Singapore Localization Tax Codes
Singapore Localization automatically provides the following tax codes and tax types for accounts with a Singapore nexus:
The SuiteApp does not overwrite your current tax codes. Upon installation, the SuiteApp adds Singapore tax codes that do not have the same name in your account.
|
Tax Type |
Description |
Properties |
Payables Account |
Receivables Account |
|---|---|---|---|---|
|
GST_SG_NC |
General sales tax not entitled to recover in Singapore |
Post to item cost |
— |
Tax on Purchases Singapore |
|
Tax Code Name |
Description |
Properties |
|---|---|---|
|
SG_BL |
Purchases where GST is incurred but is specifically not claimable |
|
|
SG_DS |
Supplies required to be reported pursuant to the GST legislation |
|
|
SG_EP |
Purchases specifically exempted from GST |
|
|
SG_ES33 |
Specific categories of exempt supplies listed under regulation 33 of the GST (General) Regulations |
|
|
SG_ESN33 |
Exempt supplies other than those listed under regulation 33 of the GST (General) Regulations |
|
|
SG_IGDS |
Imports where the GST is suspended until the filing date of the GST return |
|
|
SG_IM |
GST paid to Singapore Customs on the import of goods into Singapore |
|
|
SG_IM-ESS |
Imports of goods that are subject to GST and are directly attributable to the making of Regulation 33 exempt supplies |
|
|
SG_IM-N33 |
Imports of goods that are subject to GST and are directly attributable to the making of Non-Regulation 33 exempt supplies |
|
|
SG_ME |
Imports where the GST payable is suspended |
|
|
SG_OP |
Purchases outside of the scope of GST Act |
|
|
SG_OS |
Supplies outside the scope of the GST Act |
|
|
SG_SRCA-C |
Customer accounting supply accountable by the customer on supplier’s behalf |
|
|
SG_SRCA-S |
Customer accounting supply made by the supplier |
|
|
SG_SRLVG |
Own supply of low value goods |
|
|
SG_SROVR-LVG |
Supply of low value goods accountable by the redeliverer or electronic marketplace on behalf of third-party suppliers |
|
|
SG_SROVR-RS |
Supply of remote services accountable by the electronic marketplace under the Overseas Vendor Registration Regime |
|
|
SG_SRRC |
Reverse charge -Standard rate for Singapore |
|
|
SG_TX |
Purchases from GST registered suppliers that are subject to GST |
|
|
SG_TXCA |
Standard-rated purchase of prescribed goods subject to customer accounting |
|
|
SG_TX-ESS |
Purchases from GST registered suppliers that are subject to GST and directly attributable to the making of regulation 33 exempt supplies |
|
|
SG_TX-N33 |
Purchases from GST registered suppliers that are subject to GST and directly attributable to the making of non-regulation 33 exempt supplies |
|
|
SG_TXRC-ESS |
Imported services that are subject to reverse charge and are directly attributable to Regulation 33 exempt supplies |
|
|
SG_TXRC-N33 |
Imported services that are subject to reverse charge and are directly attributable to Non-Regulation 33 exempt supplies |
|
|
SG_TXRC-TS |
Imported services that are directly attributable to the making of taxable supplies (only applicable to businesses that make an election to subject all imported services to reverse charge) |
|
|
SG_ZP |
Purchases from GST registered suppliers that are subject to GST at 0% |
|
The SuiteTax Engine provides the following tax codes for accounts with Singapore nexus:
|
Tax Code Name |
Description |
Properties |
|---|---|---|
|
SG_NL |
Not liable to tax in Singapore |
|
|
SG_RCS |
Reverse charge for sales in Singapore |
|
|
SG_SR |
Standard rate for Singapore |
|
|
SG_SR_RC |
Reverse charge – Standard rate for Singapore |
|
|
SG_ZR |
Zero rate for Singapore |
|
For NetSuite to calculate correct values on transaction records and tax reports, make sure that the tax codes for each nexus are set up correctly. For more information about tax codes, see Tax Code Properties and Creating Tax Codes in SuiteTax.
Singapore-Specific Tax Codes
Singapore Localization enables the support for manually created tax codes. You can enable the following tax code properties in tax codes that you manually create for Singapore:
-
Post as Sales in IAF – Check this box to include transactions in the Supply Listing section of the IRAS Audit File (IAF). This field becomes available to Singapore tax codes with the following properties enabled:
-
Available on Purchases
-
Available on Both
-
-
Customer Accounting – Check this box to identify transactions as domestic sales or purchases of prescribed goods subject to customer accounting. The responsibility for the output tax of transactions that use this tax code property shifts from the supplier to the customer. When this box is checked:
-
The Post as Sales in IAF tax code property is automatically enabled.
-
In printed documents, line items that use tax codes with this property are marked with asterisks (**) to indicate that they are subject to customer accounting.
-
The tax amount of items with asterisks are excluded in the GST amount of printed invoices or credit notes.
-
The following compliance text is added in the GST Summary table or the Item List table of credit notes and tax invoices that use this tax code:
-
The phrase "** Customer accounting: Customer to pay GST of $(Tax Amount) to IRAS" for invoice transactions.
-
The phrase "** Customer accounting: Customer to account for output tax adjustment of –$(Tax Amount)" for credit note transactions.
-
Note:The Customer Accounting tax code property is automatically enabled for the following tax codes:
-
SG_SRCA-S
-
SG_TXCA
-
SG_SRCA-C
-
-
Non-Regulation 33 Exempt Supplies – Check this box to identify supply items that do not fall under the Regulation 33 Exempt Supplies category of the Singapore GST F5 Return. This is automatically enabled for SG_ESN33.