Tax Structure Singapore is one of the cheapest places in the world to buy gold, as investment-grade gold, silver and platinum are exempt from the 7% goods and services tax. Despite continued caution with regard to gold in Western markets, mediocre purchases and, in fact, some sales, there are still strong purchases in the Asian store of wealth buyers. This is another step for price discovery in the precious metals market to be related to the supply and demand of physical metal and not to the machinations of banks and hedge funds that manipulate the paper gold market in COMEX. Another sign of Asia's growing importance in the global gold market is the news that Singapore plans to increase its share in the global gold trade sevenfold after eliminating taxes on gold, silver and platinum bars.
With this in mind, it's important to research Gold IRA Companies Reviews before investing in a gold IRA. Asia does not have a so-called gold center, where there is a critical mass of merchants and warehouses, such as in London and Zurich, Lai said. Currently, only 2% of global demand for gold flows through Singapore and Singapore aims to increase it by 10 to 15% over the next five to 10 years, says Kathy Lai, Deputy Executive Director of IE Singapore. Credit Suisse gold bars are also exempt from tax, since they meet basic qualification criteria and are refined by Valambi SA, which uses the Essayeur Fondeur logo (see brand in the bar) and is a refinery included in the LBMA list. The Bloomberg Link precious metals conference took place yesterday in New York and most participants were optimistic about gold.