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MUMBAI (MINEWEB) -
Singapore has repealed a 7% tax on investment-grade gold and other precious metals to spur the development of gold trading in the country. It is hoped the move will lift demand for gold bars and coins in the fourth quarter and applies to gold of 99.5% purity, silver of 99.9% purity and platinum of 99% purity.
While in the works for several months, the repeal came into effect on October 1.
Singapore is hoping the scrapping of the tax will lure bullion refiners to the country and convince trading houses to open storage facilities, transforming it into a key Asian pricing hub. along the lines of London and Zurich. Currently holding 2% of global gold demand, the Southeast Asian city-state aims to hike that to 10% to 15% over the next five to 10 years.
Currently, Singapore imports gold bars from Australia, Switzerland, Hong Kong and Japan, which are then sold to buyers in Southeast Asia and neighbouring India.
Singapore's investment gold demand nearly tripled to 3.5 tonnes in 2011, according to consultancy firm GFMS. Singapore has already tripled gold imports year over year, ending December.
At least one major refiner has already shown interest in opening a factory in Singapore. More gold traders are expected to set up offices and store more bullion, post the move.
Gold scraps from the across the region are also traded in Singapore, which helps determine the premiums for gold bars against prices in London. Earlier, refiners were put off by Singapore's taxes, opting instead to mould and sell gold bars in Hong Kong, which does not impose duties on bullion, and Japan, where the consumption tax on gold was very low.
While gold trading in the region is expected to boost competitiveness, for local investors, the repeal of the tax is set to level the playing field for the precious metal. Gold will now stand at par with other financial instruments like stocks and bonds. Gold is also being held as an alternative to cash, with experts stating that the move is set to boost gold trading among retail investors.
Analysts have estimated the value of gold traded in Singapore at around $282 billion over the last year. The move is set to lower the barriers to entry for investors and to further boost interest in the precious metal.
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