Ang Moh Dulan Need to Pay GST to Buy Gold Bars!

[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>Allow genuine investors to buy gold bullion without GST
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I HAVE recently woken up to the fact that there is a 7 per cent goods and services tax (GST) charge when buying bullion gold coins from a local bank. Can the authorities please explain why?

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To help the poor (Familee)?

While it has been quite a while since I bought any gold (and I am in no position to do so now), I am confused as to why there is GST. I understand and agree that GST is levied on gold items bought from a jeweller or pawnshop. They are decorative in nature, will be used by the owner and 'consumed', so to speak. Other goods and services are usually consumed only once, some others perhaps a couple of times. But they are certainly unlike gold bullion.
However, in the case of gold bullion or bullion coins (including silver and other precious metals), I believe the primary purpose is investment or as a hedge against inflation.
The Central Provident Fund (CPF) Board allows members to use a reasonable amount from their accounts to invest in gold. The premium banks charge makes investment and trading in bullion this way rather risky. Do jewellers also buy their large amounts from banks?
Banks charge a premium of 3 per cent or more, depending on the size of the coin, presumably for physically handling and storing the bullion.
However, 7 per cent GST seems excessive. If a 1 oz coin was bought and sold 14 times, the authorities would collect almost the full value of the coin in tax. Surely there should be some parity with other investment vehicles or equity stock.
I am sure one argument will be that small investors (exempt from GST) will buy and then sell to jewellers for a profit (arbitrage). But the authorities can enforce new rules, with penalties sufficiently large to deter such schemes.
Surely there can be conditions set to allow genuine investors to buy gold bullion without GST. Vincent Bonniface Nonis

 

[Conan the Barbarian]

If a 1 oz coin was bought and sold 14 times, the authorities would collect almost the full value of the coin in tax. Nonis


That's the whole idea, isn't it? Who cares what anyone think.
Its not like the 66.6% is going to mind that, since most of
them do not have spare cash to buy gold.

 

[banova888]

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>Allow genuine investors to buy gold bullion without GST
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>




<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->I HAVE recently woken up to the fact that there is a 7 per cent goods and services tax (GST) charge when buying bullion gold coins from a local bank. Can the authorities please explain why?

​

To help the poor (Familee)?

While it has been quite a while since I bought any gold (and I am in no position to do so now), I am confused as to why there is GST. I understand and agree that GST is levied on gold items bought from a jeweller or pawnshop. They are decorative in nature, will be used by the owner and 'consumed', so to speak. Other goods and services are usually consumed only once, some others perhaps a couple of times. But they are certainly unlike gold bullion.
However, in the case of gold bullion or bullion coins (including silver and other precious metals), I believe the primary purpose is investment or as a hedge against inflation.
The Central Provident Fund (CPF) Board allows members to use a reasonable amount from their accounts to invest in gold. The premium banks charge makes investment and trading in bullion this way rather risky. Do jewellers also buy their large amounts from banks?
Banks charge a premium of 3 per cent or more, depending on the size of the coin, presumably for physically handling and storing the bullion.
However, 7 per cent GST seems excessive. If a 1 oz coin was bought and sold 14 times, the authorities would collect almost the full value of the coin in tax. Surely there should be some parity with other investment vehicles or equity stock.
I am sure one argument will be that small investors (exempt from GST) will buy and then sell to jewellers for a profit (arbitrage). But the authorities can enforce new rules, with penalties sufficiently large to deter such schemes.
Surely there can be conditions set to allow genuine investors to buy gold bullion without GST. Vincent Bonniface Nonis

http://www.sammyboy.com/showthread.php?t=23304

SG is the richest country in the region or SEA, 2nd richest country in asia.

OKay i won't deny it's location is very good for entrepot trading. The development by the British also aided to its status of a developed country yet the same can be said of matland.

So what do you guys think if sg was under malay rule? It would probably be under the sultan of johor's juristristion and i think all those johor criminals would be running rampant in SG.

What do u guys think?


Also SG has a majority pop of 75% chinese whom made the country what it is today. If the % were changed say more malays would SG be better or worse?

 

[singveld]

where else do they get money to pay their fat ministers and running dogs with massive amount of salary.

in fact according to them, the more the GST, the more it help the poor. it is the only country where many still believe in PAP bullshit.

 

[johnadverd]

I'd advise all to forgo the unnecessary excesses My humble opinion only. There are more things to worry about than the design of Gold bar down the years.

 

[mscitw]

If peasants and foreign talents do not pay tax, how is the regime going to fund the lavish lifestyles of their minions and lackeys?

 

[tiuroyston46asshole]

if they don't collect taxes, how are they going to feed those assholes who abandon their old folks.........

 

[Cestbon]

Gold price are base on world market rate. Stupid/idiot buy gold in Singapore need to pay GST mean extra 7% market rate.
Buy gold in other country with no tax lo.