Which coins are GST exempt in Singapore, and which are not?

Big Bullion · Published 15 September 2026 · Updated 15 September 2026 · 6 min read

Reviewed by the Big Bullion team, 15 September 2026

A bullion coin is exempt from GST here only if it is on the list IRAS publishes, and a coin that is not on the list is taxed at the full 9%. The list is different for gold and for silver, which is how the same famous coin can be exempt in one metal and taxed in the other.

Coins are exempt by name

A bar is judged on what it is: its purity, its refiner and its hallmark. A coin is judged differently, because it is named. Singapore prescribes the qualifying coins in the Fourth Schedule to the GST Act, so the question is never whether a coin looks like bullion. The question is whether it appears on the list.

The coin also has to be pure enough and it has to be, or to have been, legal tender in the country that issued it. The purity marks are the same as for a bar: 99.5% for gold, 99.9% for silver and 99% for platinum.

Both rules sit in the IRAS e-Tax Guide GST: Guide on Exemption of Investment Precious Metals (IPM), Twentieth Edition, at paragraphs 3.7 and 3.8. Read 15 September 2026.

Our bars and coins are priced live, and we tell you whether an item qualifies before you buy.

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The gold coins on the list

As the twentieth edition of the guide sets them out, read on 15 September 2026, these are the qualifying gold coins.

America Buffalo
Australia Kangaroo Nugget, and Australia RAM Kangaroo
Australia Lunar, and Australia Dragon Rectangular
Austria Philharmonic
Canada Maple Leaf, and the Canada Call of the Wild series
China Panda
Malaysia Kijang Emas
Mexico Libertad
Singapore Lion
United Kingdom Britannia, United Kingdom Lunar, United Kingdom Royal Arms, the Queen's Beasts series, the Myths and Legends series and the Royal Tudor Beasts series

The silver coins on the list

The silver list is longer, and it is not the same list. These are the ones the guide names.

America Eagle
Australia Kookaburra, Australia Koala, Australia Lunar, Australia Kangaroo, Australia Saltwater Crocodile, Australia Funnel-Web Spider and Australia Dragon Rectangular
Austria Philharmonic
Canada Maple Leaf, the Birds of Prey series, the Wildlife series, the Creatures of the North series, Canada Goose, Canada Tree of Life and the Superman S-Shield
China Panda
Mexico Libertad
South Africa Krugerrand, from 17 January 2019
United Kingdom Britannia, United Kingdom Lunar, United Kingdom Royal Arms, the Queen's Beasts series, the Myths and Legends series and the Royal Tudor Beasts series

Platinum has a third list of its own, shorter again, and it starts at 99% purity rather than 99.9%.

The two that catch people out

The Krugerrand is the first. The silver Krugerrand has been on the silver list since 17 January 2019, and the gold Krugerrand is nowhere on the gold list, so the most recognised gold coin in the world is standard-rated here. The American Eagle is the second, for the same reason in reverse: the silver Eagle is on the silver list, while the American gold coin that made it on is the Buffalo.

Neither of those is a quirk of drafting. The gold list starts at 99.5% fine gold, and a coin alloyed with copper for hardness will not reach it however beautiful and however famous it is. The silver version of the same coin is refined finer, so it clears the silver mark.

A proof version is never exempt

Being on the list is not enough on its own. The guide excludes the proof, numismatic and collector versions of a listed coin, and it gives Singapore Lion gold proof coins and Canada Call of the Wild gold proof coins as the examples. Those sell on their rarity and finish rather than on their metal, so they are taxed at 9% like any other collectable.

So the ordinary bullion strike of a listed coin is exempt and the proof strike of that same coin is not. If you are buying for the metal, the plain one is the one you want anyway.

What this means when you buy from us

Our coin range moves with what we can get, so check the product page rather than a list written months ago. We tell you whether an item qualifies as an Investment Precious Metal before you buy it, and where a coin is standard-rated the tax shows at checkout rather than appearing as a surprise.

The lists above are the ones we read on 15 September 2026, and IRAS adds to them from time to time. For a coin we have not named, the guide itself is the place to settle it.

Questions we are asked about this

Is the gold Krugerrand GST free in Singapore?

No. The gold Krugerrand is not on the qualifying gold coin list, so it is standard-rated at 9%. The silver Krugerrand is on the silver list, and has been since 17 January 2019.

Is the American Eagle GST free?

The silver American Eagle is on the qualifying silver coin list. The gold American Eagle is not on the gold list, where the American coin that qualifies is the Buffalo.

Is a Canadian Maple Leaf GST free?

Yes, in both metals. Canada Maple Leaf is on the qualifying gold list and on the qualifying silver list, as long as it is the ordinary bullion coin rather than a proof or collector version.

What happens if a coin is not on the list?

It is standard-rated, so GST applies at 9%. That is true however pure it is and however well known it is. The list is the test, not the look of the coin.

Why is a proof coin taxed when the same coin is exempt?

Because a proof coin sells on its rarity and its finish rather than on the metal in it. The IRAS guide excludes proof, numismatic and collector versions of the listed coins for that reason, and names Singapore Lion gold proof coins as an example.

Sources

IRAS e-Tax Guide, GST: Guide on Exemption of Investment Precious Metals (IPM), Twentieth Edition, paragraphs 3.7, 3.8 and 3.9 (Read 15 September 2026)
Our own product pages, which state whether an item qualifies as an Investment Precious Metal before you buy (Read 15 September 2026)