Investment Precious Metals (IPM) are exempted from Goods and Services Tax (GST) in Singapore.
Criteria for IPM Bar, Ingot and Wafer in Singapore
To qualify for GST exemption, the precious metal must meet all of the following criteria:
- It is gold of at least 99.5% purity, silver of at least 99.9% purity or platinum of at least 99% purity.
- It is capable of being traded on the international bullion market. A precious metal bar, ingot or wafer refined by a refiner with the following accreditation/endorsement is regarded as meeting this criterion:
(i) For gold and silver, a refiner on the current or former “Good Delivery" list of the London Bullion Market Association (LBMA);
(ii) For platinum, a refiner on the current or former “Good Delivery" list of the London Platinum & Palladium Market (LPPM).
- It bears a mark or characteristic that is internationally accepted as guaranteeing its quality. An example of such a mark is the hallmark of a refiner in the “Good Delivery" list of the LBMA/LPPM stamped on the bar, ingot or wafer.
- It is not a decorative bar, ingot or wafer or a collector's bar, ingot or wafer.
The basis of GST exemption for IPM is based on LBMA and LPPM accreditations because the precious metals produced by refiners with such accreditation are widely recognized by the industry as having the requisite quality to be traded on international bullion markets and they are readily accepted for delivery on many international commodities exchanges.
Palladium is not exempted from GST in Singapore.
Criteria for IPM Coin in Singapore
IPM coins are exempted based on similar criteria to those for IPM bars, ingots and wafers. To qualify for the GST exemption, a gold coin must be of at least 99.5% purity, a silver coin must be of at least 99.9% purity and a platinum coin must be of at least 99% purity. The coin must furthermore be or have been legal tender in its country of origin.
The coins that can qualify as IPM are prescribed under the Fourth Schedule to the GST Act. They are:
a) List of Qualifying Gold Coins
(i) America Buffalo
(ii) Australia Kangaroo Nugget
(iii) Australia Lunar
(iv) Austria Philharmonic
(v) Canada Maple Leaf
(vi) China Panda
(vii) Malaysia Kijang Emas
(viii) Mexico Libertad
(ix) Singapore Lion
(x) United Kingdom Britannia
(xi) Canada Call of the Wild 3-coin series
(xii) United Kingdom Lunar
(xiii) United Kingdom The Queen's Beasts 10-coin series
(xiv) Australia RAM Kangaroo
(xv) Australia Dragon Rectangular
(xvi) United Kingdom Royal Arms
(xvii) United Kingdom Myths and Legends series
(xviii) United Kingdom The Royal Tudor Beasts series
(b) List of Qualifying Silver Coins
(i) America Eagle
(ii) Australia Kookaburra
(iii) Australia Koala
(iv) Australia Lunar
(v) Austria Philharmonic
(vi) Canada Maple Leaf
(vii) China Panda
(viii) Mexico Libertad
(ix) United Kingdom Britannia
(x) Australia Saltwater Crocodile
(xi) Canada Wildlife 6-coin series
(xii) Canada Birds of Prey 4-coin series
(xiv) Armenia Noah's Ark
(xv) Australia Kangaroo
(xvi) United Kingdom The Queen's Beasts 10-coin series
(xvii) Australia Funnel-Web Spider
(xvii) Canada Superman S-Shield
(xix) Canada Tree of Life
(xx) South Africa Krugerrand
(xxi) Australia Dragon Rectangular
(xxii) United Kingdom Royal Arms
(xxiii) Canada Creatures of the North series
(xxiv) Canada Goose
(xxv) United Kingdom Myths and Legends series
(xxvi) United Kingdom The Royal Tudor Beasts series
(c) List of Qualifying Platinum Coins
(i) America Eagle
(ii) Australia Koala
(iii) Australia Platypus
(iv) Canada Maple Leaf
(v) Austria Philharmonic
(vi) United Kingdom Britannia
(vii) United Kingdom Lunar
(viii) United Kingdom The Queen's Beasts series
(ix) Australia Kangaroo
(x) Australia Lunar
(xi) United Kingdom Royal Arms
(xii) South Africa Big Five series
(xiii) United Kingdom The Royal Tudor Beasts series
Coins that are not on the prescribed list cannot qualify as IPM and will continue to be taxable.
Criteria for GST Exemption in New Zealand
The supply of fine metal of the following purities are exempt from GST
Gold with a fineness of not less than 99.5%
Silver with a fineness of not less than 99.9%
Platinum with a fineness of not less than 99%
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