Singapore launches gold vaulting service, extends GST waiver to some gold services

Singapore’s gold vaulting service is now live, allowing foreign central banks and other financial institutions to store up to 500 tonnes of gold worth about US$$66 billion. Alongside initiatives like tax incentives, it's part of efforts to establish Singapore as a trusted and efficient gold trading hub in Asia. Investment gold is currently exempted from Goods and Services Tax. From April 2027, it will be extended to services between institutions, such as assaying, refining, vaulting and broking. More details of the tax waiver will be shared at Budget 2027. An over-the-counter gold clearing system, backed by the Singapore Exchange and six founding clearing banks, is also expected to start live trading in the first quarter of next year. Ivy Chok reports.