SINGAPORE - 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.
Reuters
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