On or about 30 August 2019, the Inland Revenue Authority of Singapore (IRAS) has published the tenth edition of e-Tax Guide GST: Guide on Exemption of Investment Precious Metals (IPM). It replaces the ninth edition which was published on 27 March 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”).
This guide covers the following:
- definition of Investment Precious Metals (“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.
Summary to the key amendments include:
- inserted qualifying IPM coins in paragraph 3.7
- amended footnotes 15, 23 and 26
- editorial amendments
Source: IRAS, 30 August 2019