Our Services

Approved Refiner and Consolidator Scheme (ARCS) Singapore – GST Relief for the Precious Metals Industry

Businesses operating in the precious metals industry often deal with complex movements of investment precious metals (“IPM”), refining activities and international trading transactions. These arrangements may create significant GST compliance and cash flow challenges.

To support Singapore’s precious metals refining and trading industry, the Inland Revenue Authority of Singapore (“IRAS”) introduced the Approved Refiner and Consolidator Scheme (“ARCS”). Under the scheme, approved refiners and consolidators may enjoy GST relief on qualifying transactions involving investment precious metals.

What is the Approved Refiner and Consolidator Scheme (ARCS)?

The Approved Refiner and Consolidator Scheme (“ARCS”) is a GST scheme administered by Inland Revenue Authority of Singapore to support qualifying refiners and consolidators in the precious metals industry.

The scheme facilitates GST relief for qualifying transactions involving:

investment precious metals (“IPM”);
refining activities;
consolidation arrangements; and
cross-border precious metals trading activities.

Under normal GST rules:

local supplies of goods may attract GST; and
importation of goods may give rise to import GST.

Under ARCS:

approved businesses may enjoy GST relief on qualifying transactions involving investment precious metals under prescribed conditions.

Benefits of the ARCS

Key benefits of the ARCS include:

Improved Cash Flow

The scheme helps reduce GST cash flow burdens arising from qualifying precious metals transactions.

Support for Precious Metals Refining Activities

ARCS facilitates GST-efficient refining and consolidation arrangements involving investment precious metals.

Reduced GST Administrative Burden

Approved businesses may benefit from simplified GST treatment for qualifying transactions.

Need Assistance with the ARCS? How Jed Tax Consulting can help.

If your business operates in the precious metals industry, the Approved Refiner and Consolidator Scheme may provide significant GST and cash flow benefits.

At Jed Tax Consulting, we assist businesses with:

ARCS applications;
ARCS renewal support;
GST reviews for precious metals transactions;
import/export GST advisory;
GST compliance reviews; and
ASK and ACAP support.

Contact Jed Tax Consulting today to discuss: