Silver and GST in Singapore: what is exempt and what is not

The GST exemption for investment precious metals

Singapore has exempted investment precious metals, or IPM, from GST since 1 October 2012. Buy a phone and you pay GST. Buy a qualifying silver bar and you don't.

For silver, the minimum purity is 99.9%. Gold has its own threshold of 99.5% and platinum 99%, but we'll keep to silver here. Purity on its own won't get a piece over the line. It also has to be in the right form and meet IRAS's conditions on who made it and how it is marked.

The standard GST rate has been 9% since 1 January 2024. On a larger purchase that adds up, so it helps to know which side of the line a piece sits on before you pay.

Which silver qualifies as IPM

Put simply, IRAS looks at purity, form and origin. A piece that meets every condition is IPM. Miss one and it isn't, however heavy or shiny it may be.

Bars and wafers must come from a refiner accredited by a recognised market body, such as the LBMA, and carry that refiner's mark along with the fineness and weight. Coins follow a different test: they must be legal tender in their country of issue and meet IRAS's other conditions. So a national mint coin with a face value is treated differently from a round or medallion struck privately.

• Purity of at least 99.9% silver, usually stamped 999 or 999.9
• Form: a bar, ingot, wafer or coin, not an ornament or object
• Bars and wafers from an accredited refiner, stamped with its mark, fineness and weight
• Coins that are legal tender where they were issued and meet IRAS's other conditions

Silver that does not qualify: silverware, sterling and jewellery

Sterling silver is the one we see most. It is 92.5% silver, usually stamped 925, and it's what most cutlery, photo frames, trophies and silver jewellery are made of. Some of it is beautifully made. It is still below 99.9%, so it isn't IPM, and GST applies when a GST-registered business sells it.

Jewellery stamped 999 catches people out. The purity is there, but a bracelet or pendant is jewellery, not a bar, ingot, wafer or coin, so it sits outside the exemption. High purity silver bowls, figurines and festival gifts are in the same position: right metal, wrong form.

Older coins deserve a second look. Silver Britannias struck before 2013, for example, were made in 958 Britannia silver, short of 99.9%. Commemorative pieces, privately minted rounds and silver-plated items are worth checking too, rather than assuming.

What to check on the bar or coin itself

Look at the stamp first. A qualifying silver bar shows the refiner's name or logo, the fineness (999 or 999.9) and the weight, in grams, ounces or kilograms. Many larger bars carry a serial number as well. If the refiner, fineness or weight is missing or worn off, ask before going any further.

On a coin, you're looking for the issuing country and a face value. Most modern bullion coins also state the weight and fineness somewhere on the design. No face value means it isn't legal tender, and it's more likely to be a round or medallion.

Condition matters less than people fear. Silver tarnishes, and in our humid weather a bar left in a drawer can darken within months. Tarnish doesn't change the purity, though heavy wear can make the stamp hard to read. Every piece we sell is tested first with a Precious Metal Verifier and XRF, and PAMP bars get a Veriscan check as well, so the fineness on the bar is confirmed, not taken on trust.

What to check on your receipt or invoice

Your invoice should say exactly what you bought: the brand or refiner, the product, the weight and the fineness. A line that just reads "silver item" won't help your records, and it won't help when you come to sell.

On a qualifying IPM purchase, there should be no GST on the metal. If GST appears on an investment silver bar or coin, ask the dealer why. The item may simply not qualify, but you should get a clear answer.

Keep the receipt with the piece, or somewhere you'll actually find it. On our side, we keep records as the PSPM Act requires of every registered dealer, and for purchases above S$20,000 we take your NRIC or passport details. Every registered dealer has to do this. It isn't a judgement on you.

Selling silver back and how the price is set

The GST position when you sell investment silver back is covered in IRAS's e-Tax guide on investment precious metals. If you're selling as a business, or in volume, read it there rather than relying on a summary.

At our counter the process is simple. We test the piece, confirm its weight and fineness, and offer you the price at that moment. The final amount is only set after testing, so we can't give a firm figure over the phone or on WhatsApp. If you have sterling or silverware to sell, message us first, as these are valued differently from investment bars and coins. You can start at bullionking.sg/sell.

Where to read the official rules

This guide is a practical summary, not tax advice. IRAS publishes an e-Tax guide on GST and investment precious metals that sets out the exact conditions, including which market bodies' accreditation counts and how coins are treated. If you're buying for a company, or in quantity, read it directly or speak to a tax adviser.

Questions about dealer registration and customer checks belong with the Ministry of Law, which administers the PSPM Act. Our registration number, PS20260001016, is on our About page and in the footer of every page on our site.