SINGAPORE CUSTOMS 55 Newton Road #07-02 Revenue House Singapore 307987 Tel: (65) 6355 2000 Fax: (65) 6250 9605 Email: [email protected]http://www.customs.gov.sg Circular No: 12/2012 Date: 03 Sept 2012 Our Vision: A leading Customs that advances Singapore’s economy by assuring the integrity of the trading system All Traders and Declaring Agents EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS During the 2012 Budget Statement, the Minister for Finance announced that new schemes will be introduced to facilitate the development of a new gold refining and trading cluster in Singapore. 2 With effect from 01 October 2012, the importation and supply of investment precious metals (IPMs) in Singapore will be exempt from Goods and Services Tax (GST). 3 Concurrently, a new Approved Refiner and Consolidator Scheme (ARCS) will also be introduced for approved ARCS persons, to allow GST suspension on their imported goods (e.g. raw materials), waiver of GST payment on goods supplied between approved refiners and consolidators and the prescribing of special input tax recovery. This scheme will be administered by the Inland Revenue Authority of Singapore (IRAS). Importation of Investment Precious Metals (IPMs) IPM Qualifying Criteria 4 Imports of precious metals (i.e. gold, silver and platinum) whether by individuals or businesses, will be exempt from GST so long as the precious metals meet the following criteria: (a) The purity content of the precious metals must be at least : (i) 99.5% for gold; (ii) 99.9% for silver; and (iii) 99% for platinum (b) The precious metals must be capable of being traded on the international bullion market and are in the form of bars, wafers, ingots or coins: (i) For bars, wafers or ingots, they must be produced by an accredited/endorsed refiner stated in Annex A ; and (ii) For coins, it must be prescribed in the IPM Qualifying Coin List stated in Annex B and is or was legal tender in its country of origin.
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SINGAPORE CUSTOMS
55 Newton Road #07-02 Revenue House Singapore 307987
Our Vision: A leading Customs that advances Singapore’s economy
by assuring the integrity of the trading system
ANNEX B
IPM Qualifying Coin List
S/No. Name of IPM Qualifying Coin
Type of precious metals
contained in the coin
(gold, silver or platinum)
1. Australia Kangaroo Nugget
(i) Gold
2. Austria Philharmoniker (i) Gold; or
(ii) Silver
3. America Buffalo
(i) Gold
4. Canada Maple Leaf (i) Gold;
(ii) Silver; or
(iii) Platinum
5. China Panda (i) Gold; or
(ii) Silver
6. Malaysia Kijang Emas
(i) Gold
7 Mexico Libertad (i) Gold; or
(ii) Silver
8. Singapore Lion
(i) Gold
9. Australia Kookaburra
(i) Silver
10. Australia Koala (i) Silver; or
(ii) Platinum
11. Australia Lunar (i) Gold; or
(ii) Silver
12. Australia Platypus (i) Platinum
13. America Eagle (i) Silver; or
(ii) Platinum
Our Vision: A leading Customs that advances Singapore’s economy
by assuring the integrity of the trading system
ANNEX C
Type of IPMs
HS Codes
Gold bar;
Gold ingot;
Gold wafer
71082000
Silver bar;
Silver ingot;
Silver wafer
71069200
Platinum bar;
Platinum ingot;
Platinum wafer
71101900
Gold coin 71189010
Silver coin 71181010 or 71189020
Platinum coin 71181090 or 71189090
UPDATE OF CIRCULAR BY SINGAPORE CUSTOMS
Circular No. 12/2012: EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS (dated 03 Sep 2012) Paragraph Current Details Updated Details Date of
Update ANNEX B
IPM Qualifying Coin List IPM Qualifying Coin List S/No.
Name of IPM Qualifying Coin
Type of precious metals contained in the coin (gold, silver or platinum)
1. Australia Kangaroo Nugget
(i) Gold
2. Austria Philharmoniker (i) Gold; or (ii) Silver
3. America Buffalo (i) Gold
4. Canada Maple Leaf (i) Gold; (ii) Silver; or (iii) Platinum
5. China Panda (i) Gold; or (ii) Silver
6. Malaysia Kijang Emas
ANNEX B IPM Qualifying Coin List IPM Qualifying Coin List S/No.
Name of IPM Qualifying Coin
Type of precious metals contained in the coin (gold, silver or platinum)
1. Australia Kangaroo Nugget
(i) Gold
2. Austria Philharmoniker
(i) Gold; or (ii) Silver
3. America Buffalo (i) Gold
4. Canada Maple Leaf (i) Gold; (ii) Silver; or (iii) Platinum
5. China Panda (i) Gold; or (ii) Silver
5 Jan 2015
(i) Gold
7 Mexico Libertad (i) Gold; or (ii) Silver
8. Singapore Lion (i) Gold
9. Australia Kookaburra (i) Silver
10. Australia Koala (i) Silver; or (ii) Platinum
11. Australia Lunar (i) Gold; or (ii) Silver
12. Australia Platypus (i) Platinum
13. America Eagle (i) Silver; or (ii) Platinum
6. Malaysia Kijang Emas
(i) Gold
7 Mexico Libertad (i) Gold; or (ii) Silver
8. Singapore Lion (i) Gold
9. Australia Kookaburra
(i) Silver
10. Australia Koala (i) Silver; or (ii) Platinum
11. Australia Lunar (i) Gold; or (ii) Silver
12. Australia Platypus (i) Platinum
13. America Eagle (i) Silver; or (ii) Platinum
14.
United Kingdom Britannia
(i) Gold; or (ii) Silver
SINGAPORE
CUSTOMS
W e M a k e T r a d e E a s y , F a i r & S e c u r e