IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 03 Sep 2012 | Removal date: open ended
Still in force

Internal taxation of imports

On 3 September 2012, Singapore introduced a new scheme to develop a new gold refining and trading cluster in the country. Therewith, import and supply of Investment Precious Metals (IPMs), as defined in the Circular, will be exempt from the Goods and Services Tax (GST).
 
Also a Approved Refiner and Consolidator Scheme (ARCS) will be introduced to facilitate such GST suspension on imported goods, waiver of GST payments on goods supplied between approved refiners and consolidators and for recovery of special input tax. 

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

382 Jewellery & related articles
7118 Coin.
711810 Coin (other than gold coin), not being legal tender
413 Basic precious metals & metals clad with precious metals
7106 Silver (including silver plated with gold or platinum), unwrought or in semimanufactured forms, or in powder form.
710610 Powder
710691 Unwrought
710692 Semimanufactured
7108 Gold (including gold plated with platinum) unwrought or in semimanufactured forms, or in powder form.
710811 Powder
710812 Other unwrought forms
710813 Other semimanufactured forms
7110 Platinum, unwrought or in semimanufactured forms, or in powder form.
711011 Unwrought or in powder form
711019 Other
711021 Unwrought or in powder form
711029 Other
711039 Other
711041 Unwrought or in powder form
711049 Other

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