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)
  • 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 2011 - 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 2012 - 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
1
Gold Canadian Maple Leaf Coin 1998 - 1 oz
Pickup from Shop
0% GST
3
Gold Kangaroo Coin 2009 - 1 oz
Pickup from Shop
0% GST
6
Gold Canadian Maple Leaf Coin 1990 - 1 oz
Pickup from Shop
0% GST
0
Gold Canadian Maple Leaf Coin 2018 - 1 oz
Pickup from Shop
0% GST
1
Gold Perth Mint Bar - 1 oz
Pickup from Shop
0% GST
2
Gold PAMP Suisse Fortuna Bar - 100 Gram
Pickup from Shop
0% GST
1
Gold Kangaroo Coin 2011 - 1 oz
Pickup from Shop
0% GST
4
Gold Kangaroo Coin 2014 - 1 oz
Pickup from Shop
0% GST
3
Gold Canadian Maple Leaf Coin 2014 - 1/10oz
Pickup from Shop
0% GST
1
Gold Credit Suisse Bar - 100 Gram
Pickup from Shop
0% GST
1
Gold Kangaroo Coin 2015 - 1 oz
Pickup from Shop
0% GST
4
Gold Canadian Maple Leaf Coin 2015 - 1 oz
Pickup from Shop
0% GST
2
Gold Canadian Maple Leaf Coin 2015 - 1/10 oz
Pickup from Shop
0% GST
5
Gold Britannia Coin 2015 - 1 oz
Pickup from Shop
0% GST
2
Gold Britannia Coin 2018 - 1oz
Pickup from Shop
0% GST
1
Gold Kangaroo Coin 2016 - 1oz
Pickup from Shop
0% GST
7
Gold Canadian Maple Leaf Coin 2016 - 1 oz
Pickup from Shop
0% GST
11
Gold PAMP Suisse Cast Bar - 100 Gram
Pickup from Shop
0% GST
6
Gold PAMP Suisse Cast Bar - 50 Gram
Pickup from Shop
0% GST
26
Gold Kangaroo Coin 2017 - 1oz
Pickup from Shop
0% GST
3
Gold Argor-Heraeus Cast Bar - 100g
Pickup from Shop
0% GST
6
Gold Perth Mint Bar - 10 Gram
Pickup from Shop
0% GST
2
Gold Argor-Heraeus Minted Bar - 10g
Pickup from Shop
0% GST
44
Gold Argor-Heraeus Minted Bar - 1 oz
Pickup from Shop
0% GST
2
Gold American Buffalo Coin 2018 - 1oz
Pickup from Shop
0% GST
1
Gold Canadian Maple Leaf Coin 2019 - 1oz
Pickup from Shop
0% GST
2
Gold Argor-Heraeus Minted Bar - 20g
Pickup from Shop
0% GST
28
Gold Argor-Heraeus Minted Bar - 5g
Pickup from Shop
0% GST
51
Gold Argor-Heraeus Minted Bar - 50g
Pickup from Shop
0% GST
1
Gold Pamp Suisse Cast Bar - 500 Gram
Pickup from Shop
0% GST
1
Gold Kangaroo Coin 2010 - 1oz
Pickup from Shop
0% GST
1
Gold Argor-Heraeus Minted Bar - 100g
Pickup from Shop
0% GST
1
Gold Canadian Maple Leaf Coin 2020 - 1oz
Pickup from Shop
0% GST
15
Gold Argor-Heraeus Kinebar - 100g
Pickup from Shop
0% GST
4
Gold Canadian Maple Leaf Coin 2020 - 1/4 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
2
Gold Canadian Maple Leaf Coin 2021 - 1oz
Pickup from Shop
0% GST
1
Gold Kangaroo Coin 2021 - 1oz
Pickup from Shop
0% GST
2
Gold Istanbul Gold Refinery Bar - 10g
Pickup from Shop
0% GST
1
Gold Bullion Jewellery - 50 Gram
Pickup from Shop
0% GST
3
Gold Bullion Jewellery - 100 Gram
Pickup from Shop
0% GST
7
Gold Canadian Maple Leaf Coin 2022 - 1oz
Pickup from Shop
0% GST
2
Gold Dragon & Phoenix Coin - 5g
Pickup from Shop
0% GST
86
Gold Argor-Heraeus Lunar Bar 2023 - Year of the Rabbit - 10g
Pickup from Shop
0% GST
8
Gold Argor-Heraeus Lunar Bar 2023 - Year of the Rabbit - 5g
Pickup from Shop
0% GST
4
Gold Argor-Heraeus Lunar Bar 2023 - Year of the Rabbit - 1g
Pickup from Shop
0% GST
134
Gold Lunar Coin 2023 - Year of the Rabbit - 1/2 oz
Pickup from Shop
0% GST
4
Gold Lunar Coin 2023 - Year of the Rabbit - 1/10 oz
Pickup from Shop
0% GST
1
Gold Bullion Bracelet - 1 oz
Pickup from Shop
