Singapore Scraps Taxes on Gold & Silver

Singapore continues to position itself as one of Asia’s leading financial service countries. The Singaporean government is set to repeal the 7 percent tax on Gold and Silver. The previously announced tax count is set to take place October 1st, 2012. This move should help Singapore position itself as a world leader in the Gold and Silver trade.



Singapore now accounts for about 2% of global gold demand but with these moves the Singaporean government hopes to increase that share to 10 to 15%. Singapore has a strong stock market and large Financial Services sector and is now working to expand its share of trade in other investment markets.



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