singapore customs/media/cus/files/... · update of circular by singapore customs circular no....

SINGAPORE CUSTOMS

55 Newton Road #07-02 Revenue House Singapore 307987

Tel: (65) 6355 2000 Fax: (65) 6250 9605 Email: [email protected]

http://www.customs.gov.sg

Circular No: 12/2012

Date: 03 Sept 2012

Our Vision: A leading Customs that advances Singapore’s economy

by assuring the integrity of the trading system

All Traders and Declaring Agents

EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS

METALS

During the 2012 Budget Statement, the Minister for Finance announced that new

schemes will be introduced to facilitate the development of a new gold refining and trading

cluster in Singapore.

2 With effect from 01 October 2012, the importation and supply of investment precious

metals (IPMs) in Singapore will be exempt from Goods and Services Tax (GST).

3 Concurrently, a new Approved Refiner and Consolidator Scheme (ARCS) will also be

introduced for approved ARCS persons, to allow GST suspension on their imported goods

(e.g. raw materials), waiver of GST payment on goods supplied between approved refiners

and consolidators and the prescribing of special input tax recovery. This scheme will be

administered by the Inland Revenue Authority of Singapore (IRAS).

Importation of Investment Precious Metals (IPMs)

IPM Qualifying Criteria

4 Imports of precious metals (i.e. gold, silver and platinum) whether by individuals or

businesses, will be exempt from GST so long as the precious metals meet the following

criteria:

(a) The purity content of the precious metals must be at least:

(i) 99.5% for gold;

(ii) 99.9% for silver; and

(iii) 99% for platinum

(b) The precious metals must be capable of being traded on the international bullion

market and are in the form of bars, wafers, ingots or coins:

(i) For bars, wafers or ingots, they must be produced by an accredited/endorsed

refiner stated in Annex A; and

(ii) For coins, it must be prescribed in the IPM Qualifying Coin List stated in

Annex B and is or was legal tender in its country of origin.



(c) The precious metals bear a mark or characteristic internationally accepted as

guaranteeing its quality; and

(d) The precious metals trade at a price based on the spot price of the metal it contains.

5 The type of IPMs and their applicable HS codes are stated in Annex C.

6 Products such as gold jewellery and collectors’ coins which cannot meet the IPM

qualifying criteria will continue to be subject to GST.

7 For more information on the importation and exemption of IPM, please refer to the

IRAS e-Tax Guide “GST: Guide on Exemption of Investment Precious Metals (IPM)” at

www.iras.gov.sg > Quick links > e-Tax Guides > Enhanced Search for e-Tax Guides.

TradeNet® Permit Requirements

8 Please observe the following requirements when submitting a permit declaration via

TradeNet® system for importation of IPMs into Singapore:

(a) Message Type = IN-NON-PAYMENT (INP);

(b) Declaration Type = GST Relief and/or Duty Exemption (GTR);

(c) Place of Receipt Code = IGPM;

(d) The Claimant UEN is to be indicated as the Importer UEN;

(e) The HS Code/s of the IPMs should be declared;

(f) The Supplier Name is to be indicated with the name of refiner who produced the

IPM bar/wafer/ingot;

(g) The Brand Name is to be indicated with the name of the IPM qualifying coin;

(h) The CA/SC Product Code is to be indicated as one of the following: “BAR”,

“INGOT”, “WAFER”; or “GOLDCOIN”, “SILVERCOIN”,

“PLATINUMCOIN”;

(i) The CA/SC Product Code Quantity/UOM declared should be “xxx NMB”; and

(j) The “CA/SC Code 1” is to be indicated with the value of purity content of the

respective precious metals contained in the IPM bars/ingots/wafers/coins. There is no

need to indicate the unit of measurement (%). For example, a purity content of 99.8%

should be declared as 99.8.

9 The above exemption permit should be declared prior to the importation of IPMs and

presented for clearance at the checkpoint.

http://www.iras.gov.sg/



Approved Refiner and Consolidator Scheme (ARCS)

10 The list of approved ARCS persons (i.e. Approved Refiners and Approved

Consolidators) will be published on IRAS’ website at www.iras.gov.sg > GST > For GST-

registered businesses > GST Schemes > Approved Refiner and Consolidator Scheme (ARCS).

11 For more information on ARCS, please refer to the IRAS e-Tax Guide “GST:

Approved Refiner and Consolidator Scheme (ARCS)” at www.iras.gov.sg > Quick links > e-

Tax Guides > Enhanced Search for e-Tax Guides.

TradeNet® Permit Requirements

12 Under ARCS, if the registered approved ARCS person is engaging declaring agents to

submit TradeNet® permits on their behalf, they are required to authorize their declaring

agents through IRAS in the GST A1 application form available on the IRAS website.

