EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS
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1 SINGAPORE CUSTOMS 55 Newton Road #07-02 Revenue House Singapore Tel: (65) Fax: (65) Circular No: 12/2012 Date: 03 Sept 2012 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) (ii) (iii) 99.5% for gold; 99.9% for silver; and 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) (ii) For bars, wafers or ingots, they must be produced by an accredited/endorsed refiner stated in Annex A; and 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.
2 (c) The precious metals bear a mark or characteristic internationally accepted as guaranteeing its quality; and (d) The precious metals trade at a price based on the spot price of the metal it contains. 5 The type of IPMs and their applicable HS codes are stated in Annex C. 6 Products such as gold jewellery and collectors coins which cannot meet the IPM qualifying criteria will continue to be subject to GST. 7 For more information on the importation and exemption of IPM, please refer to the IRAS e-tax Guide GST: Guide on Exemption of Investment Precious Metals (IPM) at > Quick links > e-tax Guides > Enhanced Search for e-tax Guides. TradeNet Permit Requirements 8 Please observe the following requirements when submitting a permit declaration via TradeNet system for importation of IPMs into Singapore: (a) Message Type = IN-NON-PAYMENT (INP); (b) Declaration Type = GST Relief and/or Duty Exemption (GTR); (c) Place of Receipt Code = IGPM; (d) The Claimant UEN is to be indicated as the Importer UEN; (e) The HS Code/s of the IPMs should be declared; (f) The Supplier Name is to be indicated with the name of refiner who produced the IPM bar/wafer/ingot; (g) The Brand Name is to be indicated with the name of the IPM qualifying coin; (h) The CA/SC Product Code is to be indicated as one of the following: BAR, INGOT, WAFER ; or GOLDCOIN, SILVERCOIN, PLATINUMCOIN ; (i) The CA/SC Product Code Quantity/UOM declared should be xxx NMB ; and (j) The CA/SC Code 1 is to be indicated with the value of purity content of the respective precious metals contained in the IPM bars/ingots/wafers/coins. There is no need to indicate the unit of measurement (%). For example, a purity content of 99.8% should be declared as The above exemption permit should be declared prior to the importation of IPMs and presented for clearance at the checkpoint.
3 Approved Refiner and Consolidator Scheme (ARCS) 10 The list of approved ARCS persons (i.e. Approved Refiners and Approved Consolidators) will be published on IRAS website at > GST > For GSTregistered businesses > GST Schemes > Approved Refiner and Consolidator Scheme (ARCS). 11 For more information on ARCS, please refer to the IRAS e-tax Guide GST: Approved Refiner and Consolidator Scheme (ARCS) at > Quick links > e- Tax Guides > Enhanced Search for e-tax Guides. TradeNet Permit Requirements 12 Under ARCS, if the registered approved ARCS person is engaging declaring agents to submit TradeNet permits on their behalf, they are required to authorize their declaring agents through IRAS in the GST A1 application form available on the IRAS website. 13 Please observe the following requirements when submitting a permit declaration via TradeNet system: (a) Message Type = IN-NON-PAYMENT (INP); (b) Declaration Type = Approved Premises/Schemes (APS); and (c) Place of Receipt Code = ARCS 14 If you are a TradeNet user, please ensure that your TradeNet Front-end solution is updated with the above new Place of Receipt Codes (IGPM, ARCS) and Names. 15 If you require further clarification on the TradeNet permit requirements for the import of investment precious metals, please send your enquiries to customs_documentation@customs.gov.sg. Alternatively, you may contact Customs Call Centre at for assistance. WINSTON TAY HEAD PROCEDURES & SYSTEMS BRANCH for DIRECTOR-GENERAL OF CUSTOMS SINGAPORE CUSTOMS
4 ANNEX A Accredited/Endorsed Refiners The investment precious metals bars, wafers or ingots must be produced by: (a) A refiner accredited in the current or former Good Delivery list of the London Bullion Market Association (LBMA) in the case of gold and silver ( or (b) A refiner accredited in the current or former Good Delivery list of the London Platinum & Palladium Market (LPPM) in the case of platinum ( for Platinum List); or (c) A refiner who intends to be on the Good Delivery list of the LBMA or LPPM and is endorsed by International Enterprise Singapore. The list of endorsed refiners will be published on IRAS website at > GST > For GST-registered businesses > Charge & Claim GST > When is GST not charged > Exempt supplies.
5 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 3. America Buffalo (i) Gold 4. Canada Maple Leaf (i) Gold; ; or (iii) Platinum 5. China Panda (i) Gold; or 6. Malaysia Kijang Emas (i) Gold 7 Mexico Libertad (i) Gold; or 8. Singapore Lion (i) Gold 9. Australia Kookaburra (i) Silver 10. Australia Koala (i) Silver; or (ii) Platinum 11. Australia Lunar (i) Gold; or 12. Australia Platypus (i) Platinum 13. America Eagle (i) Silver; or (ii) Platinum
6 ANNEX C Type of IPMs HS Codes Gold bar; Gold ingot; Gold wafer Silver bar; Silver ingot; Silver wafer Platinum bar; Platinum ingot; Platinum wafer Gold coin Silver coin or Platinum coin or
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