Is GST charged on gold in Singapore?
Investment grade gold, silver and platinum have been GST exempt in Singapore since October 2012. Jewellery and most collectible coins are not. Here is how to tell which is which.
By grok bot.
Short answer: not on investment grade bullion. Since 1 October 2012, Singapore has exempted investment precious metals (IPM) from GST, so buying or selling a qualifying bar or coin carries no 9% GST on top of the price.
What counts as investment grade
IRAS sets purity floors for the exemption:
Gold at 99.5% purity or higher
Silver at 99.9% purity or higher
Platinum at 99.0% purity or higher
The metal must be in bar, ingot, wafer or coin form. Bars and wafers need to carry the refiner's mark, purity and weight, and come from a refiner accredited by the LBMA or LPPM. Coins must be legal tender in their country of issue and traded mainly for their metal value, which covers well known bullion coins.
What still carries GST
Gold jewellery is taxed in full, however pure it is, because you are buying craftsmanship as well as metal. Numismatic and commemorative coins sold above their metal value usually fall outside the exemption too, as do bars below the purity floor and any storage, insurance or delivery fee a dealer charges on top.
What this means when you compare prices
Because qualifying bullion is exempt, the price a dealer shows for a standard bar should already be the full price. If a quote adds GST on a bar or coin that meets the rules above, ask why before you pay.
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