Regulation 46A
Approved refiner and consolidator scheme
of Goods and Services Tax (General) Regulations 1993
Subregulation 1
A taxable person may apply to the Comptroller to be an approved refiner, and the Comptroller may approve such application if the taxable person satisfies the Comptroller —
that the taxable person is a refiner who —
in the case of gold or silver, is in the “Good Delivery” list of the London Bullion Market Association;
in the case of platinum, is in the “Good Delivery” list of the London Platinum and Palladium Market;
in the case of gold, silver or platinum —
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
is endorsed by the Enterprise Singapore Board established by section 3 of the Enterprise Singapore Board Act 2018 at the time of the taxable person’s application; or
is in the business of minting coins that are investment precious metals;
that the taxable person —
in the case of a refiner mentioned in sub‑paragraph (a)(i), (ii) or (iii), makes or intends to make —
substantial supplies of investment precious metals directly following the refinement of goods into such metals;
substantial supplies comprising the refining of goods into investment precious metals; or
substantial supplies comprising the supplies mentioned in sub‑paragraphs (A) and (B),in the course or furtherance of the taxable person’s business, and satisfies such requirements as the Comptroller may determine; or
in the case of a refiner mentioned in sub‑paragraph (a)(iv), satisfies such requirements as the Comptroller may determine;
that the taxable person’s accounting, inventory and internal control systems meet such accounting standards as the Comptroller may require; and
that the taxable person is able to comply with such other conditions as the Comptroller may impose for the protection of revenue.
Subregulation 2
A taxable person may apply to the Comptroller to be an approved consolidator, and the Comptroller may approve such application if the taxable person satisfies the Comptroller —
that the taxable person —
directly supplies goods to a refiner who is on the “Good Delivery” list of the London Bullion Market Association or the London Platinum and Palladium Market (as the case may be) or is endorsed by the Enterprise Singapore Board, for the purpose of the refiner refining the goods into investment precious metals; or
directly delivers goods to a refiner who is on the “Good Delivery” list of the London Bullion Market Association or the London Platinum and Palladium Market (as the case may be) or is endorsed by the Enterprise Singapore Board, under an arrangement with the refiner to refine the goods for the taxable person into investment precious metals;
that the taxable person’s accounting, inventory and internal control systems meet such accounting standards as the Comptroller may require; and
that the taxable person is able to comply with such other conditions as the Comptroller may impose for the protection of revenue.
Subregulation 3
Every application under paragraph (1) or (2) must —
be made in such form as the Comptroller may determine; and
give a full and true account of the particulars or information furnished.
Subregulation 4
The Comptroller may approve an application made under paragraph (1) or (2) on such conditions or with such requirements as the Comptroller may, in the Comptroller’s discretion, impose.
Subregulation 5
The Comptroller may, in granting approval under paragraph (1) or (2), require the taxable person to furnish security in such form and amount, and make arrangements for the payment of tax, as the Comptroller may determine.
Subregulation 6
An approval granted under paragraph (1) or (2) has effect for such period as the Comptroller may determine.
Subregulation 7
An approved person must —
notify the Comptroller of any change in the particulars or information furnished, the security given, or the arrangements for the payment of tax, immediately upon the change; and
notify the Comptroller if the approved person fails to satisfy any requirement specified in paragraph (1) or (2) (as the case may be) within a period of 30 days commencing on the day after the day of the approved person’s failure to satisfy.
Subregulation 8
Subject to paragraph (11), where a taxable person is an approved refiner and (unless the Comptroller otherwise allows) the taxable person satisfies the requirements specified in paragraph (1) —
goods from outside Singapore, not being goods which are subject to a duty (whether customs duty or excise duty or both), which —
enter Singapore under customs control; and
are removed from customs control into the customs territory by the taxable person (and accordingly imported by the taxable person),in the course or furtherance of any business carried on by the taxable person, or consigned to the taxable person by an overseas person for the purpose of refining them into investment precious metals or precious metals, may be removed without payment of the tax chargeable on the importation of such goods; and
goods may be supplied in the course or furtherance of any business carried on by the taxable person to another approved person without payment of the tax chargeable on the supply.
