Singapore MAS Chairman Lawrence Wong on Singapore Ambition to be Regional Philanthropy Hub: Building Philanthropy Advisory Talent, Online Portal for Donors to Conduct Due Diligence on Global Charities & Measure Impact of Contributions, Launched Impact Philanthropy Partnership for HNWIs & Families with Industry Partners, Tax Incentives for Single Family Offices
21st September 2023 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on Singapore ambition to be a Regional Philanthropy Hub – 1) Building philanthropy advisory talent, 2) Online portal for donors to conduct due diligence on global charities and measure impact of contributions, 3) Launched Impact Philanthropy Partnership for HNWIs (high net worth individuals) & families with industry partners (Wealth Management Institute, Private Banking Industry, Monetary Authority of Singapore), and 4) Tax incentives for single family offices. Singapore MAS Chairman Lawrence Wong: “Singapore has the potential to be Asia’s centre for philanthropy. We have a vibrant wealth management sector and growing philanthropy ecosystem. MAS and the relevant government agencies have been working with the industry on several building blocks to shepherd wealth to purposeful causes locally and in the region … … MAS is also working with the industry to develop an online portal for donors to carry out the necessary due diligence on local and overseas charities and measure the impact of their contributions. Second, we facilitate partnerships across various philanthropic ecosystem players. EDB has been engaging private foundations to undertake purposeful and effective philanthropy through Singapore, as well as international non-profit organisations who can be ready partners for philanthropists keen to make an impact here and across the region. The Wealth Management Institute and the private banking industry, with support from MAS, launched the Impact Philanthropy Partnership (IPP) to bring together high net worth individuals and families. The IPP conducts forums, events, and research, to raise awareness of philanthropic causes and practices, galvanise giving, and encourage philanthropic partnerships. Third, we encourage giving through our tax and regulatory frameworks. Recent enhancements by MAS and MOF to the tax incentive schemes for single family offices include recognising donations to qualifying local charities as eligible spend as well as the launch of the Philanthropy Tax Incentive Scheme (PTIS) for qualifying donors to claim tax deduction for overseas donations … …. “ More info below
“ Singapore MAS Chairman Lawrence Wong on Singapore Ambition to be Regional Philanthropy Hub: Building Philanthropy Advisory Talent, Online Portal for Donors to Conduct Due Diligence on Global Charities & Measure Impact of Contributions, Launched Impact Philanthropy Partnership for HNWIs & Families with Industry Partners, Tax Incentives for Single Family Offices “
Singapore MAS Chairman Lawrence Wong on Singapore Ambition to be Regional Philanthropy Hub
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