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). - Ninth 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 Beasts 10-coin series
  14. Australia RAM Kangaroo

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 Canadian Maple Leaf Coin 2012 - 1 oz
Canadian Maple Leafs are included in the list of qualified gold coins
Pickup from Shop
0% GST
1
Gold Canadian Maple Leaf Coin 2013 - 1 oz
Canadian Maple Leafs are included in the list of qualified gold coins
Pickup from Shop
0% GST
1
Gold Kangaroo Coin 2013 - 1 oz
Pickup from Shop
0% GST
2
Gold Kangaroo Coin 2012 - 1 oz
Pickup from Shop
0% GST
0
Gold Canadian Maple Leaf Coin 1980 - 1 oz
Canadian Maple Leafs are included in the list of qualified gold coins
Pickup from Shop
0% GST
0
Gold Canadian Maple Leaf Coin 2002 - 1 oz
Pickup from Shop
Store in Our Vault
0% GST
0% GST
1
0
Gold Kangaroo Coin 2009 - 1 oz
Pickup from Shop
0% GST
0
Gold Canadian Maple Leaf Coin 2018 - 1 oz
Pickup from Shop
0% GST
1
Gold PAMP Suisse Bar - 5 Gram
Pickup from Shop
0% GST
0
Gold PAMP Suisse Bar - 20 Gram
Pickup from Shop
0% GST
1
Gold Canadian Maple Leaf Coin 2014 - 1 oz
Pickup from Shop
0% GST
0
Gold Canadian Maple Leaf Coin 2015 - 1 oz
Pickup from Shop
0% GST
1
Platinum Valcambi Suisse bar - 1 Ounce
Pickup from Shop
0% GST
0
Gold Kangaroo Coin 2016 - 1oz
Pickup from Shop
0% GST
0
Gold Canadian Maple Leaf Coin 2016 - 1 oz
Pickup from Shop
0% GST
1
Gold Canadian Maple Leaf Coin 1989 - 1/4 oz
Pickup from Shop
0% GST
0
Gold Argor-Heraeus Bar - 100g
Pickup from Shop
0% GST
1
Gold Jewellery 24K (999)
Pickup from Shop
0% GST
0
Gold Jewellery 22k
Pickup from Shop
0% GST
0
Gold Jewellery Emas Pound
Pickup from Shop
0% GST
0
Gold Jewellery 20K (835)
Pickup from Shop
0% GST
0
Gold Jewellery 916
Pickup from Shop
0% GST
0
Gold Jewellery 18K (750)
Pickup from Shop
0% GST
0
Gold Perth Mint Bar - 10 Gram
Pickup from Shop
0% GST
0
Gold Argor-Heraeus Bar - 10g
Pickup from Shop
0% GST
8
Gold Poh Kong Bunga Raya Bar - 100 Gram
Pickup from Shop
0% GST
1
Gold Canadian Maple Leaf Coin 1993 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Argor-Heraeus Bar - 1 oz
Pickup from Shop
0% GST
7
Gold Argor-Heraeus Bar - 20g
Pickup from Shop
0% GST
4
Gold Argor-Heraeus Bar - 5g
Pickup from Shop
0% GST
14
Gold Argor-Heraeus Bar - 50g
Pickup from Shop
0% GST
8
Gold Chinese Panda Coin 2018 - 8 Gram
Pickup from Shop
0% GST
0
Gold LBMA Various Brands - 100 Gram
Pickup from Shop
0% GST
0
Gold Kangaroo Coin 2019 - 1/10 oz
Pickup from Shop
0% GST
0
Gold South African Krugerrand Coin 1978 - 1 oz
Pickup from Shop
0% GST
0
Gold Sovereign George Coin - 1 Pound
Pickup from Shop
0% GST
0
Gold Generic Minted Bar - 10 Gram
Pickup from Shop
0% GST
1
Gold LBMA Various Brands - 1 Gram
Pickup from Shop
0% GST
10
Gold Britannia Coin 2020 - 1oz
Pickup from Shop
0% GST
0
Gold Kangaroo Coin 2020 - 1oz
Pickup from Shop
0% GST
0
Gold 3rd Malaysia Plan Coin
Pickup from Shop
0% GST
0
Gold Jewellery 18K (750) White
Pickup from Shop
0% GST
0
Gold Singapore Mint Ox Proof Coin - 1 oz
Pickup from Shop
0% GST
0
Gold Chinese Panda Coin 2015 - 1/4 oz
Pickup from Shop
0% GST
0
Gold IPP LBMA Bar - 100g
Pickup from Shop
0% GST
0
Gold Logam Mulia Bar - 1 Gram
Pickup from Shop
0% GST
0
Gold Canadian Maple Leaf Coin 1986 - 1/2 oz
Pickup from Shop
0% GST
0
Gold Canadian Maple Leaf Coin 1989 - 1/2 oz
Pickup from Shop
0% GST
4
Gold Canadian Maple Leaf Coin 1991 - 1/2 oz
Pickup from Shop
0% GST
0
Gold 25th Anniversary of Malaysia Coin - 10.25 grams
Pickup from Shop
0% GST
0
Gold Argor-Heraeus Lunar Bar 2021 - Year of the Ox - 1oz
Pickup from Shop
0% GST
7
Gold Argor-Heraeus Lunar Bar 2021 - Year of the Ox - 5g
Pickup from Shop
0% GST
8

