Dear Valued Clients,
As announced in Budget 2022 by the Minister of Finance, the GST rate will be increased from 7% to 8% with effect from 1 January 2023 and from 8% to 9% with effect from 1 January 2024.
Starting on 1 Jan 2023, GoldSilver Central will begin collecting GST at this new rate of 8% on our products (except for those defined under Investment Precious Metals which are GST exempted in the GST Act) and services to clients. Examples of services which will be subject to 8% with effect from 1 Jan 2023 are:
1) Storage charges under GSC Bullion Storage Program
2) Handling and Transfer fees under GSC Bullion Storage Program
2) Storage fees under GSC Savings Accumulation Program (“GSAP”)
Please note that for purchases of goods and services with us on or after 1 Jan 2023, GST will be chargeable at 8% unless full payment is received by 31 December 2022.
For more information, please refer to the following Government announcements below:
GST Rate Change (consumer):
GST Rate Change for Consumers (iras.gov.sg)
GST Rate Change (business):
IRAS | Overview of GST Rate Change