ANNOUNCEMENT 03 Sep 2012

In September 2012, the government of Singapore announced a change to the import-specific domestic duties.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE



http://www.customs.gov.sg/NR/rdonlyres/349B2149-2915-459A-AD8D-470C4E67EE66/26550/SCCircularExemptionofGSTforIPMupdatedon22Aug2013.pdf


Inception date: 03 Sep 2012 | Removal date: open ended

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 SECTORS

 
382 413

AFFECTED PRODUCTS

 
710610 710691 710692 710811 710812 710813 711011 711019 711021 711029 711039 711041 711049 711810
(+ 4 more)