http://www.asiaone.com/News/Latest+News/Singapore/Story/A1Story20120709-358038.html
The changes announced in the Budget 2012 will see exempt the import and supply of investment-grade gold and precious metals from GST.
This is to help Singapore develop into a gold trading hub. There will also be a new Approved Refiner and Consolidator Scheme to relieve cash flow for refiners and local consolidators.
To improve the administration and technical clarity of the GST, the MOF will extend the scope of GST zero-rating of prescribed financial services relating to goods situated outside Singapore.
This would mean GST will not be charged for international services or when goods are being exported out of Singapore.
The Temporary Removal Scheme will be also extended to goods that are removed temporarily from approved warehouses for repairs.
Under the Temporary Removal Scheme, non-dutiable goods and selected dutiable wines can be removed from a Warehouse for qualifying auctions without the payment of import GST.
There will also be zero-rating of repair services performed on qualified goods outside the Approved Specialized Warehouse.
The public can access the consultation documents and explanations for the draft GST (Amendment) Bill 2012 on the MOF's website (www.mof.gov.sg) and the REACH consultation portal (www.reach.gov.sg). Respondents may send their comments to the Ministry of Finance directly via the website, email, fax or post.
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