# Annual Filings for Singapore Funds: MAS Annual Declaration and IRAS Returns > Annual compliance for Singapore 13D/13O/13U funds: MAS Annual Declaration, IRAS Form C by 30 November, investor statements, missed-filing consequences. Author: Мария Плотникова — юрист, Family Office (https://wiki.private.law/authors/plotnikova) Last modified: 2026-07-16T09:53:00.000Z Canonical: https://wiki.private.law/en/mas-fund-annual-declarations Topics: structures Jurisdictions: singapore Semantic tags: audit, fund-vehicle --- Winning a Singapore fund tax incentive is the start of an annual compliance cycle, not the end of the paperwork. Funds under [13O and 13U](https://wiki.private.law/en/section-13o-13u) file an Annual Declaration with MAS, every Singapore fund company files a corporate return with IRAS, and [13D](https://wiki.private.law/en/section-13d) managers owe investors an annual statement. Data as of July 2026. ## MAS Annual Declaration 13O/13U funds, [single family office](https://wiki.private.law/en/singapore-sfo-13o) structures included, declare annually to MAS that award conditions are met: AUM, investment professionals, spending requirement, capital deployment — under whichever framework applies to the fund. Existing awardees apply the updated TSR/CDR options starting with declarations due after 5 July 2023 ([MAS](https://www.mas.gov.sg/schemes-and-initiatives/fund-tax-incentive-scheme-for-family-offices)). Updated AD forms were released on 2 May 2024. For funds with a 31 December year-end the deadline fell on 30 April 2024, extended once to 30 June ([EY](https://www.ey.com/en_sg/events/ey-events/updated-mas-annual-declarations-for-family-offices)). No universal deadline for other year-ends has been published — the date should be checked against the award documentation and directly with MAS. ## IRAS: Form C and the 13D position A 13O fund company or a 13U structure remains an ordinary taxpayer: an annual Corporate Income Tax Return (Form C) with financial statements and a tax computation, with exempt income declared inside the return. The corporate filing deadline is 30 November of the YA under the general IRAS regime. 13D works differently: an offshore prescribed person needs no MAS approval and typically has no Singapore filing obligation — the status is self-assessed for each basis period. | Scheme | MAS Annual Declaration | IRAS return | Investor statement | | --- | --- | --- | --- | | 13D | no — self-assessment | usually none | yes, annually (Regulation 7) | | 13O | yes | Form C by 30 November | — | | 13U | yes | Form C by 30 November | — | > 🍓 The annual cycle: an Annual Declaration to MAS on award conditions (13O/13U) plus Form C to IRAS by 30 November. Missing a year's conditions costs the exemption for that period only — the award survives, and the exemption resumes once conditions are met again. ## Investor statements and the qualifying investor test Under Regulation 7 of the 13D regulations, the Singapore fund manager must issue investors an annual statement — publishable on the manager's website since YA 2020 (text in [S 723/2025](https://sso.agc.gov.sg/SL-Supp/S723-2025/Published/20251124)). Investors use it to verify their own position. The reason is the qualifying investor test, present in 13D and 13O/13OA but absent from 13U: non-qualifying investors above the permitted participation thresholds must pay IRAS a "financial amount" — in substance a penalty proportional to their share of the fund's income — through their own returns (ITA s13D(2)/s13O; the list of exempted persons sits in regulation 5). From FY2024 the qualifying investor list includes 13D trusts and unit trusts (FDD Cir 10/2024; [KPMG](https://assets.kpmg.com/content/dam/kpmg/sg/pdf/2024/10/kpmg-amre-tax-update-changes-to-the-tax-incentive-regimes-for-singapore-managed-invesmtent-funds-081024.pdf)). ## What happens on a miss The mechanics are gentler than commonly assumed. Failing a condition in a basis period means no exemption for that period — restored the next period once conditions are met. The hard scenario is failing by the end of a grace period: the award is revoked from the grace period's end ([MAS FAQ](https://www.mas.gov.sg/contact-us/faqs/faqs-on-the-schemes-for-family-offices)). For non-SFO funds, from 2025 the AUM test in [designated investments](https://wiki.private.law/en/designated-investments) is checked at each FY end: if the threshold is missed, the exemption for that year is lost. ## Who should care Every 13O/13U awardee, from SFO structures to institutional funds — the AD and Form C calendar is part of the award conditions, not an option. Managers of [13D funds](https://wiki.private.law/en/private-fund-singapore) — because of Regulation 7 and the investor test. Fund investors — because the "financial amount" for non-qualifying status is paid by the investor, not the fund. ## FAQ ### **When is the MAS Annual Declaration due?** The confirmed pattern exists only for a 31 December year-end: 30 April (extended once to 30 June in 2024). For other year-ends no universal deadline is published — dates are fixed in the award documentation and confirmed with MAS. ### **Does a 13D fund file anything with MAS?** No. 13D needs no MAS approval; the status is self-assessed each basis period. The manager's duty is the annual investor statement under Regulation 7. ### **Is exempt income reported to IRAS at all?** Yes. The fund company files Form C with financial statements and a tax computation; exempt income is declared within the return rather than left off it. ### **What if a condition is missed for a year?** The exemption does not apply for that basis period and resumes the next once conditions are met. Revocation happens only on failure by the end of a grace period. --- ## FAQ ### When is the MAS Annual Declaration due? The confirmed pattern exists only for a 31 December year-end: 30 April (extended once to 30 June in 2024). For other year-ends no universal deadline is published — dates are fixed in the award documentation and confirmed with MAS. ### Does a 13D fund file anything with MAS? No. 13D needs no MAS approval; the status is self-assessed each basis period. The manager's duty is the annual investor statement under Regulation 7. ### Is exempt income reported to IRAS at all? Yes. The fund company files Form C with financial statements and a tax computation; exempt income is declared within the return rather than left off it. ### What if a condition is missed for a year? The exemption does not apply for that basis period and resumes the next once conditions are met. Revocation happens only on failure by the end of a grace period. --- ## Factual claims - 13O/13U funds, single family office structures included, declare annually to MAS that award conditions are met: AUM, investment professionals, spending requirement, capital deployment — under whichever framework applies to the fund. - Updated AD forms were released on 2 May 2024. - A 13O fund company or a 13U structure remains an ordinary taxpayer: an annual Corporate Income Tax Return (Form C) with financial statements and a tax computation, with exempt income declared inside the return. - 13D works differently: an offshore prescribed person needs no MAS approval and typically has no Singapore filing obligation — the status is self-assessed for each basis period. - Under Regulation 7 of the 13D regulations, the Singapore fund manager must issue investors an annual statement — publishable on the manager's website since YA 2020 (text in S 723/2025). - Every 13O/13U awardee, from SFO structures to institutional funds — the AD and Form C calendar is part of the award conditions, not an option.