Are taxes due upon import / purchase of bullion in Singapore?

Singapore Precious Metals & GST – Overview

Starting on 1 October 2012, certain investment grade gold, silver and platinum can be imported or sold GST (tax) free in Singapore. Singapore tax authorities define non taxable bullion as "Investment Precious Metals" or "IPM" whereas taxable bullion is referred to as "non-IPM".

There are no capital gains taxes in Singapore so this page focuses purely on the Goods and Services Tax (GST) - similar to VAT- which applies upon import or purchase of bullion. The completed GST exemption rules have been published as an IRAS e-Tax Guide titled GST: Guide on Exemption of Investment Precious Metals (IPM). - Sixth Edition

The tax exemptions are meant to encourage the trading and storage of physical investment grade bullion but are limited to a clearly defined subset of the bullion market.  Numismatic coins, jewellery,  gold / silver gift items or any bullion not defined as "IPM" are not tax exempted and will still be subject to GST (currently 7%).

In broad terms the bill states four basic qualifying criteria which must be fulfilled:

  1. Purity of silver, gold, and platinum should be 99.9%, 99.5% and 99% respectively
  2. Is capable of being traded on the international bullion market (see detailed criteria below)
  3. Bears a mark or characteristic that is internationally accepted as guaranteeing its quality
  4. Trades at a price based on the spot price of the metal it contains.

In addition the following detailed criteria apply:

  1. Only a subset of investment coins are tax exempt: See SINGAPORE TAX FREE BULLION COINS
  2. Only bars refined by current or past LBMA / LPPM accredited refiners are tax free: See SINGAPORE TAX FREE BULLION BARS
  3. Furthermore IE Singapore (a Singapore government entity) can qualify additional bullion refiners to be tax exempt

As a Singapore Bullion Market Association (SBMA) member Silver Bullion Pte Ltd, along with the Singapore Mint, had been selected in the second quarter 2012 by the Ministry of Finance to provide feedback on the type of investment grade coins that will be tax exempt. We are proud to note that with our subscribers' help and submitted feedback (see July 2012 newsletter) the Ministry of Finance has re-instated the Silver & Platinum American Eagle coins as tax exempt. The gold american eagles remain non-exempted due to the minimum purity requirement.

Singapore Tax Free Bullion Coins

These investment coins are classified as Investment Precious Metals (IPM) and are GST exempt:

GOLD

  1. American Buffalo
  2. Australia Kangaroo Nugget
  3. Australia Lunar
  4. Austria Philharmonic
  5. Canada Maple Leaf
  6. China Panda
  7. Malaysia Kijang Emas
  8. Mexico Libertad
  9. Singapore Lion
  10. United Kingdom Britannia
  11. Canada Call of the Wild 4-coin series
  12. United Kingdom Lunar
  13. United Kingdom The Queen's Bests 10-coin series

SILVER

  1. American Eagle
  2. Australia Kookaburra
  3. Australia Koala
  4. Australia Lunar
  5. Austria Philharmonic
  6. Canada Maple Leaf
  7. China Panda
  8. Mexico Libertad
  9. United Kingdom Britannia
  10. Australia Saltwater Crocodile
  11. Canada Wildlife 6-coin series
  12. Canada Birds of Prey 4-coin series
  13. United Kingdom Lunar
  14. Armenia Noah's Ark
  15. Australia Kangaroo
  16. United Kingdom The Queen's Beasts 10-coin series

PLATINUM

  1. American Eagle
  2. Australia Koala
  3. Australia Platypus
  4. Canada Maple Leaf
  5. Austria Philharmonic

Singapore Tax Free Bullion Bars

IPM status and tax exemptions for bars is determined according to the refiner (producer) of the bar as follows:

  • For gold and silver, a refiner included in the current or former Good Delivery list of the London Bullion Market Association (LBMA)
  • For platinum, a refiner included in the current or former Good Delivery list of the London Platinum & Palladium Market (LPPM)

Please note that IPM Status applies to all qualifying (see Basic Qualifying Criteria above) bars made by these refiners and is not limited to the bulky (1,000 oz t silver and 400 oz t gold) good delivery bars.