SILVER BULLION

Item & IPM Status Options Taxation Stock
Silver American Eagle Coin 2011 - 1 oz
American Eagles are included in the list of qualified silver coins
Pickup from Shop
0% GST
0
Silver Johnson Matthey Bar - 100 Oz
Johnson Matthey is a refiner in the current ‘Good Delivery’ list of the LBMA
Pickup from Shop
Store in Our Vault
0% GST
0% GST
2
0
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
0
Silver A- Mark Bar - 10 oz
Pickup from Shop
0% GST
7
Silver Koala Coin 2011 - 1 oz
Pickup from Shop
0% GST
10
Silver American Eagle Coin 2010 - 1 oz
Pickup from Shop
0% GST
0
Silver Canadian Maple Leaf Coin 2012 - 1 oz
Canadian Maple Leafs are included in the list of qualified silver coins
Pickup from Shop
0% GST
75
Silver Koala Coin 2012 - 1 oz
Australian Koalas are included in the list of qualified silver coins
Pickup from Shop
0% GST
5
Silver American Eagle Coin 2012 - 1 oz
American Eagles are included in the list of qualified silver coins
Pickup from Shop
0% GST
20
Silver Kookaburra Coin 2013 - 10oz
Pickup from Shop
0% GST
0
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
50
Silver American Eagle Coin 2013 - 1 oz
Pickup from Shop
0% GST
60
Silver Koala Coin 2013 - 1/2 oz
Pickup from Shop
0% GST
5
Silver Mexican Libertad Coin 2013 - 1 oz
Pickup from Shop
0% GST
25
Silver Koala Coin 2014 - 1 oz
Pickup from Shop
0% GST
10
Silver Metalor Bar - 1 kg
Pickup from Shop
0% GST
0
Silver Canadian Maple Leaf Coin (Random Year) - 1 oz
Canadian Maple Leafs are included in the list of qualified silver coins
Pickup from Shop
0% GST
25
Silver Chinese Panda Coin 2011 - 1 oz
Pickup from Shop
0% GST
0
Silver Royal Canadian Mint Bar - 10 oz
Pickup from Shop
Store in Our Vault
0% GST
0% GST
0
0
Silver Koala Coin 2015 - 1 oz
Pickup from Shop
0% GST
5
Silver Nadir Bar - 100 Oz
Pickup from Shop
Store in Our Vault
0% GST
0% GST
0
0
Silver Nadir Bar - 1 Kg
Pickup from Shop
0% GST
22
SILVER 1000 OZ* LBMA GOOD DELIVERY BAR
Pickup from Shop
0% GST
0
Silver Heraeus Bar - 1 Kg
Pickup from Shop
0% GST
7
Silver Scottsdale Reserve Bar - 10 oz
Pickup from Shop
0% GST
0
Silver PAMP Suisse Bar 1kg
Pickup from Shop
0% GST
0
Silver Nadir Bar - 10 oz
Pickup from Shop
0% GST
11
Silver Nadir Bar - 15 Kg
Pickup from Shop
0% GST
0
Silver Nadir Bar - 5 Kg
Pickup from Shop
0% GST
0
Silver Koala Coin 2017 - 1 oz
Pickup from Shop
0% GST
20
Silver Scottsdale Stacker Bar - 10 oz
Pickup from Shop
0% GST
0
Silver Nadir Bar - 500 Gram
Pickup from Shop
0% GST
6
Silver Chinese Panda Coin 2012 - 1 oz
Pickup from Shop
0% GST
1
Silver Jewellery 925
Pickup from Shop
0% GST
0
Silver Chinese Panda Coin 2015 - 1 oz
Pickup from Shop
0% GST
0
Silver Heraeus Bar - 10 Oz
Pickup from Shop
0% GST
0
Silver 3 Dirham SRDC
Pickup from Shop
0% GST
0
Silver 2 Dirham SRDC
Pickup from Shop
0% GST
0
Silver Chinese Panda Coin 2013 - 1 oz
Pickup from Shop
0% GST
10
Silver Britannia Coin 2020 - 1oz
Pickup from Shop
0% GST
0
Silver Canadian Maple Leaf Coin 2020 - 1 oz
Pickup from Shop
0% GST
0
Silver Kangaroo Coin 2020 - 1oz
Pickup from Shop
0% GST
0
Silver Vienna Philharmonics Coin 2020 - 1 oz
Pickup from Shop
0% GST
0
Silver Heraeus Cast Bar - 10 Oz
Pickup from Shop
0% GST
19
Silver Koala Coin 2011 - 1/2 oz
Pickup from Shop
0% GST
5
Silver Elemetal Bar - 1 kg
Pickup from Shop
0% GST
3
Silver Hand Poured Cast Button - 250 grams
Pickup from Shop
0% GST
86
Silver Great White Shark Coin 2014 - 1/2 oz
Pickup from Shop
0% GST
25
Silver Valcambi Suisse Bar - 100 oz
Pickup from Shop
0% GST
0
Silver 1 Dirham SRDC
Pickup from Shop
0% GST
0
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

Find out more on:

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