2012-10-02gata.org

Starting Monday, the Southeast Asian city-state is scrapping a 7% tax on gold and silver in an effort to turn the city into a precious-metals trading hub to rival London and Zurich, where value-added taxes don't apply to the investment-grade gold trade.

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The actual Fort Knox of Singapore is known as Singapore FreePort Pte. Ltd., a high-security storage facility designed for valuables, including precious metals, art, and wine, which is located in its own duty-free zone near the city's airport. Freeport opened in 2010 and is already doubling in size to 50,000 square meters, including more storage space for precious metals, in part because of that tax change.



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