- It is gold of at least 99.5% purity, silver of at least 99.9% purity or platinum of at least 99% purity.
- A precious metal bar, ingot or wafer refined by a refiner with the following accreditation/ endorsement is regarded as ...
Many wealth builders view gold as a long-term insurance. This is because gold offers safe-haven qualities that serve to hedge against inflation and economic uncertainties. In Singapore, the government encourages the locals to buy and sell gold, with a view of making Singapore a precious metal trading hub.
One of the policies that incentivize Singaporeans to buy gold is the exemption of GST for Investment Precious Metals (“IPM”). Since October 2012, precious metals in the form of a bar, ingot, wafer and coin which meet certain criteria can qualify as IPM and are exempted from GST.
To qualify as IPM, the precious metal must meet 4 criteria:
