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What is an example of a “precious product” that will be captured under the updated definition of “precious product” as of 1 May 2024?
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Source: https://www.mlaw.gov.sgAs of 1 May 2024, the updated definition of precious product would include jewellery, watch, apparel, accessory, ornament or other finished product containing precious stones and/or precious metal, that is priced above the prescribed value of S$20,000.
An example of such a precious product would be a gold watch above the net sales price of S$20,000, even when the value of the gold in the watch is less than 50% of the net sales price.
This information provided here is sourced from the MLAW website.
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