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). - Fourteenth 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 (from 2013 onwards)
11. Canada Call of the Wild 4-coin series
12. United Kingdom Lunar
13. United Kingdom The Queen's Beasts 10-coin series
14. Australia RAM Kangaroo
15. Australia Dragon Rectangular
16. United Kingdom Royal Arms

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 (from 2013 onwards)
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
17. Australia Funnel-Web Spider
18. Canada Superman™ S-Shield
19. Canada Tree of Life
20. South Africa Krugerrand
21. Australia Dragon Rectangular
22. United Kingdom Royal Arms

PLATINUM

1. American Eagle
2. Australia Koala
3. Australia Platypus
4. Canada Maple Leaf
5. Austria Philharmonic
6. United Kingdom Britannia
7. United Kingdom Lunar

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)
  • See List of Silver and Gold LBMA members
• For platinum, a refiner included in the current or former Good Delivery list of the London Platinum & Palladium Market (LPPM)
  • See List of LPPM members

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 Kangaroo Coin 2013 - 1 oz	Pickup from Shop	0% GST	3
		Gold Kangaroo Coin 2012 - 1 oz	Pickup from Shop	0% GST	3
		Gold PAMP Suisse Cast Bar - 1 Kg	Pickup from Shop	0% GST	0
		Gold Vienna Philharmonics Coin 2009 - 1 oz	Pickup from Shop	0% GST	1
		Gold Kangaroo Coin 2009 - 1 oz	Pickup from Shop	0% GST	3
		Gold PAMP Suisse Fortuna Bar - 5 Gram	Pickup from Shop	0% GST	13
		Gold PAMP Suisse Fortuna Bar - 20 Gram	Pickup from Shop	0% GST	12
		Gold Kangaroo Coin 2011 - 1 oz	Pickup from Shop	0% GST	2
		Gold Kangaroo Coin 2014 - 1 oz	Pickup from Shop	0% GST	4
		Gold Canadian Maple Leaf Coin 2014 - 1 oz	Pickup from Shop	0% GST	2
		Gold PAMP Suisse Fortuna Bar - 10 Gram	Pickup from Shop	0% GST	0
		Gold Kangaroo Coin 2015 - 1 oz	Pickup from Shop	0% GST	1
		Gold Canadian Maple Leaf Coin 2015 - 1 oz	Pickup from Shop	0% GST	2
		Gold Kangaroo Coin 2016 - 1oz	Pickup from Shop	0% GST	4
		Gold Canadian Maple Leaf Coin 2016 - 1 oz	Pickup from Shop	0% GST	9
		Gold Metalor Cast Bar - 100 Gram	Pickup from Shop	0% GST	0
		Gold PAMP Suisse Cast Bar - 100 Gram	Pickup from Shop	0% GST	8
		Gold South African Krugerrand Coin 1979 - 1 oz	Pickup from Shop	0% GST	3
		Gold PAMP Suisse Cast Bar - 50 Gram	Pickup from Shop	0% GST	2
		Gold Kangaroo Coin 2017 - 1oz	Pickup from Shop	0% GST	2
		Gold Canadian Maple Leaf Coin 2017 - 1 oz	Pickup from Shop	0% GST	6
		Gold Chinese Panda Coin 2017 - 15 Gram	Pickup from Shop	0% GST	1
		Gold Kangaroo Coin 2018 - 1oz	Pickup from Shop	0% GST	5
		Gold Argor-Heraeus Kinebar - 1oz	Pickup from Shop	0% GST	0
		Gold Argor-Heraeus Cast Bar - 100g	Pickup from Shop	0% GST	0
		Gold Perth Mint Bar - 20 Gram	Pickup from Shop	0% GST	0
		Gold Canadian Maple Leaf Coin 2019 - 1oz	Pickup from Shop	0% GST	2
		Gold Argor-Heraeus Minted Bar - 5g	Pickup from Shop	0% GST	0
		Gold Perth Mint Bar - 1 Gram	Pickup from Shop	0% GST	1
		Gold South African Krugerrand Coin 1978 - 1 oz	Pickup from Shop	0% GST	1
		Gold South African Krugerrand Coin 1980 - 1 oz	Pickup from Shop	0% GST	1
		Gold Canadian Maple Leaf Coin 2020 - 1oz	Pickup from Shop	0% GST	11
		Gold South African Krugerrand Coin 1983 - 1 oz	Pickup from Shop	0% GST	1
		Gold IPP LBMA Bar - 100g	Pickup from Shop	0% GST	0
		Gold Canadian Maple Leaf Coin 1989 - 1/2 oz	Pickup from Shop	0% GST	11
		Gold Tunku Abdul Rahman Coin 1971 - 18.66g	Pickup from Shop	0% GST	1
		Gold Britannia Coin 2021 - 1oz	Pickup from Shop	0% GST	9
		Gold Canadian Maple Leaf Coin 2021 - 1oz	Pickup from Shop	0% GST	3
		Gold Lunar Coin 2021 - Year of the Ox - 1/10 oz	Pickup from Shop	0% GST	1
		Gold Bullion Jewellery - 50 Gram	Pickup from Shop	0% GST	2
		Gold Bullion Jewellery - 100 Gram	Pickup from Shop	0% GST	12
		Gold Argor-Heraeus Kinebar - 1g	Pickup from Shop	0% GST	13
		Gold Kangaroo Coin 2022 - 1oz	Pickup from Shop	0% GST	3
		Gold Singapore 150th Anniversary Commemorative Coin 1969	Pickup from Shop	0% GST	3
		Gold Dragon & Phoenix Coin - 5g	Pickup from Shop	0% GST	33
		Gold Royal Mint Royal Celebration Bar - 1 Ounce	Pickup from Shop	0% GST	0
		Gold PAMP Suisse Lunar Rabbit Bar 2023 - 5 Gram	Pickup from Shop	0% GST	3
		Gold Argor-Heraeus Lunar Bar 2023 - Year of the Rabbit - 1g	Pickup from Shop	0% GST	118
		Gold Bullion Bracelet - 1 oz	Pickup from Shop	0% GST	0
		Gold Argor-Heraeus Kinebar - 50g	Pickup from Shop	0% GST	0
		Gold Bullion Jewellery Ring - 10 Gram	Pickup from Shop	0% GST	1
		Gold Britannia Coin 2023 King Charles - 1oz	Pickup from Shop	0% GST	3
		Gold Kangaroo Coin 2023 - 1oz	Pickup from Shop	0% GST	1
		Gold Britannia Coin 2023 - 1/2oz	Pickup from Shop	0% GST	2
		Gold PAMP Suisse Minted Bar - 1 oz	Pickup from Shop	0% GST	0
		Gold PAMP Suisse Rosa Bar - 20 Gram	Pickup from Shop	0% GST	0
		Gold Bullion Jewellery Bob Ring - 10 Gram	Pickup from Shop	0% GST	3
		Gold Hong Kong Lunar Ox Coin 1985 - 15.976g	Pickup from Shop	0% GST	1
		Gold Kangaroo Coin (Random Year) - 1/10 oz	Pickup from Shop	0% GST	14
		Gold Argor-Heraeus Lunar Bar 2024 - Year of the Dragon - 1oz	Pickup from Shop	0% GST	1
		Gold Argor-Heraeus Lunar Bar 2024 - Year of the Dragon - 1g	Pickup from Shop	0% GST	8
		Gold Britannia Coin 2024 - 1oz	Pickup from Shop	0% GST	2
		Gold Chinese Panda Coin 2017 - 3 Gram	Pickup from Shop	0% GST	1
		Gold Great Britain Merlin Coin - 1oz	Pickup from Shop	0% GST	7
		Gold GB Royal Tudor Bull Coin 2023 - 1 oz	Pickup from Shop	0% GST	10
		Gold Chinese Myths and Legends Phoenix Coin 2023 - 1oz	Pickup from Shop	0% GST	3
		Gold Vienna Philharmonics Coin 2004 - 1/4 oz	Pickup from Shop	0% GST	2
		Platinum Valcambi Suisse bar - 5g	Pickup from Shop	0% GST	0
		Gold Canadian Maple Leaf Coin 2001 - 1/2 oz	Pickup from Shop	0% GST	1
		Gold Canadian Maple Leaf Coin 1992 - 1/2 oz	Pickup from Shop	0% GST	1
		Gold Kangaroo Coin 2001 - 1/2oz	Pickup from Shop	0% GST	1
		Gold Great Britain Morgan Le Fay Coin - 1oz	Pickup from Shop	0% GST	6
		Gold Somalia Elephant Coin 2024 - 1oz	Pickup from Shop	0% GST	4
		Gold Argor-Heraeus Kinebar - 20g	Pickup from Shop	0% GST	0
		Gold Chinese Panda Coin 2024 - 30 Gram	Pickup from Shop	0% GST	0
		Gold Great Britain James Bond of the 60s Coin 2024 - 1oz	Pickup from Shop	0% GST	1
		Gold GB Royal Tudor Unicorn Coin 2024 - 1 oz	Pickup from Shop	0% GST	3
		Gold Canadian Maple Leaf Coin 2024 - 1oz	Pickup from Shop	0% GST	0
		Gold Malaysia SEA Games Coin 1989	Pickup from Shop	0% GST	1
		Gold Somalia Elephant Coin 2016 - 1oz	Pickup from Shop	0% GST	1
		Gold Somalia Elephant Coin 2017 - 1oz	Pickup from Shop	0% GST	1
		Gold Lunar Coin 2014 - Year of the Horse - 1/4 oz	Pickup from Shop	0% GST	1
		Gold Chinese Panda Coin 2017 - 8 Gram	Pickup from Shop	0% GST	1
		Gold American Buffalo Coin 2009 - 1 oz	Pickup from Shop	0% GST	3
		Gold PAMP Suisse Fortuna 45th Anniversary Bar - 1 oz	Pickup from Shop	0% GST	0

SILVER BULLION

Item & IPM Status			Options	Taxation	Stock
		Silver Canadian Maple Leaf Coin 2011 - 1 oz	Pickup from Shop	0% GST	25
		Silver American Eagle Coin 2011 - 1 oz American Eagles are included in the list of qualified silver coins	Pickup from Shop	0% GST	140
		Silver Morgan Highland Mint Bar - 1oz	Pickup from Shop	0% GST	210
		Silver Perth Mint Bar - 1 Kg The Perth Mint is a refiner in the current ‘Good Delivery’ list of the LBMA	Pickup from Shop	0% GST	1
		Silver Northwest Territorial Mint - 10oz Northwest Territorial is not a refiner in the ‘Good Delivery’ lists of the LBMA	Pickup from Shop	0% GST	1
		Silver Johnson Matthey Bar - 100 Oz Johnson Matthey is a refiner in the current ‘Good Delivery’ list of the LBMA	Pickup from Shop	0% GST	1
		Silver Perth Mint Bar - 100 Oz The Perth Mint is a refiner in the current ‘Good Delivery’ list of the LBMA	Pickup from Shop	0% GST	11
		Silver A-Mark Bar - 10 oz	Pickup from Shop	0% GST	23
		Silver Mexican Libertad Coin 2011 - 1 oz Mexican Libertads are included in the list of qualified silver coins	Pickup from Shop	0% GST	140
		Silver Lunar Coin 2012 - Year of the Dragon - 10 oz Australian Lunars are included in the list of qualified silver coins	Pickup from Shop	0% GST	4
		Silver American Eagle Coin 2010 - 1 oz	Pickup from Shop	0% GST	40
		Silver American Eagle Coin 2012 - 1 oz American Eagles are included in the list of qualified silver coins	Pickup from Shop	0% GST	80
		Silver Royal Canadian Mint Bar - 100 oz Royal Canadian Mint is a refiner in the current ‘Good Delivery’ list of the LBMA	Pickup from Shop	0% GST	21
		Silver Canadian Maple Leaf Coin 2013 - 1 oz Canadian Maple Leafs are included in the list of qualified silver coins	Pickup from Shop	0% GST	100
		Silver Koala Coin 2012 - 10 oz	Pickup from Shop	0% GST	1
		Silver Metalor Bar - 1 kg	Pickup from Shop	0% GST	1
		Silver Johnson Matthey Bar - 1 oz	Pickup from Shop	0% GST	45
		Silver Royal Canadian Mint Bar - 10 oz	Pickup from Shop	0% GST	19
		Silver Morgan Highland Mint Bar - 10oz	Pickup from Shop	0% GST	6
		Silver Lunar Coin 2015 - Year of the Goat - 1 kg	Pickup from Shop	0% GST	1
		Silver Canadian Maple Leaf Coin 2015 - 1 oz Canadian Maple Leafs are included in the list of qualified silver coins	Pickup from Shop	0% GST	50
		Silver American Eagle Coin (Random Year) - 1 oz American Silver Eagles are classified as IPM in Singapore. (Gold eagles are not).	Pickup from Shop	0% GST	40
		Silver Nadir Bar - 100 Oz	Pickup from Shop	0% GST	5
		Silver Nadir Bar - 1 Kg	Pickup from Shop	0% GST	17