0% GST
7
Gold Argor-Heraeus Kinebar - 50g
Pickup from Shop
0% GST
2
Gold Lunar Coin 2023 - Year of the Rabbit - 1 oz
Pickup from Shop
0% GST
7
Gold Bullion Jewellery Ring - 10 Gram
Pickup from Shop
0% GST
8
Gold Britannia Coin 2023 King Charles - 1oz
Pickup from Shop
0% GST
3
Gold Britannia Coin 2023 - 1/2oz
Pickup from Shop
0% GST
6
Gold Canadian Maple Leaf Coin 2023 - 1oz
Pickup from Shop
0% GST
6
Gold IGR SB Koi Minted Bar - 1g
Pickup from Shop
0% GST
77
Gold PAMP Suisse Minted Bar - 1 oz
Pickup from Shop
0% GST
16
Gold Bullion Jewellery Bob Ring - 10 Gram
Pickup from Shop
0% GST
13
Gold Vienna Philharmonics Coin 2004 - 1 oz
Pickup from Shop
0% GST
2
Gold American Buffalo Coin 2012 - 1oz
Pickup from Shop
0% GST
1
Gold South Korea Chiwoo Cheonwang Coin 2017 Set - 1/10oz
Pickup from Shop
0% GST
4
Gold Britannia Coin 2001 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Britannia Coin 2005 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Britannia Coin 2008 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Britannia Coin 2011 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Britannia Coin 2013 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Britannia Coin 2010 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Britannia Coin 2014 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Britannia Coin 2016 - 1/10 oz
Pickup from Shop
0% GST
1
Gold Britannia Coin 2023 King Charles Coronation - 1oz
Pickup from Shop
0% GST
4
Gold Perth Mint Rectangular Dragon 2023 - 1oz
Pickup from Shop
0% GST
3
Gold Kangaroo Coin (Random Year) - 1/10 oz
Pickup from Shop
0% GST
32
Gold Canadian Maple Leaf Coin 2019 -1/2 oz
Pickup from Shop
0% GST
1
Gold PAMP Suisse Fortuna Bar - 5 oz
Pickup from Shop
0% GST
1
Gold Union Bank of Switzerland Kinebar - 10 Gram
Pickup from Shop
0% GST
2
Combo Set - Gold Canadian Maple Leaf 1 oz & Gold Kangaroo 1 oz
Pickup from Shop
0% GST
38

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
100
Silver Morgan Highland Mint Bar - 1oz
Pickup from Shop
0% GST
80
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
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
3
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 Canadian Maple Leaf Coin 2012 - 1 oz
Canadian Maple Leafs are included in the list of qualified silver coins
Pickup from Shop
0% GST
25
Silver American Eagle Coin 2012 - 1 oz
American Eagles are included in the list of qualified silver coins
Pickup from Shop
0% GST
60
Silver Vienna Philharmonics Coin 2009 - 1 oz
Austrian Vienna Philharmonics are included in the list of qualified silver coins
Pickup from Shop
0% GST
20
Silver Vienna Philharmonics Coin 2013 - 1 oz
Pickup from Shop
0% GST
60
Silver Canadian Maple Leaf Coin 2014 - 1 oz
Canadian Maple Leafs are included in the list of qualified silver coins
Pickup from Shop
0% GST
25
Silver American Eagle Coin 2014 - 1 oz
Pickup from Shop
0% GST
80
Silver Royal Canadian Mint Bar - 10 oz
Pickup from Shop
0% GST
8
Silver Morgan Highland Mint Bar - 10oz
Pickup from Shop
0% GST
1
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
175
Silver Koala Coin 2015 - 1 oz
Pickup from Shop
0% GST
20
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
20
Silver Nadir Bar - 100 Oz
Pickup from Shop
0% GST
3
Silver American Eagle Coin 2015 - 1 oz
Pickup from Shop
0% GST
20
Silver Nadir Bar - 1 Kg
