight philanthropy tax incentive recipients channelled over SGD 30 million overseas
Monetary Authority of Singapore Chairman Gan Kim Yong reported that eight approved philanthropy tax incentive recipients channelled more than SGD 30 million to overseas causes in 2024 and 2025. MAS does not track broader giving by single family offices, and the relevant tax schemes do not impose minimum philanthropic contributions.