On or about 8 November 2019, the Inland Revenue Authority of Singapore (IRAS) has released the following forms:
- GST F27A: Application for Approved Refiner and Consolidator Scheme (ARCS) as an Approved Consolidator; or
- GST F27B: Application for Approved Refiner and Consolidator Scheme (ARCS) as an Approved Refiner.
The Approved Refiner and Consolidator Scheme (ARCS) is designed to ease cash flow and compliance of qualifying refiners and consolidators of investment precious metals (IPM) in their payment of GST on import and purchase of raw materials and relieve input tax incurred on refining activities.
The ARCS is intended to complement the GST exemption of IPM announced in Budget 2012.
For details of the GST exemption of IPM, please refer to GST: Guide on GST Exemption of Investment Precious Metals (IPM).
ARCS persons are approved under the scheme as either an Approved Refiner or Approved Consolidator.
Kindly visit the IRAS website for more information.
Source: IRAS website, 8 November 2019