14.03.2012
Currently, only about 2 per cent of the world's traded gold is imported into or exported out of Singapore.
But by the next decade, the Government hopes that this number will jump by at least fivefold.
Singapore is setting its sights on becoming an Asian trading hub for precious metals, and it hopes to achieve this aim by scrapping the goods and services tax (GST) on the import and supply of investment-grade gold.
The move was announced by Finance Minister Tharman Shanmugaratnam in his Budget 2012 speech on Feb 17, and will take effect on Oct 1.
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