PwC Singapore seeks more tax breaks for early-stage VC funding

Singapore

PWC Singapore has suggested a new tax exemption scheme for early-stage venture capital (VC) investment with lower assets under management of about S$10 million to entice more VCs to bring overseas funds to invest in Singapore technology startups.

In its Budget 2019 proposal published on Tuesday, the audit and consulting firm said the current tax incentive under Section 13X requires a minimum fund size of S$50 million, which is too high for most venture capital (VC) funds to qualify.