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What happens if a S13O awardee has AUM of S$20 million at the point of application but the AUM subsequently falls below S$20 million, the minimum amount to be maintained annually as stipulated in the letter of award2?

Updated by MAS

The awardee cannot avail itself of the tax exemption for the basis period concerned when the AUM falls below S$20 million. The awardee can, however, avail itself to the tax exemption in any subsequent period, if it satisfies the relevant conditions in that subsequent period.

This information is sourced from MAS.

Topics:

Schemes for Single Family OfficesAssets Under Management ("AUM")

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What happens if a S13O awardee has an AUM of S$10 million at the point of application but is unable to meet the required AUM of S$20 million by the end of the two-year grace period as stipulated in the letter of award1?

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