For example the popular 100 oz Johnson Matthey silver bars are tax exempt as they fulfill all basic qualifying criteria and Johnson Matthey is a refiner in the LBMA list.

Credit Suisse branded gold bars are also tax exempt as they fulfill the basic qualifying criteria and are refined by "Valcambi SA" which uses the logo "Essayeur Fondeur" - see mark on bar - and is a refiner on the LBMA list.

Beside the above list IE Singapore can add additional refiners.

  • As of October 2012, there are no additional refiners qualified by IE Singapore.

Goods and Services Tax by Product (Effective October 1st, 2012)

Below we list the IPM Status by product for Local Pickup and Bonded S.T.A.R. Storage.

GOLD, PLATINUM & PALLADIUM BULLION

Item & IPM Status Options Taxation Stock
Gold 1 kg Metalor bar

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

2
0
Gold 1 oz PAMP Suisse bar

Local Pickup

0% GST

10
Gold 10 gram PAMP Suisse bar

Local Pickup

0% GST

12
Gold 10 oz Credit Suisse bar
Valcambi SA (the refiner of CS bars) is a refiner in the current ‘Good Delivery’ list of the LBMA

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold 100 Gram Metalor bar

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

10
0
Gold 2.5 gram PAMP Suisse bar

Local Pickup

0% GST

20
Gold 5 gram PAMP Suisse bar

Local Pickup

0% GST

11
Gold 50 gram Heraeus minted bar

Local Pickup

0% GST

1
Gold Coin Britannia 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Britannia 2017 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

3
0
Gold Coin Canadian Maple Leaf - Maplegram 8

Local Pickup

0% GST

14
Gold Coin Canadian Maple Leaf (Random Year) - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Canadian Maple Leaf 1993 - 1/2 oz

Local Pickup

0% GST

6
Gold Coin Canadian Maple Leaf 2010 - 1 oz
Canadian Maple Leafs are included in the list of qualified gold coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Canadian Maple Leaf 2010 - 1/20 oz

Local Pickup

0% GST

3
Gold Coin Canadian Maple Leaf 2012 - 1 oz
Canadian Maple Leafs are included in the list of qualified gold coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

2
0
Gold Coin Canadian Maple Leaf 2013 - 1 oz
Canadian Maple Leafs are included in the list of qualified gold coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Canadian Maple Leaf 2014 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Canadian Maple Leaf 2015 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Canadian Maple Leaf 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

3
0
Gold Coin Canadian Maple Leaf 2017 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

1
0
Gold Coin Canadian Maple Leaf 2017 - 1/10 oz

Local Pickup

0% GST

0
Gold Coin Chinese Panda 2014 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

2
0
Gold Coin Chinese Panda 2015 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

11
0
Gold Coin Chinese Panda 2017 - 15 gram

Local Pickup

0% GST

20
Gold Coin Kangaroo 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

13
0
Gold Coin Kangaroo 2017 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

32
0
Gold Coin Kangaroo 2017 - 1/4 oz

Local Pickup

0% GST

70
Gold Coin Queen's Beasts Griffin 2017 - 1 oz

Local Pickup

0% GST

2
Gold Coin Queen's Beasts Red Dragon 2017 - 1 oz

Local Pickup

0% GST

7
Gold Coin Vienna Philharmonics (Random Year) - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Vienna Philharmonics 1992 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Vienna Philharmonics 1995 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Vienna Philharmonics 1997 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Coin Vienna Philharmonics 2009 - 1/4 oz

Local Pickup

0% GST

4
Gold Coin Vienna Philharmonics 2014 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

10
0
Gold Coin Vienna Philharmonics 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Gold Credit Suisse bar - 1 oz
Valcambi SA (the refiner of CS bars) is a refiner in the current ‘Good Delivery’ list of the LBMA

