Regulation 46A

that he 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 his application; or

is in the business of minting coins that are investment precious metals;

that he —

in the case of a refiner referred to 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 referred to in sub-paragraphs (A) and (B),in the course or furtherance of his business, and satisfies such requirements as the Comptroller may determine; or

in the case of a refiner referred to in sub‑paragraph (a)(iv), satisfies such requirements as the Comptroller may determine;

that his accounting, inventory and internal control systems meet such accounting standards as the Comptroller may require; and

that he is able to comply with such other conditions as the Comptroller may impose for the protection of revenue.

that he —

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 him into investment precious metals;

that his accounting, inventory and internal control systems meet such accounting standards as the Comptroller may require; and

that he is able to comply with such other conditions as the Comptroller may impose for the protection of revenue.

be made in such form as the Comptroller may determine; and

give a full and true account of the particulars or information furnished.

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 he 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 his failure to satisfy.

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 him, or consigned to him 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 him to another approved person without payment of the tax chargeable on the supply.

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.

goods from outside Singapore belonging to him or consigned to him 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.

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 (11)(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 shall 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.

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 (11)(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 shall 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.

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.

the whole of his input tax on goods or services used or to be used by him exclusively in making non-specified taxable supplies, as being attributable to those taxable supplies;

the whole of his input tax on goods or services used or to be used by him 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 previous metals is made or to be made by him in or outside Singapore; and

in relation to input tax on goods or services used or to be used by him 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 him 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 him 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 him outside Singapore in the prescribed accounting period; and

D is the value of all supplies (other than specified supplies) made by him in Singapore in the prescribed accounting period.

the approval or direction shall take effect from the date upon which the Comptroller gives such approval or direction or from such date as he may specify in the approval or direction; and

the approved consolidator shall use the method approved or directed by the Comptroller.

has provided any false, misleading or inaccurate declaration or information in his application for approval under paragraph (1) or (2);

has failed to account for or pay tax on any importation by him on the basis that the importation fell within paragraph (8)(a) or (11)(a) when the importation did not fall within that paragraph;

has failed to account for or pay tax on any supply by him on the basis that the supply fell within paragraph (8)(b) or (11)(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).

has failed to pay tax on any importation by him on the basis that the importation fell within paragraph (8)(a) or (11)(a) when the importation did not fall within that paragraph; (aa)in relation to the goods referred to in paragraph (9A), 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 him on the basis that the supply fell within paragraph (8)(b) or (11)(b) when the supply did not fall within that paragraph; or

has claimed any input tax which he was not entitled to claim under paragraph (16), (17) or (18),the approved person shall —

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 his return for the prescribed accounting period in which the importation took place; (ii)in the case of sub-paragraph (b), correct the error in accordance with regulation 66; and

in the case of sub-paragraph (c), 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).

shall 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

shall include the amount payable which he is required to pay under sub-paragraph (a) as output tax in his return filed for the prescribed accounting period in which the supply was made.