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SINGAPORE CUSTOMS
55 Newton Road #07-02 Revenue House Singapore 307987
Tel: (65) 6355 2000 Fax: (65) 6250 9605 Email: customs_documentation@customs.gov.sg
http://www.customs.gov.sg
Circular No: 12/2012
Date: 03 Sept 2012
Our Vision: A leading Customs that advances Singapore’s economy
by assuring the integrity of the trading system
All Traders and Declaring Agents
EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS
METALS
During the 2012 Budget Statement, the Minister for Finance announced that new
schemes will be introduced to facilitate the development of a new gold refining and trading
cluster in Singapore.
2 With effect from 01 October 2012, the importation and supply of investment precious
metals (IPMs) in Singapore will be exempt from Goods and Services Tax (GST).
3 Concurrently, a new Approved Refiner and Consolidator Scheme (ARCS) will also be
introduced for approved ARCS persons, to allow GST suspension on their imported goods
(e.g. raw materials), waiver of GST payment on goods supplied between approved refiners
and consolidators and the prescribing of special input tax recovery. This scheme will be
administered by the Inland Revenue Authority of Singapore (IRAS).
Importation of Investment Precious Metals (IPMs)
IPM Qualifying Criteria
4 Imports of precious metals (i.e. gold, silver and platinum) whether by individuals or
businesses, will be exempt from GST so long as the precious metals meet the following
criteria:
(a) The purity content of the precious metals must be at least:
(i) 99.5% for gold;
(ii) 99.9% for silver; and
(iii) 99% for platinum
(b) The precious metals must be capable of being traded on the international bullion
market and are in the form of bars, wafers, ingots or coins:
(i) For bars, wafers or ingots, they must be produced by an accredited/endorsed
refiner stated in Annex A; and
(ii) For coins, it must be prescribed in the IPM Qualifying Coin List stated in
Annex B and is or was legal tender in its country of origin.
Our Vision: A leading Customs that advances Singapore’s economy
by assuring the integrity of the trading system
(c) The precious metals bear a mark or characteristic internationally accepted as
guaranteeing its quality; and
(d) The precious metals trade at a price based on the spot price of the metal it contains.
5 The type of IPMs and their applicable HS codes are stated in Annex C.
6 Products such as gold jewellery and collectors’ coins which cannot meet the IPM
qualifying criteria will continue to be subject to GST.
7 For more information on the importation and exemption of IPM, please refer to the
IRAS e-Tax Guide “GST: Guide on Exemption of Investment Precious Metals (IPM)” at
www.iras.gov.sg > Quick links > e-Tax Guides > Enhanced Search for e-Tax Guides.
TradeNet® Permit Requirements
8 Please observe the following requirements when submitting a permit declaration via
TradeNet® system for importation of IPMs into Singapore:
(a) Message Type = IN-NON-PAYMENT (INP);
(b) Declaration Type = GST Relief and/or Duty Exemption (GTR);
(c) Place of Receipt Code = IGPM;
(d) The Claimant UEN is to be indicated as the Importer UEN;
(e) The HS Code/s of the IPMs should be declared;
(f) The Supplier Name is to be indicated with the name of refiner who produced the
IPM bar/wafer/ingot;
(g) The Brand Name is to be indicated with the name of the IPM qualifying coin;
(h) The CA/SC Product Code is to be indicated as one of the following: “BAR”,
“INGOT”, “WAFER”; or “GOLDCOIN”, “SILVERCOIN”,
“PLATINUMCOIN”;
(i) The CA/SC Product Code Quantity/UOM declared should be “xxx NMB”; and
(j) The “CA/SC Code 1” is to be indicated with the value of purity content of the
respective precious metals contained in the IPM bars/ingots/wafers/coins. There is no
need to indicate the unit of measurement (%). For example, a purity content of 99.8%
should be declared as 99.8.
9 The above exemption permit should be declared prior to the importation of IPMs and
presented for clearance at the checkpoint.
