Singapore-based RF Fund Management awarded tax exemption scheme

RF Fund Management's RF Transformation Fund Variable Capital Companies (VCC) has been granted the Tax Exemption Scheme for Resident Funds by the Monetary Authority of Singapore (MAS), it was announced this morning.

In a statement, the Singapore-based fund manager (a subsidiary of RF International Holdings) said that the RF Transformation Fund VCC was awarded the scheme by the MAS under Section 13R of the Income Tax Act (Cap. 134) in Singapore.

RF Fund Management said it will now pursue its US$50m private equity fund.

Singapore's tax incentive regimes are designed with Singapore economic substance as the underlying requirement, notwithstanding Singapore's large tax treaty network which now stretches to over 80 comprehensive bilateral agreements."

Eric Neo Say Wei, chief executive and RF Transformation Fund VCC director of RF international Holdings Group, said: "Singapore's tax incentive regimes are designed with Singapore economic substance as the underlying requirement, notwithstanding Singapore's large tax treaty network which now stretches to over 80 comprehensive bilateral agreements."

"While such tax incentive schemes or safe harbour rules for investment funds are also commonly provided in other asset and wealth management centres, Singapore has always respected the need to have economic substance and being consistent with international tax developments."

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