The Monetary Authority of Singapore (MAS) stated in a written parliamentary response that it is closely monitoring developments in major financial centers, assessing their impact, and taking necessary measures to enhance Singapore's competitiveness. MAS noted that the key principles and features of Singapore's proposed profit-related return exemption were announced on August 19, 2026, with full details to be revealed in the 2027 Budget. MAS is currently engaging extensively with the asset management industry to provide clarifications and gather feedback. MAS believes this tax exemption will further strengthen the competitiveness of Singapore's asset management industry.