Singapore Tax Setup

If you are going to use the NetSuite Tax Audit Files, you must set up additional tax control accounts, tax types, and tax codes. Read the following topics:

Singapore Tax Control Accounts

The following tax control accounts are already provided in your NetSuite account:

GST on Sales
GST on Purchases
GST Liability

You must create the following new tax control accounts:

GST Input Disallowed
Deferred GST on Sales SG
Deferred GST on Purchase SG

To create the GST Input Disallowed tax control account:

Go to Setup > Accounting > Tax Control Accounts > New.
If you are using a OneWorld account, select the Singapore tax nexus.
Provide the following information.
- Name : GST Input Disallowed
- Tax Account Type : Purchase
Click Save.

To create the Deferred GST on Sales SG tax control account:

Go to Setup > Accounting > Tax Control Accounts > New.
If you are using a OneWorld account, select the Singapore tax nexus.
Provide the following information.
- Name: Deferred GST on Sales SG
- Tax Account Type: Sales
Click Save.

To create the Deferred GST on Purchase SG tax control account:

Go to Setup > Accounting > Tax Control Accounts > New.
If you are using a OneWorld account, select the Singapore tax nexus.
Provide the following information.
- Name: Deferred GST on Purchase SG
- Tax Account Type: Purchase
Click Save.

Singapore Tax Types

The following tax types are required:

GST_SG (This tax type is already available in your NetSuite account.)
Disallowed GST_SG (You must create this new tax type.)

To create the Disallowed GST_SG tax type:

Go to Setup > Accounting > Taxes > Tax Types > New.
If you are using a OneWorld account, select the Singapore tax nexus.
Provide the following information:
- Name : Disallowed GST_SG
- Asset/Purchase Tax Account : GST Input Disallowed
Click Save.