ANNOUNCEMENT 03 Sep 2012In September 2012, the government of Singapore announced a change to the import-specific domestic duties.
NUMBER OF INTERVENTIONS
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.