13 Please observe the following requirements when submitting a permit declaration via

TradeNet® system:

(a) Message Type = IN-NON-PAYMENT (INP);

(b) Declaration Type = Approved Premises/Schemes (APS); and

(c) Place of Receipt Code = ARCS

14 If you are a TradeNet® user, please ensure that your TradeNet® Front-end solution is

updated with the above new Place of Receipt Codes (IGPM, ARCS) and Names.

15 If you require further clarification on the TradeNet® permit requirements for the

import of investment precious metals, please send your enquiries to

[email protected]. Alternatively, you may contact Customs Call

Centre at 6355 2000 for assistance.

WINSTON TAY

HEAD PROCEDURES & SYSTEMS BRANCH

for DIRECTOR-GENERAL OF CUSTOMS

SINGAPORE CUSTOMS



mailto:[email protected]



ANNEX A

Accredited/Endorsed Refiners

The investment precious metals bars, wafers or ingots must be produced by:

(a) A refiner accredited in the current or former ‘Good Delivery’ list of the London

Bullion Market Association (LBMA) in the case of gold and silver

(http://www.lbma.org.uk/pages/index.cfm?page_id=147&title=good_delivery_lists);

or

(b) A refiner accredited in the current or former ‘Good Delivery’ list of the London

Platinum & Palladium Market (LPPM) in the case of platinum

(http://www.lppm.com/lists.aspx?type=pt for Platinum List); or

(c) A refiner who intends to be on the ‘Good Delivery’ list of the LBMA or LPPM and is

endorsed by International Enterprise Singapore. The list of endorsed refiners will be

published on IRAS’ website at www.iras.gov.sg > GST > For GST-registered

businesses > Charge & Claim GST > When is GST not charged > Exempt supplies.

http://www.lbma.org.uk/pages/index.cfm?page_id=147&title=good_delivery_lists

http://www.lppm.com/lists.aspx?type=pt




ANNEX B

IPM Qualifying Coin List

S/No. Name of IPM Qualifying Coin

Type of precious metals

contained in the coin

(gold, silver or platinum)

1. Australia Kangaroo Nugget

(i) Gold

2. Austria Philharmoniker (i) Gold; or

(ii) Silver

3. America Buffalo

(i) Gold

4. Canada Maple Leaf (i) Gold;

(ii) Silver; or

(iii) Platinum

5. China Panda (i) Gold; or

(ii) Silver

6. Malaysia Kijang Emas

(i) Gold

7 Mexico Libertad (i) Gold; or

(ii) Silver

8. Singapore Lion

(i) Gold

9. Australia Kookaburra

(i) Silver

10. Australia Koala (i) Silver; or

(ii) Platinum

11. Australia Lunar (i) Gold; or

(ii) Silver

12. Australia Platypus (i) Platinum

13. America Eagle (i) Silver; or

(ii) Platinum



ANNEX C

Type of IPMs

HS Codes

Gold bar;

Gold ingot;

Gold wafer

71082000

Silver bar;

Silver ingot;

Silver wafer

71069200

Platinum bar;

Platinum ingot;

Platinum wafer

71101900

Gold coin 71189010

Silver coin 71181010 or 71189020

Platinum coin 71181090 or 71189090

UPDATE OF CIRCULAR BY SINGAPORE CUSTOMS

Circular No. 12/2012: EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS (dated 03 Sep 2012) Paragraph Current Details Updated Details Date of

Update ANNEX B

IPM Qualifying Coin List IPM Qualifying Coin List S/No.

Name of IPM Qualifying Coin

Type of precious metals contained in the coin (gold, silver or platinum)


(i) Gold

2. Austria Philharmoniker (i) Gold; or (ii) Silver

3. America Buffalo (i) Gold

4. Canada Maple Leaf (i) Gold; (ii) Silver; or (iii) Platinum

5. China Panda (i) Gold; or (ii) Silver


ANNEX B IPM Qualifying Coin List IPM Qualifying Coin List S/No.

Name of IPM Qualifying Coin

Type of precious metals contained in the coin (gold, silver or platinum)


(i) Gold

2. Austria Philharmoniker

(i) Gold; or (ii) Silver

3. America Buffalo (i) Gold

4. Canada Maple Leaf (i) Gold; (ii) Silver; or (iii) Platinum

5. China Panda (i) Gold; or (ii) Silver

5 Jan 2015

(i) Gold

7 Mexico Libertad (i) Gold; or (ii) Silver

8. Singapore Lion (i) Gold

9. Australia Kookaburra (i) Silver

10. Australia Koala (i) Silver; or (ii) Platinum

11. Australia Lunar (i) Gold; or (ii) Silver


13. America Eagle (i) Silver; or (ii) Platinum


(i) Gold

7 Mexico Libertad (i) Gold; or (ii) Silver


9. Australia Kookaburra

(i) Silver

10. Australia Koala (i) Silver; or (ii) Platinum

11. Australia Lunar (i) Gold; or (ii) Silver


13. America Eagle (i) Silver; or (ii) Platinum

14.

United Kingdom Britannia

(i) Gold; or (ii) Silver

SINGAPORE

CUSTOMS

W e M a k e T r a d e E a s y , F a i r & S e c u r e

55 Newton Road #07-02, Revenue House, Singapore 307987 Tel: (65) 6355 2000 Fax: (65) 6250 9605 E-mail: [email protected] Website: www.customs.gov.sg

Page 1 of 3

Circular No. 12/2012: EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS (Last updated 5 Jan 2015)

Para-

graph

Current Details Updated Details Date of

Update

ANNEX B


IPM

Qualifying

Coin List

S/No.

Name of IPM

Qualifying Coin

Type of precious

metals contained in

the coin

(gold, silver or

platinum)

1.

Australia

Kangaroo Nugget

(i) Gold

2.

Austria

Philharmoniker

(i) Gold; or

(ii) Silver

3.

America Buffalo

(i) Gold

4.

Canada Maple

Leaf

(i) Gold;

(ii) Silver; or

(iii) Platinum

ANNEX B


IPM

Qualifying

Coin List

S/No.

Name of IPM

Qualifying Coin

Type of precious

metals contained

in the coin

(gold, silver or

platinum)

1.

Australia Kangaroo

Nugget

(i) Gold

2.

Austria

Philharmonic

(i) Gold;

(ii) Silver: or

(iii) Platinum

3.

America Buffalo

(i) Gold

4.

Canada Maple Leaf

(i) Gold;

(ii) Silver; or

(iii) Platinum

1 Sep

2016

E-mail: [email protected] Website: www.customs.gov.sg

Page 2 of 3


(ii) Silver

6.

Malaysia Kijang

Emas

(i) Gold


(ii) Silver


9. Australia

Kookaburra

(i) Silver


(ii) Platinum


(ii) Silver

12. Australia

Platypus

(i) Platinum


(ii) Platinum

14.

United Kingdom

Britannia

(i) Gold; or

(ii) Silver


(ii) Silver

6. Malaysia Kijang

Emas

(i) Gold


(ii) Silver


9. Australia

Kookaburra

(i) Silver


(ii) Platinum


(ii) Silver



(ii) Platinum

14.

United Kingdom

Britannia

(i) Gold; or

(ii) Silver

E-mail: [email protected] Website: www.customs.gov.sg

Page 3 of 3

15.

16.

17.

18.

19.

20.

21.

22.

Australia Saltwater

Crocodile

Canada Wildlife

6-coin series

Canada Call of the

Wild

Canada Birds of

Prey

United Kingdom

Lunar

Armenia Noah´s

Ark

Australia Kangaroo

United Kingdom

The Queen’s Beasts

(i) Silver

(i) Silver

(i) Gold

(i) Silver

(i) Gold; or

(ii) Silver

(i) Silver

(i) Silver

(i) Gold; or

(ii) Silver

4(d) The precious metals trade at a price based on the spot price of

the metal it contains.

The precious metals trade at a price based on the spot price of

the metal it contains. It is not a decorative bar, ingot or wafer

or a collector’s bar, ingot or wafer.

1 Sep

2016

SINGAPORE

CUSTOMS

W e M a k e T r a d e E a s y , F a i r & S e c u r e

55 Newton Road #07-02, Revenue House, Singapore 307987 Tel: (65) 6355 2000 Fax: (65) 6250 9605 E-mail: [email protected] Website: www.customs.gov.sg

Page 1 of 1

Circular No. 12/2012: EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS (dated 3 Sep 2012)

Paragraph Current Details Updated Details Date of Update

Annex C

Types of IPMs HS Codes

Gold Bar, ingot

or wafer

71082000

Silver Bar, ingot

or wafer

71069200

Platinum Bar, ingot

or wafer

71101900

Gold Coin 71189010

Silver Coin 71181010 or 71189020

Platinum Coin 71181090 or 71189090

Types

of IPMs

Applicable HS Codes

Gold Bar or

Wafer

a) Monetary Gold – 71082000

b) Non-Monetary Gold – 71081300

Ingot a) Monetary Gold – 71082000

b) Non-Monetary Gold – 71081200

Coin 71189010

Silver Bar or

Wafer

71069200

Ingot 71069100

Coin 71181010 or 71189020

Platinum Bar or

Wafer

71101900

Ingot 71101100

Coin 71181090 or 71189090

*Monetary gold refers to gold exchanged between national or

international monetary authorities or authorised banks.

1 Jan 2017

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