		Silver Heraeus Cast Bar - 1 Kg	Pickup from Shop	0% GST	85
		Silver Nadir Bar - 250 Gram	Pickup from Shop	0% GST	8
		Silver Canadian Maple Leaf Coin 2016 - 1 oz	Pickup from Shop	0% GST	75
		Silver First Majestic Bar - 10oz	Pickup from Shop	0% GST	11
		Silver Canadian Maple Leaf Coin 2018 - 1 oz	Pickup from Shop	0% GST	25
		Silver Scottsdale Reserve Bar - 10 oz	Pickup from Shop	0% GST	6
		Silver PAMP Suisse Bar 1kg	Pickup from Shop	0% GST	8
		Silver Nadir Bar - 10 oz	Pickup from Shop	0% GST	84
		Silver Scottsdale Reserve Bar - 1 Kg	Pickup from Shop	0% GST	2
		Silver Kangaroo Coin 2017 - 1oz	Pickup from Shop	0% GST	25
		Silver ABC Bullion Bar - 1 Kg	Pickup from Shop	0% GST	1
		Silver Liberty Highland Mint Bar - 1 oz	Pickup from Shop	0% GST	15
		Silver Scottsdale Bar - 1 oz	Pickup from Shop	0% GST	25
		Silver Sunshine Bar - 1 oz	Pickup from Shop	0% GST	30
		Silver Scottsdale Stacker Bar - 10 oz	Pickup from Shop	0% GST	17
		Silver Nadir Bar - 500 Gram	Pickup from Shop	0% GST	7
		Silver 10 Dirham Round Coin	Pickup from Shop	0% GST	4
		Silver OPM Bar - 1 oz	Pickup from Shop	0% GST	5
		Silver SilverTowne Bar - 1 oz	Pickup from Shop	0% GST	8
		Silver Scottsdale Kilo Stacker Bar - 1 KG	Pickup from Shop	0% GST	10
		Silver Britannia Coin 2017 - 1 oz	Pickup from Shop	0% GST	25
		Silver Vienna Philharmonics Coin 2018 - 1 oz	Pickup from Shop	0% GST	20
		Silver 10 Dirham 1 World 2011 - 29.75 Gram	Pickup from Shop	0% GST	12
		Silver Kangaroo Coin 2016 - 1oz	Pickup from Shop	0% GST	50
		Silver Republic Metals Bar - 10 oz	Pickup from Shop	0% GST	3
		Silver Scottsdale Stacker Bar - 100 oz	Pickup from Shop	0% GST	3
		Silver NTR Bar - 10 oz	Pickup from Shop	0% GST	5
		Silver 10 Dirham 1 World 2012 - 29.75 Gram	Pickup from Shop	0% GST	9
		Silver Sunshine Bar - 10 oz	Pickup from Shop	0% GST	1
		Silver Valcambi Suisse Minted Bar - 1 kg	Pickup from Shop	0% GST	1
		Silver American Junk Coins - Quarters	Pickup from Shop	0% GST	600
		Silver Republic Metals Cast Bar - 1 kg	Pickup from Shop	0% GST	0
		Silver Engelhard Bar - 1kg	Pickup from Shop	0% GST	0
		Silver Kangaroo Coin 2020 - 1oz	Pickup from Shop	0% GST	100
		Silver Heraeus Cast Bar - 10 Oz	Pickup from Shop	0% GST	56
		Silver Heraeus Cast Bar - 100 Oz	Pickup from Shop	0% GST	7
		Silver Elemetal Bar - 1 kg	Pickup from Shop	0% GST	3
		Silver Valcambi Suisse Cast Bar - 100 oz	Pickup from Shop	0% GST	3
		Silver Granules 999 - 1 Gram	Pickup from Shop	0% GST	1,100
		Silver Asahi Bar - 100 Oz	Pickup from Shop	0% GST	1
		Silver Mason Mint Bar - 10 oz	Pickup from Shop	0% GST	1
		Silver Britannia Coin 2021 - 1oz	Pickup from Shop	0% GST	25