Local Pickup

0% GST

94
Gold Lunar Coin 2013 - Year of the Snake - 10 oz

Local Pickup

0% GST

1
Gold Lunar Coin 2017 - Year of the Rooster - 1/10 oz

Local Pickup

0% GST

28
Gold Lunar Coin 2017 - Year of the Rooster - 1/2 oz

Local Pickup

0% GST

10
Gold Lunar Coin 2017 - Year of the Rooster - 1/20 oz

Local Pickup

0% GST

20
Gold Lunar Coin 2017 - Year of the Rooster - 1/4 oz

Local Pickup

0% GST

6
Gold Nadir (Pebble Series) Bar - 1 gram

Local Pickup

0% GST

2,197
Gold Royal Canadian Mint bar - 1 oz

Local Pickup

0% GST

8
Gold Valcambi 50 gram CombiBar [1 gram units]

Local Pickup

0% GST

1,650
Gold Valcambi Suisse bar - 1 Ounce
Valcambi SA (the refiner of CS bars) is a refiner in the current ‘Good Delivery’ list of the LBMA

Local Pickup

0% GST

6
Platinum Bar Argor-Heraeus - 1 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

1
0
Platinum Bar Argor-Heraeus - 500 gram

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Platinum Bar Credit Suisse - 10oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

2
0
Platinum Valcambi Suisse bar - 1 Ounce

Local Pickup

0% GST

17

SILVER BULLION

Item & IPM Status Options Taxation Stock
Argor-Heraeus Silver Bar - 15 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
1
Chinese Silver Panda 2016 - 30 gram

Local Pickup

0% GST

2,479
Chinese Silver Panda 2017 - 30 gram

Local Pickup

0% GST

785
Johnson Matthey Silver Bar - 100 Ounce
Johnson Matthey is a refiner in the current ‘Good Delivery’ list of the LBMA

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
55
Metalor Silver Bar - 1 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

18
295
Nadir Minted Silver Bar - 100 gram

Local Pickup

0% GST

747
Nadir Minted Silver Bar - 50 gram

Local Pickup

0% GST

912
Nadir Silver Bar - 1 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

30
295
Nadir Silver Bar - 10 Ounce

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

204
280
Nadir Silver Bar - 100 Ounce

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

3
0
Nadir Silver Bar - 15 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

5
6
Nadir Silver Bar - 250 g

Local Pickup

0% GST

18
Nadir Silver Bar - 5 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

12
57
Perth Mint Silver Bar - 1 kg
The Perth Mint is a refiner in the current ‘Good Delivery’ list of the LBMA

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

9
0
Perth Mint Silver Bar - 10 Oz
The Perth Mint is a refiner in the current ‘Good Delivery’ list of the LBMA

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

1
20
Perth Mint Silver Bar - 100 Ounce
The Perth Mint is a refiner in the current ‘Good Delivery’ list of the LBMA

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

3
0
Republic Metals 100 Ounce Silver Bar

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

12
0
Royal Canadian Mint Silver Bar - 10 Ounce

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

39
500
Royal Canadian Mint Silver Bar - 100 Ounce
Royal Canadian Mint is a refiner in the current ‘Good Delivery’ list of the LBMA

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

25
5
Silver 1000 oz* LBMA Good Delivery bar
LBMA good delivery bars

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
17
Silver Coin American Eagle (Random Year) - 1 oz
American Silver Eagles are classified as IPM in Singapore. (Gold eagles are not).

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
500
Silver Coin American Eagle 2009 - 1 oz
American Eagles are included in the list of qualified silver coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
500
Silver Coin American Eagle 2010 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
1,000
Silver Coin American Eagle 2011 - 1 oz
American Eagles are included in the list of qualified silver coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

100
6,000
Silver Coin American Eagle 2013 - 1 oz
American Silver Eagles are classified as IPM in Singapore. (Gold eagles are not).

