At a glance
Programme detail
Summary
Agency
Inland Revenue Authority of Singapore (IRAS)
Support type
GST tax incentive
Status
Open
Application cycle
Rolling
Applicants
Qualifying GST-registered refiners or consolidators of investment precious metals; qualifying banks
Benefit basis
Qualifying GST transactions and approval terms
What does it support?
The scheme covers qualifying imports of raw materials and precious metals, investment precious metal refining and consolidation activities, and eligible goods supplied between approved ARCS participants.
The relevant benefit follows the approved entity category and transaction flow. A business should map those flows before assessing the effect on import GST and input-tax recovery.
Who can apply?
GST-registered qualifying investment precious metal refiners and consolidators must satisfy IRAS approval and compliance requirements. Qualifying banks are also identified within the scheme's applicant scope. The available information does not state a universal local-ownership condition.
How does the support work?
ARCS can suspend GST on eligible imports, allow qualifying goods to be supplied between ARCS participants without GST being charged, and provide enhanced input-tax recovery under category-specific rules. These benefits depend on IRAS approval and the qualifying transactions, rather than a cash award or fixed grant ceiling.
What expenditure can qualify?
This is not project-cost reimbursement. The relevant base comprises qualifying imports, supplies of goods and input GST associated with approved precious-metal refining or consolidation activities. R&D expenditure does not become reimbursable through ARCS.
Key conditions
- Obtain IRAS approval for the relevant refiner or consolidator category.
- Provide supply-chain flows and the required supporting documents.
- Supply the required Assisted Self-help Kit (ASK) self-review certification or Assisted Compliance Assurance Programme (ACAP) commitment.
- Meet the additional refiner conditions where applicable.
- Check that each transaction and counterparty satisfies the conditions for the claimed GST treatment.
Timing and application process
Applications are made to the IRAS Comptroller of GST on a rolling basis. Use GST F27A for Approved Consolidator status or GST F27B for Approved Refiner status from the IRAS GST scheme forms, with supply-chain information, supporting documents and the relevant ASK or ACAP documentation. Prior approval is required before relying on the scheme's treatment.
Important programme distinctions
Relief for eligible goods and imports does not mean all precious-metal services are relieved from GST. Locally delivered refining services can still attract 9% GST. The separately announced wholesale-gold services framework is upcoming and should be assessed under its eventual rules, rather than treated as an existing ARCS benefit.