Singapore legislation

Clause 14

of Goods and Services Tax (Amendment) Bill

Clause 14

Amendment of Fourth Schedule

The Fourth Schedule to the principal Act is amended —

(a)

by deleting the Schedule heading “EXEMPT SUPPLIES” and substituting the following Part heading:“PART IEXEMPT SUPPLIES”;

(b)

by inserting, immediately after paragraph 1 of Part I, the following sub-heading and paragraph:“Investment Precious Metals1A. The supply of any investment precious metal specified in Part II, other than a supply that is treated as a supply of such goods pursuant to paragraph 2 of the Second Schedule.”;

(c)

by deleting the sub-heading “Interpretation” and substituting the following Part and Part Headings:“PART IIEXEMPT IMPORTSInvestment Precious Metals

1. The following precious metals:

(a)

gold which —

(i)

is in the form of a bar, an ingot or a wafer;

(ii)

is of a purity of at least 99.5%; and

(iii)

possesses investment characteristics;

(b)

silver which —

(i)

is in the form of a bar, an ingot or a wafer;

(ii)

is of a purity of at least 99.9%; and

(iii)

possesses investment characteristics;

(c)

platinum which —

(i)

is in the form of a bar, an ingot or a wafer;

(ii)

is of a purity of at least 99%; and

(iii)

possesses investment characteristics;

(d)

any of the following gold coins which is or was legal tender in its country of origin, and is of a purity of at least 99.5%:

(i)

America Buffalo coin;

(ii)

Australia Kangaroo Nugget coin;

(iii)

Australia Lunar coin;

(iv)

Austria Philharmoniker coin;

(v)

Canada Maple Leaf coin;

(vi)

China Panda coin;

(vii)

Malaysia Kijang Emas coin;

(viii)

Mexico Libertad coin;

(ix)

Singapore Lion coin;

(e)

any of the following silver coins which is or was legal tender in its country of origin, and is of a purity of at least 99.9%:

(i)

America Eagle coin;

(ii)

Australia Kookaburra coin;

(iii)

Australia Koala coin;

(iv)

Australia Lunar coin;

(v)

Austria Philharmoniker coin;

(vi)

Canada Maple Leaf coin;

(vii)

China Panda coin;

(viii)

Mexico Libertad coin;

(f)

any of the following platinum coins which is or was legal tender in its country of origin, and is of a purity of at least 99%:

(i)

America Eagle coin;

(ii)

Australia Koala coin;

(iii)

Australia Platypus coin;

(iv)

Canada Maple Leaf coin.PART IIIINTERPRETATION AND APPLICATIONInterpretation”;

(d)

by deleting the words “paragraph 3” in paragraph (a) of the definition of “Islamic debt securities arrangement” in paragraph 3 and substituting the words “this definition”;

(e)

by inserting, immediately after the words “described in paragraph 2(a), (b) and (c)” in the definition of “non‑residential property” in paragraph 3, the words “of Part I”;

(f)

by inserting, immediately before the words “means a company” in the definition of “special purpose vehicle” in paragraph 3, the words “, in relation to an Islamic debt securities arrangement,”;

(g)

by renumbering paragraph 3 as paragraph 1 of the new Part III, and by inserting immediately thereafter the following paragraph:“2. In this Schedule, gold, silver or platinum, as the case may be, possesses investment characteristics if —

(a)

it is refined (as defined in section 37B(2)) by —

(i)

in the case of gold or silver, a refiner who is or was in the “Good Delivery” list of the London Bullion Market Association;

(ii)

in the case of platinum, a refiner who is or was in the “Good Delivery” list of the London Platinum and Palladium Market; or

(iii)

in any case, a refiner who —

(A)

intends to be on the “Good Delivery” list of the London Bullion Market Association or the London Platinum and Palladium Market, as the case may be; and

(B)

is endorsed by the International Enterprise Singapore Board established under section 3 of the International Enterprise Singapore Board Act (Cap. 143B) at the following times:

(BA)in the case of a supply of investment precious metals, at the time of the supply;

(BB)in the case of an import of investment precious metals, at the time the investment precious metals are removed from customs control;

(b)

it bears a mark or characteristic that is internationally accepted as guaranteeing its quality; and

(c)

it trades at a price based on the spot price of gold, silver or platinum, as the case may be.”;

(h)

by inserting, immediately after the words “paragraph 2” in paragraph 4(1), the words “of Part I”;

(i)

by inserting, immediately after the words “Paragraph 1(m), (n) and (o)” in paragraph 4(2), the words “of Part 1”;

(j)

by inserting, immediately after the words “Paragraph 2” in paragraph 4(3), the words “of Part I”;

(k)

by deleting the words “paragraphs 2(c) and 4(3)(c)” in paragraph 4(4) and substituting the words “paragraph 3(3)(c) of this Part and paragraph 2(c) of Part I”; and

(l)

by renumbering paragraph 4 as paragraph 3 of the new Part III.

Read in full context — Goods and Services Tax (Amendment) Bill →