Singapore Tax Agency Updates e-Tax Guide on GST Exemption for Investment Precious Metals

The Singaporean Inland Revenue Authority Aug. 15 updated the e-tax guide on GST exemptions for business entities investing in precious metals. The updated guidance includes: 1) conditions for the reverse charge mechanism application for GST-registered entities which procure services from overseas suppliers, effective Jan. 1, 2020; 2) conditions for entities to apply the reverse charge mechanism on all the purchases of imported low value goods (LVGs), including LVGs purchased from local and overseas suppliers, electronic marketplace operators, and redeliverers, regardless of their GST registration, effective Jan. 1, 2023; 3) conditions for the reverse charge mechanism application, and for claiming the ...