Is gold GST-free in Singapore?

Qualifying investment precious metals are exempt from GST in Singapore. Not every gold product qualifies.

For a gold bar, ingot or wafer to fall within Singapore's Investment Precious Metals, or IPM, rules, it must satisfy the criteria set by IRAS. Before buying, you can check the live reference price and compare dealer spreads.

What gold qualifies?

For bars, ingots and wafers, the requirements include gold purity of at least 99.5%.

The metal must also be capable of being traded on the international bullion market, carry an internationally accepted mark or characteristic guaranteeing its quality and meet the other IPM conditions.

Gold from refiners on the current or former LBMA Good Delivery List is one recognised route for satisfying the international bullion market requirement. Coins are covered by separate qualifying criteria and prescribed lists.

What doesn't qualify?

Gold jewellery isn't treated as IPM simply because it contains high-purity gold. Scrap gold, decorative bars and products that don't meet the IPM requirements can also fall outside the exemption.

Those distinctions matter because Singapore's standard GST rate is currently 9%. Learn more about different gold types in our Gold Types Guide.

When did Singapore introduce the exemption?

The GST exemption for qualifying investment precious metals took effect on 1 October 2012. It formed part of Singapore's effort to develop its precious-metals refining and trading sector. For the broader market context, see our Singapore Gold Market Dynamics guide.

What about tax when you sell gold?

Singapore doesn't impose a general capital gains tax. For an individual holding gold as a personal investment, that is an important distinction. Tax treatment can differ where activity amounts to a trade or business, so unusually frequent or commercial dealing shouldn't automatically be treated in the same way as ordinary long-term personal investing.