Singapore to exempt gold, other precious metals from 7% tax
The move brings Singapore's tax treatment of investment-grade gold and other precious metals in line with the practices of countries such as Australia and Switzerland.
Posted: Friday , 17 Feb 2012SINGAPORE (REUTERS) -
Singapore will exempt investment-grade gold and other precious metals from a seven percent goods and services tax to spur the development of gold trading, Finance Minister Tharman Shanmugaratnam said on Friday.
The change brings Singapore's tax treatment of investment-grade gold and other precious metals in line with the practices of other developed countries such as Australia and Switzerland, he said.
"We will facilitate the development of gold trading, which can draw on Singapore's strengths as a financial and trading hub, to meet strong demand for investment-grade gold in Asia," Tharman said in a budget speech.
"It should add greater incentive for asset managers, especially those in the alternative investments space, to seriously consider Singapore as a location for their operations," Tan Tay Lek, a tax partner at PwC Services LLP (Singapore), said in a statement.
(Reporting by Charmian Kok; Editing by Anshuman Daga)
© Thomson Reuters 2012 All rights reserved
Disclaimer |
MINEWEB is an interactive publication, with rolling deadlines through each day, commencing in the Sydney morning, and concluding, 24 hours later, in the Vancouver evening. If you believe your side of an issue deserves inclusion, but has failed to meet one of our deadlines, you are invited to notify the Editor in Chief in Johannesburg, and we will include you in our editing and expanding on our stories. Email him at alechogg@gmail.com
No comments:
Post a Comment
Commented on MasterMetals