Subregulation 9
The reference in paragraph (8)(a) to goods that are imported by the taxable person in the course or furtherance of any business carried on by the taxable person includes goods which are consigned to the taxable person as recipient in order for the taxable person to make supplies using or in relation to those goods, if the conditions mentioned in regulation 42A(1)(a), (b) and (c) are satisfied, with —
the reference to the owner in that regulation read as a reference to the person who consigned the goods to the taxable person; and
the reference to the importer in that regulation read as a reference to the taxable person.
Subregulation 10
The reference in paragraph (8)(a) to goods that are imported by a taxable person in the course or furtherance of any business carried on by the taxable person includes goods in respect of which that taxable person would be entitled to claim the tax paid or payable on the importation of the goods as input tax under regulation 42B.
Subregulation 11
A supply of goods referred to in paragraph (8)(b) does not include a supply that is treated as a supply of such goods pursuant to paragraph 2 of the Second Schedule to the Act (on which latter supply tax continues to be payable).
Subregulation 12
Where a taxable person is an approved consolidator and (unless the Comptroller otherwise allows) the taxable person satisfies the requirements specified in paragraph (2) —
goods from outside Singapore belonging to the taxable person or consigned to the taxable person by an overseas person, not being goods which are subject to a duty (whether customs duty or excise duty or both), which —
enter Singapore under customs control; and
are removed from customs control into the customs territory by the taxable person (and accordingly imported by the taxable person),and are to be directly supplied or delivered to a refiner for the purpose of refining them into investment precious metals or precious metals, may be removed without payment of the tax chargeable on the importation of such goods; and
goods may be directly supplied to an approved refiner without payment of the tax chargeable on the supply.
Subregulation 13
Where —
goods are consigned by an overseas person to an approved person for refining by an approved refiner into any investment precious metal (including where the approved person is also the approved refiner);
the approved person imports the goods under paragraph (8)(a) or (12)(a); 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,the approved person must account for the supply of the investment precious metal as if it were the approved person’s supply made in the course or furtherance of the approved person’s business, in such form and manner as the Comptroller may determine.
Subregulation 14
Unless the Comptroller otherwise allows, 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);
the approved person imports the goods under paragraph (8)(a) or (12)(a);
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,the approved person must account for tax in substitution for the overseas person as if the approved person had himself, herself or itself supplied such other goods in the course or furtherance of the approved person’s 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.
Subregulation 15
For the purposes of paragraphs (13) and (14), the time of supply is the time when the earliest of the following events occurs:
when the approved person receives payment in respect of the supply;
when the goods are delivered to the other person;
when the approved person issues an invoice relating to the supply.
Subregulation 16
For the purpose of paragraph (14), where no consideration is received, the value of the supply of such other goods is the open market value of the goods at the time the supply is treated as taking place.
Subregulation 17
An approved refiner mentioned in paragraph (1) who (unless the Comptroller otherwise allows) satisfies the requirements specified in that paragraph is entitled to claim, in respect of each prescribed accounting period, a deduction of all the approved refiner’s input tax under section 19 of the Act as if the whole of such input tax were allowable under section 20 of the Act as being attributable to supplies referred to in section 20(2)(ab) of the Act.
Subregulation 18
Subject to paragraph (19), an approved consolidator mentioned in paragraph (2) who (unless the Comptroller otherwise allows) satisfies the requirements specified in that paragraph is entitled to claim, in respect of each prescribed accounting period, the following input tax under section 19 of the Act:
the whole of the approved consolidator’s input tax on goods or services used or to be used by the approved consolidator exclusively in making non‑specified taxable supplies, as being attributable to those taxable supplies;
the whole of the approved consolidator’s input tax on goods or services used or to be used by the approved consolidator exclusively in making supplies of investment precious metals directly following the refining of the goods into investment precious metals, as being attributable to those supplies, whether any such supply of investment precious metals is made or to be made by the approved consolidator in or outside Singapore;
in relation to input tax on goods or services used or to be used by the approved consolidator in making —
both exempt supplies mentioned in regulation 33 and non‑specified taxable supplies; or
exclusively exempt supplies mentioned in regulation 33,the amount of such input tax, as being attributable to non‑specified taxable supplies and supplies mentioned in section 20(2)(ab) of the Act, calculated in accordance with the formula where —
A is the value of those non‑specified taxable supplies made by the approved consolidator in the prescribed accounting period;
B is the value of the supplies of investment precious metals directly following the refining of the goods into investment precious metals, made by the approved consolidator in Singapore in the prescribed accounting period;
C is the value of the supplies of investment precious metals directly following the refining of the goods into investment precious metals, made by the approved consolidator outside Singapore in the prescribed accounting period; and
D is the value of all supplies (other than specified supplies) made by the approved consolidator in Singapore in the prescribed accounting period.
Subregulation 19
The Comptroller may approve or direct the use by an approved consolidator mentioned in paragraph (18) of a method other than that specified in that paragraph, and where the Comptroller has given such an approval or made such a direction —
the approval or direction takes effect from the date upon which the Comptroller gives such approval or direction or from such date as the Comptroller may specify in the approval or direction; and
the approved consolidator must use the method approved or directed by the Comptroller.
Subregulation 20
Unless the Comptroller otherwise allows or directs, even though no tax is payable, an approved person importing goods or making a supply of goods to another approved person under paragraph (8) or (12) must account for the import or the supply (as the case may be) in the approved person’s return made under the Act for the period during which the importation occurred or the supply was made.
Subregulation 21
For the purposes of paragraphs (8)(b) and (12)(b) and except as the Comptroller may otherwise allow, the approved person making a supply of goods to another approved person must issue and provide a tax invoice in accordance with these Regulations and with such annotation as the Comptroller may require.
Subregulation 22
The Comptroller may, at any time, by written notice, vary or revoke an approval granted under this regulation in any case if the Comptroller is satisfied that the approved person —
has provided any false, misleading or inaccurate declaration or information in the approved person’s application for approval under paragraph (1) or (2);
has failed to account for or pay tax on any importation by the approved person on the basis that the importation fell within paragraph (8)(a) or (12)(a) when the importation did not fall within that paragraph;
has failed to account for or pay tax on any supply by the approved person on the basis that the supply fell within paragraph (8)(b) or (12)(b) when the supply did not fall within that paragraph;
has ceased to satisfy any of the requirements specified in paragraph (1) or (2); or
has failed to comply with any condition or requirement imposed by the Comptroller under paragraph (4).
Subregulation 23
A taxable person to whom approval has been granted under this regulation must not use the approval, and must take all steps to ensure that no other person uses the approval (whether on behalf of the taxable person or otherwise), except for the purposes for which the approval was granted.
Subregulation 24
Unless the Comptroller otherwise allows or directs, where an approved person —
has failed to pay tax on any importation by the approved person on the basis that the importation fell within paragraph (8)(a) or (12)(a) when the importation did not fall within that paragraph;
in relation to the goods referred to in paragraph (10), has failed to satisfy any condition specified in regulation 42B(2)(a) to (e) and (g);
has failed to account for or pay tax on any supply by the approved person on the basis that the supply fell within paragraph (8)(b) or (12)(b) when the supply did not fall within that paragraph; or
has claimed any input tax which the approved person was not entitled to claim under paragraph (17), (18) or (19),the approved person must —
in the case of sub‑paragraph (a) —
pay to the Comptroller without demand the tax chargeable on the importation (except to the extent that the tax would, apart from this regulation, otherwise be claimable as input tax under the Act); and
include the amount of tax payable as output tax in the approved person’s return for the prescribed accounting period in which the importation took place;
in the case of sub‑paragraph (c), correct the error in accordance with regulation 66; and
in the case of sub‑paragraph (d), correct the error in accordance with regulation 66 (except to the extent that the tax would, apart from this regulation, otherwise be claimable as input tax under the Act).
Subregulation 25
Despite paragraph (24), unless the Comptroller otherwise allows, where an approved person has, without paying the tax chargeable, made a supply of goods to another approved person (called in this paragraph the approved customer) under paragraph (8)(b) or (12)(b) and the approved customer, at the time of supply, failed to satisfy any of the requirements specified in paragraph (1) or (2) (even though the approved customer continues to be approved under the scheme), the approved customer —
must pay to the Comptroller without demand an amount equal to the tax which would, but for this regulation, have been payable on the supply made by the approved person (except to the extent that the tax would, apart from this regulation, otherwise be claimable as input tax under the Act by the approved customer); and
must include the amount payable which the approved customer is required to pay under sub‑paragraph (a) as output tax in the approved customer’s return filed for the prescribed accounting period in which the supply was made.
Subregulation 26
In this regulation, “overseas person” has the meaning given by regulation 46.