By The Ledger desk · Last verified 11 October 2026
Since 1 October 2012, investment precious metals (IPM) have been exempt from GST in Singapore. To qualify, metal must be at least 99.5% pure for gold, 99.9% for silver and 99% for platinum, in the form of a bar, ingot, wafer or coin. Bars must come from a refiner on the LBMA Good Delivery list (or the LPPM list for platinum) and carry a recognised quality mark. Coins must be on IRAS’s prescribed list, such as the Canada Maple Leaf, UK Britannia or Singapore Lion. Jewellery, scrap, collector and proof coins, and decorative bars are not IPM, so they bear the normal 9% GST. Buying is simple; the real decisions are the dealer, the spread, and where to keep it.
Bullion has a lovely solidity, and Singapore makes it easy to own. A few checks keep it that way.
Quick facts
- IPM is GST-exempt on sale and on import (importers declare an exemption permit).
- Purity floors: gold 99.5%, silver 99.9%, platinum 99%.
- Bars with holes, hangers or novelty shapes do not qualify.
- Precious metals dealers must register with the Ministry of Law’s Registrar of Regulated Dealers.
- Dealers must report cash transactions above S$20,000 and check customers’ identities.
- Gold can also be held through CPFIS-OA, capped at 10% of investible savings.
Does your purchase qualify for the GST exemption?
| Item | IPM (no GST)? | Why |
|---|---|---|
| 1 kg silver bar, 99.99%, LBMA refiner | Yes | Meets purity, form and refiner tests |
| 100 g gold bar, 99.99%, LBMA refiner | Yes | Meets all tests |
| Canada Maple Leaf gold coin (bullion version) | Yes | On the prescribed coin list |
| Proof or collector’s edition coin | No | Numismatic premium |
| Gold bar shaped like a heart, or with a hanger | No | Decorative feature |
| 22-karat gold bangle | No | Jewellery, and below 99.5% |
Worked example: what the exemption saves
- You spend S$5,000 on an IPM gold bar: no GST.
- You spend S$5,000 (before GST) on gold jewellery or a collector coin: 9% × S$5,000 = S$450 GST on top.
- When you sell either back, dealers pay a buy-back price below their selling price. That gap, the spread, is your real round-trip cost, so compare buy and sell quotes on the same day.
Jewellery also carries workmanship charges that are rarely recovered on resale, which is why it is a poor way to invest in gold, however beautiful.
Where to keep it
| Option | Upside | Things to check |
|---|---|---|
| At home | No fees, instant access | Theft risk; home insurance may cap valuables |
| Bank safe deposit box | Secure, private | Annual rental, waiting lists, contents generally not insured by the bank |
| Dealer or private vault, allocated | Specific bars held in your name; insured storage | Storage fees, audit reports, what happens if the firm fails |
| Unallocated account or gold savings account | Easy to buy small amounts | You hold a claim on the provider, not specific bars |
Buying safely, step by step
- Use an established dealer or bank, and ask whether it is registered as a regulated dealer.
- Ask for the refiner, purity and serial number on the invoice.
- Compare the selling and buy-back prices against the day’s spot price.
- Keep the invoice and any assay card; they help when you resell.
- Walk away from any “gold investment scheme” promising fixed monthly returns.
The WahLiao Verdict
If you want bullion, buy plain IPM bars or listed coins from a well-known dealer, keep it a modest slice of your savings, and think about storage before you buy, not after. Larger bars usually carry smaller premiums, while smaller pieces are easier to sell in parts. Gold pays no interest or dividend, so see it as insurance for your portfolio rather than a source of income.
Questions people ask
Is profit on gold taxed when I sell?
Singapore has no capital gains tax, so investment gains are not taxed; frequent trading as a business could be.
Does silver qualify like gold?
Yes, if it is at least 99.9% pure and from an approved refiner, or a listed coin such as the American Eagle or Australian Kookaburra.
Why must I show ID when paying cash?
Anti-money-laundering rules require dealers to check customers and report cash deals above S$20,000.
Can I buy gold with my CPF?
Yes, through CPFIS-OA: gold ETFs and other approved gold products, up to 10% of investible savings.
Sources: IRAS, GST guide on exemption of investment precious metals; Ministry of Law, obligations of precious metals dealers; CPF Board, instruments under CPFIS. The Ledger explains; it does not advise.
Read next: The CPF Investment Scheme (CPFIS): What You Can Invest In and the Rules · Is This Firm Licensed? Using MAS’s Directory and Investor Alert List Before You Invest · Back to The Ledger
For what’s worth it this week, with the bill shown, read The WahLiao Week.
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