MAS looking to ease tax scheme processes for single family offices, says Chee Hong Tat

Areas to be considered include reducing paperwork and broadening the scope of eligible investments

- Timothy Goh

The Monetary Authority of Singapore (MAS) is reviewing the tax framework for single family offices to ease requirements and better align them with industry needs amid ongoing global uncertainties, said its deputy chairman Chee Hong Tat.

Areas under consideration include reducing documentation for applications, easing reporting obligations and broadening the scope of eligible investments.

Speaking at the WMI Global-Asia Family Office Summit at Conrad Singapore Marina Bay on Sept 29, Mr Chee said that a private banking working group co-led by MAS has been set up to improve account-opening efficiency for single family offices by sharing best practices and adopting artificial intelligence and automation.

It will also highlight potential areas where greater regulatory clarity could help to reduce unnecessary second-guessing as well as excessive pre-approval checks.

These efforts are in addition to the guidelines already issued by MAS and the AML/CFT Industry Partnership a private-public partnership set up in April 2017. AML/CFT refers to anti-money laundering and countering the financing of terrorism.

"Our objective is clear to ensure that banks in Singapore provide services that are competitive, efficient, and which facilitate the needs of legitimate investors while maintaining sound regulatory standards," he said.

Mr Chee also noted that some single family offices had previously waited more than a year for their tax scheme approvals.

"MAS recognises that this is not the standard of efficiency that we should provide to our clients," he said.

"We have worked hard to improve this, and today, most new applications are approved within three months."