Our Vision: A leading Customs that advances Singapore’s economy
by assuring the integrity of the trading system
Approved Refiner and Consolidator Scheme (ARCS)
10 The list of approved ARCS persons (i.e. Approved Refiners and Approved
Consolidators) will be published on IRAS’ website at www.iras.gov.sg > GST > For GST-
registered businesses > GST Schemes > Approved Refiner and Consolidator Scheme (ARCS).
11 For more information on ARCS, please refer to the IRAS e-Tax Guide “GST:
Approved Refiner and Consolidator Scheme (ARCS)” at www.iras.gov.sg > Quick links > e-
Tax Guides > Enhanced Search for e-Tax Guides.
TradeNet® Permit Requirements
12 Under ARCS, if the registered approved ARCS person is engaging declaring agents to
submit TradeNet® permits on their behalf, they are required to authorize their declaring
agents through IRAS in the GST A1 application form available on the IRAS website.
13 Please observe the following requirements when submitting a permit declaration via
TradeNet® system:
(a) Message Type = IN-NON-PAYMENT (INP);
(b) Declaration Type = Approved Premises/Schemes (APS); and
(c) Place of Receipt Code = ARCS
14 If you are a TradeNet® user, please ensure that your TradeNet® Front-end solution is
updated with the above new Place of Receipt Codes (IGPM, ARCS) and Names.
15 If you require further clarification on the TradeNet® permit requirements for the
import of investment precious metals, please send your enquiries to
customs_documentation@customs.gov.sg. Alternatively, you may contact Customs Call
Centre at 6355 2000 for assistance.
WINSTON TAY
HEAD PROCEDURES & SYSTEMS BRANCH
for DIRECTOR-GENERAL OF CUSTOMS
SINGAPORE CUSTOMS
Our Vision: A leading Customs that advances Singapore’s economy
by assuring the integrity of the trading system
ANNEX A
Accredited/Endorsed Refiners
The investment precious metals bars, wafers or ingots must be produced by:
(a) A refiner accredited in the current or former ‘Good Delivery’ list of the London
Bullion Market Association (LBMA) in the case of gold and silver
(http://www.lbma.org.uk/pages/index.cfm?page_id=147&title=good_delivery_lists);
or
(b) A refiner accredited in the current or former ‘Good Delivery’ list of the London
Platinum & Palladium Market (LPPM) in the case of platinum
(http://www.lppm.com/lists.aspx?type=pt for Platinum List); or
(c) A refiner who intends to be on the ‘Good Delivery’ list of the LBMA or LPPM and is
endorsed by International Enterprise Singapore. The list of endorsed refiners will be
published on IRAS’ website at www.iras.gov.sg > GST > For GST-registered
businesses > Charge & Claim GST > When is GST not charged > Exempt supplies.
Our Vision: A leading Customs that advances Singapore’s economy
by assuring the integrity of the trading system
ANNEX B
IPM Qualifying Coin List
S/No. Name of IPM Qualifying Coin
Type of precious metals
contained in the coin
(gold, silver or platinum)
1. Australia Kangaroo Nugget
(i) Gold
2. Austria Philharmoniker (i) Gold; or
(ii) Silver
3. America Buffalo
(i) Gold
4. Canada Maple Leaf (i) Gold;
(ii) Silver; or
(iii) Platinum
5. China Panda (i) Gold; or
(ii) Silver
6. Malaysia Kijang Emas
(i) Gold
7 Mexico Libertad (i) Gold; or
(ii) Silver
8. Singapore Lion
(i) Gold
9. Australia Kookaburra
(i) Silver
10. Australia Koala (i) Silver; or
(ii) Platinum
11. Australia Lunar (i) Gold; or
(ii) Silver
12. Australia Platypus (i) Platinum
13. America Eagle (i) Silver; or
(ii) Platinum
Our Vision: A leading Customs that advances Singapore’s economy
by assuring the integrity of the trading system
ANNEX C
Type of IPMs
HS Codes
Gold bar;
Gold ingot;
Gold wafer
71082000
Silver bar;
Silver ingot;
Silver wafer
71069200
Platinum bar;
Platinum ingot;
Platinum wafer
71101900
Gold coin 71189010
Silver coin 71181010 or 71189020
Platinum coin 71181090 or 71189090
UPDATE OF CIRCULAR BY SINGAPORE CUSTOMS
Circular No. 12/2012: EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS (dated 03 Sep 2012) Paragraph Current Details Updated Details Date of
Update ANNEX B
IPM Qualifying Coin List IPM Qualifying Coin List S/No.
