Import of IPMs by air freight, of a total Cost, Insurance and Freight (CIF) value not exceeding S$400, do not require a Customs permit.
Import of IPMs by air freight, of a total CIF value exceeding S$400, requires an In-Non Payment (GST Relief) permit.
Import of IPMs by other freight modes such as by sea or land, requires an In-Non Payment (GST Relief) permit, regardless of the CIF value of the IPMs.
The following should be declared in the In-Non Payment (GST Relief) permit application:
- Place of Receipt Code=IGPM
- Claimant UEN=Importer UEN
- Relevant Harmonized System (HS) code/s of the IPMs
- Supplier name to be indicated with the name of refiner who produced the IPM bar/wafer/ingot
- Brand name to be indicated with the name of the IPM qualifying coin
- CA/SC Product Code to be indicated as one of the following: “BAR”, “INGOT”, “WAFER”; or “GOLDCOIN”, “SILVERCOIN”, “PLATINUMCOIN”
- CA/SC Product Code Quantity/UOM should be declared as “xxx NMB”
- CA/SC Code 1 to be indicated with the value of purity content of the respective precious metals contained in the IPM bars/ingots/wafers/coins. There is no need to indicate the unit of measurement (%). For example, a purity content of 99.8% should be declared as 99.8.
The GST relief permit must be obtained before the importation of IPMs and presented at the checkpoint for clearance.
However, if the IPMs are imported as trade samples and its CIF value is below or equivalent to S$400, GST relief is granted and no permit is required for importation.
| Types of IPMs
|| Applicable HS Codes
||Bar or Wafer
a)Monetary Gold - 71082000
b)Non-Monetary Gold - 71081300
||a)Monetary Gold - 71082000
b)Non-Monetary Gold - 71081200
|Bar or Wafer
||71181010 or 71189020
||Bar or Wafer
||71181090 or 71189090
*Monetary gold refers to gold exchanged between national or international monetary authorities or authorised banks.
No Customs permit is required if the IPMs are imported by parcel post. However, GST is payable for non-IPMs if the goods’ CIF value exceed S$400.
All import of IPMs by hand-carry, for commercial purposes, requires an In-Non Payment (GST Relief) permit.
Import of IPMs, hand-carried by an individual for his or her personal use, of a total weight not exceeding 0.5 kilogrammes, do not require a Customs permit.
Import of IPMs, hand-carried by an individual for his or her personal use, of a total weight exceeding 0.5 kilogrammes, requires an In-Non Payment (GST Relief) permit.
The GST relief permit must be obtained before the importation and presented at the checkpoint for clearance.
During cargo clearance, the relevant import permit (if required) and supporting documents (for example, commercial invoice, packing list, Bill of Lading/Airway Bill) must be produced to the checkpoint officers for verification.
For hand-carried IPMs, you may proceed to the Customs Red Channel at the arrival hall after immigration clearance, and inform the checkpoint officer of the IPMs carried. You are required to produce the supporting documents (for example, Customs import permit (if applicable), commercial invoice(s), certificates, etc) to the checkpoint officers for verification.
The Approved Refiner and Consolidator Scheme (ARCS), administered by the Inland Revenue Authority of Singapore (IRAS), is designed to ease cash flow and compliance of qualifying refiners and consolidators of IPMs in their payment of GST on import and purchase of raw materials and relieve input tax incurred on refining activities.
More information on ARCS can be found here.