		Silver Kangaroo Coin 2021 - 1oz	Pickup from Shop	0% GST	100
		Silver Nadir Bar - 3 oz	Pickup from Shop	0% GST	69
		Silver Vienna Philharmonics Coin 2021 - 1 oz	Pickup from Shop	0% GST	20
		Silver IPP LBMA Bar - 100 oz	Pickup from Shop	0% GST	0
		Silver JBR Bar - 1kg	Pickup from Shop	0% GST	3
		Silver New Zealand Mint DC Batman Villains Riddler 2019 - 5g	Pickup from Shop	0% GST	3
		Silver New Zealand Mint DC Aquaman - 5g	Pickup from Shop	0% GST	1
		Silver New Zealand Mint DC Cyborg - 5g	Pickup from Shop	0% GST	3
		Silver Kookaburra Coin 2022 - 1 oz	Pickup from Shop	0% GST	40
		Silver SilverTowne Bar - 5 oz	Pickup from Shop	0% GST	4
		Silver Refine - 1 Gram	Pickup from Shop	0% GST	7,000
		Silver Koala Coin 2022 - 1 oz	Pickup from Shop	0% GST	100
		Silver Dragon & Phoenix Coin - 250g	Pickup from Shop	0% GST	35
		Silver Canadian Maple Leaf Coin (Random Years) - 1 oz	Pickup from Shop	0% GST	32
		Silver Sunshine Mint Bar - 5oz	Pickup from Shop	0% GST	16
		Silver Viking Coin - 10g	Pickup from Shop	0% GST	1,110
		Silver Britannia Coin 2023 King Charles - 1oz	Pickup from Shop	0% GST	25
		Silver Kangaroo Coin 2023 - 1oz	Pickup from Shop	0% GST	25
		Silver Koala Coin 2023 - 1 oz	Pickup from Shop	0% GST	20
		Silver Trident Mint Bar - 5 oz	Pickup from Shop	0% GST	4
		Silver Assorted Generic Round - 1 oz	Pickup from Shop	0% GST	160
		Silver Britannia Coin 2024 - 1oz	Pickup from Shop	0% GST	0
		Silver Lunar Coin 2024 - Year of the Dragon - 1 oz	Pickup from Shop	0% GST	5
		Silver Lunar Coin 2024 - Year of the Dragon - 2 oz	Pickup from Shop	0% GST	19
		Silver Lunar Coin 2024 - Year of the Dragon - 1/2 oz	Pickup from Shop	0% GST	100
		Silver Chinese Panda Coin 2024 - 30 Gram	Pickup from Shop	0% GST	23
		Silver Somalia Elephant Coin 2024 - 1oz	Pickup from Shop	0% GST	11
		Silver Royal Tudor Seymour Unicorn Coin 2024 - 2 oz	Pickup from Shop	0% GST	10
		Silver Australia Tiger Snake Coin 2024 - 1oz	Pickup from Shop	0% GST	15
		Silver Chinese Myths and Legends Dragon Koi Coin 2023 - 1oz	Pickup from Shop	0% GST	4
		Silver SilverTowne Bar - 10 oz	Pickup from Shop	0% GST	3
		Silver Kangaroo Coin 2024 - 1oz	Pickup from Shop	0% GST	50
		Silver Canadian Maple Leaf Coin 2024 - 1 oz	Pickup from Shop	0% GST	25
		Silver Sunshine Bar - 1 kg	Pickup from Shop	0% GST	2

Find out more on:

• DUX Bullion Testing Services

• Bullion Storage Options in Singapore

Note: If you paraphrase or copy portions of the above information ensure that you include an origin link back to https://www.silverbullion.com.sg/AboutSingaporeInvestmentPreciousMetals.aspx.