Name of IPM Qualifying Coin
Type of precious metals contained in the coin (gold, silver or platinum)
1. Australia Kangaroo Nugget
(i) Gold
2. Austria Philharmoniker (i) Gold; or (ii) Silver
3. America Buffalo (i) Gold
4. Canada Maple Leaf (i) Gold; (ii) Silver; or (iii) Platinum
5. China Panda (i) Gold; or (ii) Silver
6. Malaysia Kijang Emas
ANNEX B IPM Qualifying Coin List IPM Qualifying Coin List S/No.
Name of IPM Qualifying Coin
Type of precious metals contained in the coin (gold, silver or platinum)
1. Australia Kangaroo Nugget
(i) Gold
2. Austria Philharmoniker
(i) Gold; or (ii) Silver
3. America Buffalo (i) Gold
4. Canada Maple Leaf (i) Gold; (ii) Silver; or (iii) Platinum
5. China Panda (i) Gold; or (ii) Silver
5 Jan 2015
(i) Gold
7 Mexico Libertad (i) Gold; or (ii) Silver
8. Singapore Lion (i) Gold
9. Australia Kookaburra (i) Silver
10. Australia Koala (i) Silver; or (ii) Platinum
11. Australia Lunar (i) Gold; or (ii) Silver
12. Australia Platypus (i) Platinum
13. America Eagle (i) Silver; or (ii) Platinum
6. Malaysia Kijang Emas
(i) Gold
7 Mexico Libertad (i) Gold; or (ii) Silver
8. Singapore Lion (i) Gold
9. Australia Kookaburra
(i) Silver
10. Australia Koala (i) Silver; or (ii) Platinum
11. Australia Lunar (i) Gold; or (ii) Silver
12. Australia Platypus (i) Platinum
13. America Eagle (i) Silver; or (ii) Platinum
14.
United Kingdom Britannia
(i) Gold; or (ii) Silver
SINGAPORE
CUSTOMS
W e M a k e T r a d e E a s y , F a i r & S e c u r e
55 Newton Road #07-02, Revenue House, Singapore 307987 Tel: (65) 6355 2000 Fax: (65) 6250 9605 E-mail: customs_documentation@customs.gov.sg Website: www.customs.gov.sg
Page 1 of 3
Circular No. 12/2012: EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS (Last updated 5 Jan 2015)
Para-
graph
Current Details Updated Details Date of
Update
ANNEX B
IPM Qualifying Coin List
IPM
Qualifying
Coin List
S/No.
Name of IPM
Qualifying Coin
Type of precious
metals contained in
the coin
(gold, silver or
platinum)
1.
Australia
Kangaroo Nugget
(i) Gold
2.
Austria
Philharmoniker
(i) Gold; or
(ii) Silver
3.
America Buffalo
(i) Gold
4.
Canada Maple
Leaf
(i) Gold;
(ii) Silver; or
(iii) Platinum
ANNEX B
IPM Qualifying Coin List
IPM
Qualifying
Coin List
S/No.
Name of IPM
Qualifying Coin
Type of precious
metals contained
in the coin
(gold, silver or
platinum)
1.
Australia Kangaroo
Nugget
(i) Gold
2.
