The Business Times

Allow corporate funds to tap tax benefits: PwC

Tax changes mooted to boost Singapore's competitive edge

Published Sun, Jan 19, 2014 · 10:00 PM
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[SINGAPORE] Singapore should consider including corporate fund vehicles into tax treaties to enable funds to tap tax benefits, says PwC in a paper.

The paper is the fourth instalment of a concept project on a proposed investment fund law framework that aims to take Singapore to the next stage in the development of its asset management industry.

The latest paper proposes tax changes to enable Singapore to compete as a fund domicile against jurisdictions such as Dublin and Luxembourg.

PwC had earlier suggested the creation of a corporatised investment vehicle similar to that in Europe - the SICAV or the open-ended investment company (OEIC). Hong Kong is also moving in this direction. This is because the current company vehicle for funds has a number of limitations, such as the lack of investor privacy and the lack of a variable cap…

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