Buy gold and silver in singapore without GST
Announced by Finance Minister Tharman Shanmugaratnam, Singapore will scrap the 7% goods and services tax (GST) on 1 October 2012. This move makes it cheaper for gold investors in Singapore to buy gold as a store of wealth.
Since then, Singapore has been recognized as a precious metals trading hub and exemption of GST on investment grade precious metals (IPM) and no licensing requirements for import and export of IPM, were implemented in Singapore.
This initiative helps to drive the gold trading volume in Singapore as a whole. With Enterprise Singapore government agencies strong support towards an aim to be precious metals trading hub in Singapore, we were making good progress so far.
The key initiative for Singapore to move forward to be the world recognized precious metals trading hub, exemption of Goods and Services Tax (GST) were applied to the Investment grade precious metals (IPM) coin or bars sold locally and imported into Singapore.
That said, gold investors can now have physical ownership of precious metals holding with gst exemption for purchase of IPM listed coins / bars or London Bullion Market Association (LBMA) listed bars.
Criteria for IPM bar, ingot and wafer
To qualify for GST exemption, the precious metal must meet all of the following criteria:
(a) It is gold of at least 99.5% purity, silver of at least 99.9% purity or platinum of at least 99% purity.
100g 999.9 Pamp Fortuna Gold Bar is GST Exempted
(b) It is capable of being traded on the international bullion market.
A precious metal bar, ingot or wafer refined by a refiner with the following accreditation / endorsement is regarded as meeting this criterion:
(i) For gold and silver, a refiner in the currentor former ‘Good Delivery’ list of the London Bullion Market Association (LBMA).
(ii) For platinum, a refiner in the current or former ‘Good Delivery’ list of the London Platinum & Palladium Market (LPPM).
Refer to LBMA Good Delivery List here: http://www.lbma.org.uk/good-delivery-list
(iii) A refiner which intends to be in the ‘Good Delivery’ list of the LBMA (for gold and silver) or LPPM (for platinum) and is endorsed by the Enterprise Singapore.
Below are the list of qualifying gold, silver and platinum coins exempted from GST.
List of qualifying gold coins
(i) America Buffalo
(ii) Australia Kangaroo Nugget
(iii) Australia Lunar
(iv) Austria Philharmonic
(v) Canada Maple Leaf
(vi) China Panda
(vii) Malaysia Kijang Emas
(viii) Mexico Libertad
(ix) Singapore Lion
(x) United Kingdom Britannia
(xi) Canada Call of the Wild series
(xii) United Kingdom Lunar
(xiii) United Kingdom The Queen's Beasts series
(xiv) Australia RAM Kangaroo
(xv) Australia Dragon Rectangular
(xvi) United Kingdom Royal Arms
List of qualifying silver coins
(i) America Eagle
(ii) Australia Kookaburra
(iii) Australia Koala
(iv) Australia Lunar
(v) Austria Philharmonic
(vi) Canada Maple Leaf
(vii) China Panda
(viii) Mexico Libertad
(ix) United Kingdom Britannia
(x) Australia Saltwater Crocodile
(xi) Canada Wildlife series
(xii) Canada Birds of Prey series
(xiii) United Kingdom Lunar
(xiv) Armenia Noah’s Ark
(xv) Australia Kangaroo
(xvi) United Kingdom The Queen's Beasts series
(xvii) Australia Funnel-Web Spider
(xviii) Canada Superman™ S-Shield
(xix) Canada Tree of Life
(xx) South Africa Krugerrand
(xxi) Australia Dragon Rectangular
(xxii) United Kingdom Royal Arms
List of qualifying platinum coins
(i) America Eagle
(ii) Australia Koala
(iii) Australia Platypus
(iv) Canada Maple Leaf
(v) Austria Philharmonic
(vi) United Kingdom Britannia
(vii) United Kingdom Lunar
(viii) United Kingdom The Queen’s Beasts series
(ix) Australia Kangaroo
(x) Australia Lunar
Importation of investment precious metals
The importation of IPM into Singapore is exempt from payment of import GST.
Supply of investment precious metals
A local sale of IPM (i.e. a supply of IPM where the IPM is delivered in Singapore) is an exempt supply. An export sale of IPM (i.e. a supply of IPM that is exported from Singapore) is a zero-rated supply.
Gold Price Singapore Pte Ltd provide physical gold in various form, we aim to provide the best value of your physical gold purchase. We carry IPM qualifying Gold Coins which is GST exempted and LBMA listed brand 999.9 Gold Bars. You may shop at our physical gold online store at www.buygold.sg and we provide Secured Delivery in Singapore. For order at our store counter and self collection, you may arrange an appointment with our sales person, Billy at (65) 9781 8351.