PwC releases next chapter on tax perspectives that can help create even more opportunities for the Singapore asset management industry
SINGAPORE, 20 January 2014 – PwC today released the fourth installment of the now highly anticipated Investment Fund Law Framework concept paper, which could potentially propel the asset management industry in Singapore to the next level and compete with internationally established fund management centres such as Dublin and Luxembourg.
The fourth chapter proposes tax changes which can help create even more opportunities for the asset management industry in Singapore.
Said Anuj Kagalwala, Financial Services Tax Leader, PwC Singapore,
“There have been general trends globally that are moving businesses and territories towards greater transparency and international cooperation. How Singapore addresses this can play a part in determining how successful it is in not only retaining its position as a major asset management centre but also moving on to the next level.”
Added Tan Hui Cheng, Asset Management Tax Partner, PwC Singapore,
“From a tax perspective, we are already well placed as a fund and fund management jurisdiction, although it remains that there is still room for the fine-tuning of Singapore’s supporting regulations. This would greatly help to promote Singapore as the preferred location to the international fund management community.”
Some of the following key propositions can be taken into account in fine-tuning of Singapore’s tax regime; elaborations on these points are provided in the chapter: