Clause 10

The Minister may by regulations make provision in relation to the following:

for the approval by the Comptroller of any person as an approved refiner or an approved consolidator;

where —

goods are consigned by a person who belongs in a country outside Singapore and is not registered under this Act (referred to in this section as an overseas person) to an approved person for refining into any investment precious metal by an approved refiner (including where the approved person is also the approved refiner); and

the approved person delivers the investment precious metal obtained through the refining to another person pursuant to a supply of the investment precious metal by the overseas person to the other person,for the approved person to account for the supply of the investment precious metal as if it were his supply made in the course or furtherance of his business, in such form and manner as the Comptroller may determine;

where —

goods are consigned by an overseas person to an approved person for refining by an approved refiner (including where the approved person is also the approved refiner);

goods other than investment precious metals arise as a result of or remain after the process of refining the goods (including precious metals, by products, and any residue or scrap); and

the approved person delivers such other goods to another person pursuant to instructions of the overseas person, whether or not consideration is received by the approved person or the overseas person in connection with the delivery,for the approved person to account for tax in substitution for the overseas person as if the approved person had himself supplied such other goods in the course or furtherance of his business, and, where no consideration is received, as if there had been a supply of such other goods, in such form and manner as the Comptroller may determine.(2) In this section —“approved person” means an approved refiner or an approved consolidator;“consolidator” means a person who supplies or delivers goods to a refiner for the purpose of refining the goods;“investment precious metal” means any investment precious metal specified in Part II of the Fourth Schedule;“precious metal” means gold, silver or platinum that does not qualify as an investment precious metal;“refine”, in relation to goods —

means to process or convert the goods into, or extract from the goods, any investment precious metal, or precious metal; and

includes the minting of any coin that is an investment precious metal, or precious metal,and “refiner” shall be construed accordingly.”.