Hot! Singapore Makes Changes for Precious Metals

WSJ | Singapore is now eliminating a 7 per cent tax on gold and silver in an effort to turn the city into a precious-metals trading hub to rival London and Zurich where value-added taxes don’t apply to the investment-grade gold trade.

With the shaky economy more people have started investing in gold and silver and Singapore is hoping to store an increasing amount of that gold and silver.

Following the tax exemption, Singapore is aiming for a 10 to 15 per cent share of global gold demand within five to 10 years, up from 2 per cent now, said government agency IE Singapore.

After the tax change gold sales are expected to jump in part because investors have been holding off on purchases awaiting the tax break. Still, the extent of the gold’s demand recovery in Singapore may depend on gold prices at the beginning of this month.

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