Importing Investment Precious Metals (IPMs) into Singapore offers investors a secure and tax-efficient way to diversify their portfolios. However, bringing gold, silver, or platinum bullion into the country involves strict customs compliance and documentation requirements under Singapore Customs regulations.
In this article, we’ll break down what counts as IPMs, how to import them properly, and how Declarators Pte Ltd can assist you through every step of the process
What Are Investment Precious Metals (IPMs)?
According to Singapore Customs and Inland Revenue Authority of Singapore (IRAS), IPMs refer to precious metals that meet specific purity and form requirements to qualify for Goods and Services Tax (GST) exemption.
To be recognised as IPMs, they must:
- Be in the form of a bar, ingot, wafer, or coin;
- Meet the minimum purity standards:
- Gold: ≥ 99.5% purity
- Silver: ≥ 99.9% purity
- Platinum: ≥ 99% purity
- Be tradable on the international bullion market; and
- Bear a refiner’s or assay office mark accredited by the London Bullion Market Association (LBMA) or London Platinum and Palladium Market (LPPM).
Any precious metal that does not meet these requirements will not be treated as IPMs and may be subject to GST upon import.
Import Procedures for IPMs
When importing IPMs into Singapore, you must comply with the Customs (Duties) Order and GST Act. The process includes:
- Preparing Documentation
Ensure you have:
- Commercial invoice
- Packing list
- Certificate of assay or LBMA/LPPM certification
- Air waybill or bill of lading
- Engage a Licensed Declaring Agent
Instead of navigating complex TradeNet submissions on your own, it’s best to engage a licensed declaring agent such as Declarators Pte Ltd. Our team will handle the entire import permit declaration process through TradeNet, ensuring that every detail from the HS code classification to the CIF value, product description, and country of origin is accurately declared in compliance with Singapore Customs requirements.
This not only saves time but also helps you avoid costly errors, penalties, or delays in clearance when importing high-value precious metals.
- GST Treatment of IPMs
Qualifying IPMs are exempted from GST under the Fourth Schedule of the GST Act. However, if the items do not meet IPM criteria, GST must be paid based on the CIF value plus duties (if any).
- Inspection and Verification
Singapore Customs may conduct physical inspections to verify the purity and authenticity of the imported precious metals. Proper documentation and packaging are essential to expedite clearance.
Common Mistakes Importers Make
Even experienced traders can make costly mistakes when importing IPMs, such as:
- Declaring under the wrong HS code
- Incorrectly claiming GST exemption for non-qualifying metals
- Missing or incomplete assay certificates
- Failure to maintain proper import records for audit purposes
Each of these can lead to delays, penalties, or additional GST liabilities.
How Declarators Can Help
At Declarators Pte Ltd, we specialise in customs permit declarations, trade documentation, and compliance for high-value commodities such as Investment Precious Metals.
Our experienced team ensures your IPM import complies fully with Singapore Customs requirements from TradeNet declaration, GST validation, to smooth clearance at Changi Airfreight Centre or Free Trade Zones.
We take care of the paperwork, so you can focus on your investments.
Need Assistance with IPM Importation?
Whether you’re a bullion dealer, investor, or financial institution, Declarators is your trusted customs partner for IPM import declarations in Singapore.
📞 Call us: +65 6385 2155
📧 Email: group@declarators.com.sg
🌐 Visit: www.declarators.com.sg
Declarators Pte Ltd Your Trusted Partner in Customs Compliance and Trade Facilitation.
