On or about 27 March 2019, the Inland Revenue Authority of Singapore (IRAS) has published the ninth edition of GST e-Tax Guide: Guide on Exemption of Investment Precious Metals (IPM). It replaces the eighth edition which was published on 18 January 2019.
This e-Tax Guide provides details on the GST exemption of investment gold, silver and platinum. It is relevant to businesses that trade in physical gold, silver and platinum (hereinafter referred to as “precious metals”).
This e-Tax Guide covers:
- Definition of Investment precious metals (hereinafter referred to as “IPM”);
- GST treatment for the importation and supply of IPM;
- Claiming of input tax incurred for precious metals trading businesses; and
- GST reporting for the importation, purchase and supply of IPM.
The e-Tax Guide has been updated to incorporate the following changes:
- Amended footnote 13 to insert a new qualifying IPM coin
- Amended paragraph 4.3 on website link.
Source: IRAS, 27 March 2019