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February 17, 2012

Singapore to exempt gold, other precious metals from 7% tax - FAST NEWS | Mineweb

Everyone wants a piece of the coming gold mania...

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 2012

SINGAPORE (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


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Mineweb.com - The world's premier mining and mining investment website Singapore to exempt gold, other precious metals from 7% tax - FAST NEWS | Mineweb

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