It will also reduce compliance costs for the gold industry by eliminating documentary requirements that certify the export of such precious metals, which will boost Singapore's reputation, which is already business-friendly, Mr. People explained. It will now be able to trade physical gold ingots even more freely and with minimal government burdens or restrictions. The Singapore Tax Authority (IRAS) has clarified that gold suitable for investments (in the form of ingots, ingots, coins or wafers) must have a purity equal to or greater than 99.5%.
People who decide to invest in gold will be able to protect their incomes and savings against inflation and against many of the world's other economic problems (just consider all the problems of the eurozone right now). The guide provides details on the GST exemption for investment gold, silver and platinum (precious investment metals: IPM) and is relevant to companies that trade physical gold, silver and platinum. Credit Suisse gold bars are also exempt from tax, since they meet basic qualification criteria and are refined by Valambi SA, which uses the Essayeur Fondeur logo (see brand in the bar) and is a refinery included in the LBMA list. This will apply to the payment of GST supported by the import and purchase of raw materials used in the refining of precious metals in the form of investment.