On or about 3 Aug 2021, the Inland Revenue Authority of Singapore (IRAS) has published the fifteenth edition of the e-Tax guide, GST: Guide on Exemption of Investment Precious Metals (IPM). It replaces the fourteenth edition published on 15 Oct 2018.
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.
Source: IRAS, 7 August 2021