Asia brings together the extremes. Hong Kong taxes neither the purchase nor the gain, Singapore exempts investment metal, Japan applies its general tax without exceptions, and China closely controls gold and taxes silver. Choose your country.
- Singapore ·
#singapur - Hong Kong ·
#hong-kong - Japan ·
#japon - China ·
#china
Singapore {#singapur}
When buying
Since October 2012, Investment Precious Metal (IPM) has been exempt from goods and services tax (GST) in Singapore. To qualify as IPM, gold must have a minimum purity of 99.5%, silver of 99.9% and platinum of 99%, in bars, ingots, wafers or coins that meet recognized international standards. Metal that does not reach these thresholds, or that comes as jewelry, pays GST at the standard rate.
When selling
For the treatment of the gain when selling precious metal, see the information from IRAS, the tax authority of Singapore, or consult a local tax professional.
Reporting and limits
Anyone entering or leaving Singapore with cash or bearer negotiable instruments worth S$20,000 or more must declare it to the customs authority or the police.
When importing
Investment precious metal that meets the IPM criteria enters Singapore exempt from GST, whether it comes from the United States or the European Union. Metal that does not meet these criteria pays the general GST on import.
Hong Kong {#hong-kong}
When buying
Hong Kong has no general consumption tax, so the purchase of physical gold, silver, platinum or palladium bears no tax of this kind, regardless of purity or format.
When selling
Hong Kong has no capital gains tax. The gain a private individual makes from selling precious metal could be taxed only as business profit if the transaction is considered a business activity or regular trading, and not an occasional sale of personal wealth.
Reporting and limits
Before traveling with cash, check the current requirements of the Hong Kong Customs and Excise Department for crossing the border.
When importing
Hong Kong is a free port and does not apply general customs duties. The only products subject to an excise duty are alcohol, tobacco, hydrocarbon oil and methyl alcohol, and precious metals are not among them. Gold, silver, platinum and palladium therefore enter with no duty and no consumption tax, whether they come from the United States, the European Union or any other origin.
Japan {#japon}
When buying
The purchase of physical gold, silver, platinum and palladium in Japan bears consumption tax at the standard rate of 10%, with no exemption for purity or investment format, unlike the European Union or the United Kingdom.
When selling
The gain a private individual makes from selling physical gold or silver is treated as transfer income (譲渡所得) and is combined with the rest of the person's income.
- Five years or less of ownership. The entire gain, after subtracting the acquisition cost and expenses, is taxed together with the rest of the income.
- More than five years of ownership. Only half of the gain is added to the taxable base.
There is an annual special deduction of 500,000 yen for all of this income together, which is applied first to short-term gains when both exist.
Reporting and limits
When a private individual sells gold or platinum in bars or coins to a dealer for more than 2,000,000 yen in a single transaction, the dealer is required to file a payment statement (支払調書) with the National Tax Agency containing the seller's details, whether or not the seller reports the gain on their income tax return.
When importing
On entering Japan, declaring means of payment (cash, checks, securities) is mandatory from 1,000,000 yen or its equivalent in foreign currency. Separately, gold with purity above 90% must be declared when its total weight exceeds 1 kilogram, regardless of its value. Gold and silver imported as investment merchandise pay consumption tax of 10% at customs clearance, whether they come from the United States or the European Union.
China {#china}
When buying
Gold traded within the Shanghai Gold Exchange has benefited since 2003 from an exemption regime based on collection and immediate refund of the consumption tax. Since November 1, 2025, a reform distinguishes the destination of gold physically withdrawn from the exchange. If it is withdrawn for investment purposes, it keeps the treatment equivalent to the exemption. If it is withdrawn for other uses, such as jewelry, the deduction is limited to 6% instead of the previous 13%, which makes it more expensive.
Silver has no comparable exemption regime. Chinese regulation treats it as an industrial raw material and not as a financial asset, and it pays the general tax of 13% both inside and outside the exchange.
When selling
For the treatment of the gain when selling precious metal, consult the Chinese tax administration or a local tax professional.
Reporting and limits
For the cash reporting thresholds and the thresholds for precious metal transactions, consult the Chinese tax and customs administration or a local tax professional.
When importing
Importing gold into China is heavily restricted. Only thirteen banks licensed by the People's Bank of China, several of them foreign, can import it, and a 2026 reform simplified procedures for those banks without widening access for individuals or unauthorized companies. In practice, a private individual cannot import physical gold into China outside this banking channel.
Silver is not subject to the same licensing control, but it pays the general tax of 13%, except for silver that enters through the exempt institutional channel of the exchange.
Other zones
- United States ·
/en/inversion/fiscalidad/estados-unidos - European Union ·
/en/inversion/fiscalidad/union-europea - United Kingdom ·
/en/inversion/fiscalidad/reino-unido - Switzerland ·
/en/inversion/fiscalidad/suiza - Canada ·
/en/inversion/fiscalidad/canada - Australia ·
/en/inversion/fiscalidad/australia
Consulted on September 27, 2026.
Singapore
- Singapore Customs, GST Exemption for Investment Precious Metals, 2026.
- IRAS, Supplies Exempt from GST, 2026.
- Singapore Police Force, Cross-border Cash Movement Reporting, 2026.
Hong Kong
- PwC, Hong Kong SAR, Individual, Other Taxes, 2026.
- Hong Kong Customs and Excise Department, Duty-free Concessions, 2026.
Japan
- National Tax Agency of Japan, No.6303, consumption tax rate, 2026.
- National Tax Agency of Japan, No.3161, transfer income from gold bullion, 2026.
- Goldpark, frequently asked questions on the payment statement, 2026.
- Japan Customs, Export and Import of Means of Payment, 2026.
China
- World Gold Council, implications of China's consumption tax reform, November 2025.
- LBMA, Spotlight on Mainland China Gold Market, chapter 2, 2026.
- Kitco News, China considers new import and export regime for gold, June 29, 2026.
- Discovery Alert, China Gold Trade Reform, Import Export Licensing Rules 2026, 2026.
This is general information, not a tax service. Consult a tax professional in your country. Figures reviewed on September 27, 2026.