Austria
Philharmonic
(i) Gold;
(ii) Silver: or
(iii) Platinum
3.
America Buffalo
(i) Gold
4.
Canada Maple Leaf
(i) Gold;
(ii) Silver; or
(iii) Platinum
1 Sep
2016
E-mail: customs_documentation@customs.gov.sg Website: www.customs.gov.sg
Page 2 of 3
5. China Panda (i) Gold; or
(ii) Silver
6.
Malaysia Kijang
Emas
(i) Gold
7 Mexico Libertad (i) Gold; or
(ii) Silver
8. Singapore Lion (i) Gold
9. Australia
Kookaburra
(i) Silver
10. Australia Koala (i) Silver; or
(ii) Platinum
11. Australia Lunar (i) Gold; or
(ii) Silver
12. Australia
Platypus
(i) Platinum
13. America Eagle (i) Silver; or
(ii) Platinum
14.
United Kingdom
Britannia
(i) Gold; or
(ii) Silver
5. China Panda (i) Gold; or
(ii) Silver
6. Malaysia Kijang
Emas
(i) Gold
7 Mexico Libertad (i) Gold; or
(ii) Silver
8. Singapore Lion (i) Gold
9. Australia
Kookaburra
(i) Silver
10. Australia Koala (i) Silver; or
(ii) Platinum
11. Australia Lunar (i) Gold; or
(ii) Silver
12. Australia Platypus (i) Platinum
13. America Eagle (i) Silver; or
(ii) Platinum
14.
United Kingdom
Britannia
(i) Gold; or
(ii) Silver
E-mail: customs_documentation@customs.gov.sg Website: www.customs.gov.sg
Page 3 of 3
15.
16.
17.
18.
19.
20.
21.
22.
Australia Saltwater
Crocodile
Canada Wildlife
6-coin series
Canada Call of the
Wild
Canada Birds of
Prey
United Kingdom
Lunar
Armenia Noah´s
Ark
Australia Kangaroo
United Kingdom
The Queen’s Beasts
(i) Silver
(i) Silver
(i) Gold
(i) Silver
(i) Gold; or
(ii) Silver
(i) Silver
(i) Silver
(i) Gold; or
(ii) Silver
4(d) The precious metals trade at a price based on the spot price of
the metal it contains.
The precious metals trade at a price based on the spot price of
the metal it contains. It is not a decorative bar, ingot or wafer
or a collector’s bar, ingot or wafer.
1 Sep
2016
SINGAPORE
CUSTOMS
W e M a k e T r a d e E a s y , F a i r & S e c u r e
55 Newton Road #07-02, Revenue House, Singapore 307987 Tel: (65) 6355 2000 Fax: (65) 6250 9605 E-mail: customs_documentation@customs.gov.sg Website: www.customs.gov.sg
Page 1 of 1
Circular No. 12/2012: EXEMPTION OF GOODS AND SERVICES TAX FOR INVESTMENT PRECIOUS METALS (dated 3 Sep 2012)
Paragraph Current Details Updated Details Date of Update
Annex C
Types of IPMs HS Codes
Gold Bar, ingot
or wafer
71082000
Silver Bar, ingot
or wafer
71069200
Platinum Bar, ingot
or wafer
71101900
Gold Coin 71189010
Silver Coin 71181010 or 71189020
Platinum Coin 71181090 or 71189090
Types
of IPMs
Applicable HS Codes
Gold Bar or
Wafer
a) Monetary Gold – 71082000
b) Non-Monetary Gold – 71081300
Ingot a) Monetary Gold – 71082000
b) Non-Monetary Gold – 71081200
Coin 71189010
Silver Bar or
Wafer
71069200
Ingot 71069100
Coin 71181010 or 71189020
Platinum Bar or
Wafer
71101900
Ingot 71101100
Coin 71181090 or 71189090
*Monetary gold refers to gold exchanged between national or
international monetary authorities or authorised banks.
1 Jan 2017
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