On or about 24 September 2019, the Inland Revenue Authority of Singapore (IRAS) has published the eleventh edition of e-Tax Guide GST: Guide on Exemption of Investment Precious Metals (IPM). It replaces the tenth edition which was published on 30 August 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 (“precious metals”).
Summary to the key amendments include:
- inserted paragraphs 2.6, 2.7 and footnote 2 to explain the input tax recovery rules applicable to Reverse Charge (“RC”) Businesses.
- amended table under paragraph 6.3 and inserted footnotes 35-36 to explain input tax attribution and apportionment rules applicable to RC businesses.
- inserted paragraph 6.7 and footnote 39to explain that RC is not applicable for approved refiners.
- amended Illustration under Appendix B and footnotes 46-47 to include transactions that are subject to GST under the RC regime with effect from 1 January 2020.
Source: IRAS, 24 September 2019