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

100
0
Silver Coin American Eagle 2015 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
2,500
Silver Coin American Eagle 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
5,000
Silver Coin American Eagle 2017 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

620
2,500
Silver Coin Armenia Noah’s Ark 2016 - 1 kg

Local Pickup

0% GST

0
Silver Coin Armenia Noah’s Ark 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

380
2,000
Silver Coin Britannia 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

250
0
Silver Coin Britannia 2017 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

1,980
3,000
Silver Coin Canadian Maple Leaf 2012 - 1 oz
Canadian Maple Leafs are included in the list of qualified silver coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

50
0
Silver Coin Canadian Maple Leaf 2013 - 1 oz
Canadian Maple Leafs are included in the list of qualified silver coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

50
3,500
Silver Coin Canadian Maple Leaf 2014 - 1 oz
Canadian Maple Leafs are included in the list of qualified silver coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
8,500
Silver Coin Canadian Maple Leaf 2015 - 1 oz
Canadian Maple Leafs are included in the list of qualified silver coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
500
Silver Coin Canadian Maple Leaf 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

375
500
Silver Coin Canadian Maple Leaf 2017 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

1,600
5,000
Silver Coin Kangaroo 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
0
Silver Coin Kangaroo 2017 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

800
3,500
Silver Coin Vienna Philharmonics 2012 - 1 oz
Austrian Vienna Philharmonics are included in the list of qualified silver coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

260
0
Silver Coin Vienna Philharmonics 2013 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

0
1,000
Silver Coin Vienna Philharmonics 2015 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

860
2,500
Silver Coin Vienna Philharmonics 2016 - 1 oz

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

800
1,000
Silver Koala Coin 2011 - 1 kg

Local Pickup

0% GST

2
Silver Koala Coin 2011 - 1 oz

Local Pickup

0% GST

460
Silver Koala Coin 2012 - 1 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

3
0
Silver Koala Coin 2013 - 1 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

4
0
Silver Koala Coin 2013 - 1 oz

Local Pickup

0% GST

97
Silver Koala Coin 2015 - 1 kg

Local Pickup

0% GST

62
Silver Koala Coin 2017 - 1 kg

Local Pickup

0% GST

11
Silver Koala Coin 2017 - 1 oz

Local Pickup

0% GST

2,303
Silver Kookaburra Coin 2012 - 10oz
Australian Kookaburras are included in the list of qualified silver coins

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

9
0
Silver Kookaburra Coin 2015 - 1kg

Local Pickup

0% GST

32
Silver Kookaburra Coin 2017 - 1 oz

Local Pickup

0% GST

4,082
Silver Kookaburra Coin 2017 - 10 oz

Local Pickup

0% GST

59
Silver Lunar Coin 2015 - Year of the Goat - 1 kg

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

45
0
Silver Lunar Coin 2016 - Year of the Monkey - 1 kg

Local Pickup

0% GST

19
Silver Lunar Coin 2017 - Year of the Rooster - 1 kg

Local Pickup

0% GST

10
Silver Lunar Coin 2017 - Year of the Rooster - 1/2 oz

Local Pickup

0% GST

22
Silver Lunar Coin 2017 - Year of the Rooster - 10 oz

Local Pickup

0% GST

206
Silver Lunar Coin 2017 - Year of the Rooster - 2 oz

Local Pickup

0% GST

131
Silver Lunar Coin 2017 - Year of the Rooster - 5 oz

Local Pickup

0% GST

76
Silver Nadir Wafer 10 Dirham - 29.75 gram

Local Pickup
S.T.A.R. Storage

0% GST
0% GST

900
2,520
Legend:
  • Local Sale= Over the counter sale in Singapore
  • S.T.A.R. Bonded Storage= Option of Tax free Storage in a bonded vault
  • Stock= Nr. of units avaialable for immediate purchase for Local and S.T.A.R. Storage

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