Singapore will extend its goods and services tax (GST) waiver to specified wholesale gold-related services from April 2027, as the Monetary Authority of Singapore (MAS) rolls out a gold vaulting service for foreign central banks, Fintech News Singapore reported on Wednesday (Nov 11).
MAS and the Ministry of Finance (MOF) will apply the waiver to wholesale investment precious metals services covering vaulting, refining and recasting, assaying and broking. More details will be given at Budget 2027, according to the report.
Vaulting for central banks
MAS has launched a gold vaulting service for foreign central banks, international financial institutions and sovereign entities, as part of efforts to develop Singapore into a regional gold trading centre.
The gold will be stored in Singapore’s national currency vault, which can hold up to 500 tonnes. MAS will also offer gold custody accounts to selected Singapore-based bullion banks.
Clearing and futures plans
Separately, SGX Group and six founding clearing banks aim to finish preparations for an over-the-counter gold clearing system by the end of 2026, following a memorandum of understanding signed in June. Live trading on the system is expected in the first quarter of 2027.
SGX is also targeting the second quarter of 2027 to launch physically deliverable Gold Kilobar Futures, the report said.
The measures are intended to support “a deeper and more vibrant Singapore gold market”, according to the report.