Pickup from Shop
0% GST
46
Silver Heraeus Cast Bar - 1 Kg
Pickup from Shop
0% GST
0
Silver Canadian Maple Leaf Coin 2016 - 1 oz
Pickup from Shop
0% GST
75
Silver American Eagle Coin 2016 - 1 oz
Pickup from Shop
0% GST
40
Silver Scottsdale Reserve Bar - 10 oz
Pickup from Shop
0% GST
17
Silver PAMP Suisse Bar 1kg
Pickup from Shop
0% GST
14
Silver Nadir Bar - 10 oz
Pickup from Shop
0% GST
116
Silver Scottsdale Reserve Bar - 1 Kg
Pickup from Shop
0% GST
10
Silver Kangaroo Coin 2017 - 1oz
Pickup from Shop
0% GST
25
Silver Liberty Highland Mint Bar - 1 oz
Pickup from Shop
0% GST
10
Silver Scottsdale Stacker Bar - 10 oz
Pickup from Shop
0% GST
27
Silver Canadian Maple Leaf Coin 2017 - 1 oz
Pickup from Shop
0% GST
25
Silver Nadir Bar - 500 Gram
Pickup from Shop
0% GST
18
Silver Chinese Panda Coin 2012 - 1 oz
Pickup from Shop
0% GST
24
Silver Kangaroo Coin 2016 - 1oz
Pickup from Shop
0% GST
75
Silver NTR Bar - 10 oz
Pickup from Shop
0% GST
5
Silver Proof Tasmanian Wedge Tailed Eagle Coin 2012 - 1oz
Pickup from Shop
0% GST
1
Silver Britannia Coin 2011 - 1oz
Pickup from Shop
0% GST
4
Silver OPM Bar - 10 oz
Pickup from Shop
0% GST
1
Silver Trident Mint Bar - 10 oz
Pickup from Shop
0% GST
8
Silver New Zealand Mint DC Batman Villains Two-Face 2019 - 5g
Pickup from Shop
0% GST
0
Silver Valcambi Suisse Minted Bar - 1 kg
Pickup from Shop
0% GST
3
Silver PAMP Lunar Dragon Bar - 1oz
Pickup from Shop
0% GST
84
Silver PAMP Lunar Horse Bar - 1oz
Pickup from Shop
0% GST
54
Silver Canadian Maple Leaf Coin 2020 - 1 oz
Pickup from Shop
0% GST
75
Silver Vienna Philharmonics Coin 2020 - 1 oz
Pickup from Shop
0% GST
20
Silver Heraeus Cast Bar - 10 Oz
Pickup from Shop
0% GST
87
Silver Heraeus Cast Bar - 100 Oz
Pickup from Shop
0% GST
1
Silver NTR Bar - 100oz
Pickup from Shop
0% GST
1
Silver Valcambi Suisse Cast Bar - 100 oz
Pickup from Shop
0% GST
1
Silver Granules 999 - 1 Gram
Pickup from Shop
0% GST
2,100
Silver Kangaroo Coin 2021 - 1oz
Pickup from Shop
0% GST
50
Silver Nadir Bar - 3 oz
Pickup from Shop
0% GST
150
Silver Vienna Philharmonics Coin 2021 - 1 oz
Pickup from Shop
0% GST
40
Silver IPP LBMA Bar - 100 oz
Pickup from Shop
0% GST
0
Silver New Zealand Mint DC Batman Villains Riddler 2019 - 5g
Pickup from Shop
0% GST
3
Silver New Zealand Mint DC The Flash - 5g
Pickup from Shop
0% GST
0
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 New Zealand Mint DC Superman - 5g
Pickup from Shop
0% GST
0
Silver Kookaburra Coin 2022 - 1 oz
Pickup from Shop
0% GST
80
Silver Refine - 1 Gram
Pickup from Shop
0% GST
14,000
Silver Koala Coin 2022 - 1 oz
Pickup from Shop
0% GST
120
Silver 377 Dirham SRDC - 36.059 oz
Pickup from Shop
0% GST
1
Silver Dragon & Phoenix Coin - 250g
Pickup from Shop
0% GST
46
Silver Viking Coin - 10g
Pickup from Shop
0% GST
1,290
Silver Britannia Coin 2023 King Charles - 1oz
Pickup from Shop
0% GST
150
Silver Kangaroo Coin 2023 - 1oz
Pickup from Shop
0% GST
75
Silver Koala Coin 2023 - 1 oz
Pickup from Shop
0% GST
80
Silver Trident Mint Bar - 5 oz
Pickup from Shop
0% GST
19
Silver Valcambi 100 gram CombiBar [10 gram units]
Pickup from Shop
0% GST
20
Silver Assorted Generic Round - 1 oz
Pickup from Shop
0% GST
120
Silver Perth Mint Rectangular Dragon 2023 - 1oz
Pickup from Shop
0% GST
200
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:

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.