Financial Services Tax Bulletin


May 2017 
Financial Sector Incentive and Insurance Business Development Schemes Changes

On 11 May 2017, the Monetary Authority of Singapore (MAS) issued two circulars (FDD Cir 05/2017 and FDD Cir 06/2017), detailing changes to the existing Financial Sector Incentive (FSI) and Insurance Business Development (IBD) Schemes. Following which, the changes to the FSI Scheme have been gazetted through the Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) Regulations 2017 on 15 May 2017 (the “2017 FSI Regulations”).  The latest developments reflect the Government’s continuing efforts to fine tune Singapore’s incentives regime to ensure that it remains relevant in today’s environment.

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