The Goods and Service Tax (GST) is also known as Value Added Tax (VAT) in many other countries. GST is a consumption tax levied on the supply of goods and services in Singapore and the import of goods into Singapore. GST is an indirect tax, expressed as a percentage (currently 7%) applied to the selling price of goods and services provided by GST registered business entities in Singapore.
For purposes of GST (Goods and Services Tax), bullion products in Singapore may be categorized into two categories:
- Investment precious metals (IPM) products that are listed by the authority, Enterprise Singapore (ESG) , as GST free; and
- Non-IPM products that do not have such GST exemption and therefore GST is payable on them.
Notwithstanding the above, a product of which GST is payable may nonetheless have its GST payment suspended if and when stored in a Zero GST warehouse. If and when the product is removed from the Zero GST warehouse, GST becomes immediately payable.
GST (7%) is not applied to bullion stored in the secured bonded vaults at Le Freeport Singapore. However, all fees are subject to 7% Singapore GST (e.g., Admin Fee, 1 Year Storage Fee, Trading Fee, etc.).
GST is charged in SGD (converted to USD as per invoice exchange rates). Products sold overseas are not subject to GST, but the fees are.
Please see ICA (the Singapore customs authority that administers GST) website for details.