Singapore Tax Codes

Tax codes determine how much tax is due for each transaction line item. For NetSuite to calculate correct values on transaction records and tax reports, you must ensure that the tax codes for Singapore are set up correctly.

For more information about tax codes, see Tax Code Properties and Creating Tax Codes.

Tax Code Table for Singapore

The following table shows the tax properties required to correctly generate the Singapore tax reports and tax audit files provided by the International Tax Reports SuiteApp and the Tax Audit Files SuiteApp. The tax code names or letters presented in the table are suggested names or default system preferences. You can rename the tax codes. Tax reports identify transactions by looking at the tax code properties, not the tax code names.

On the New Tax Code page, check the boxes of the properties that apply to the tax code. For more information about tax code properties, see Tax Code Properties.

To understand how NetSuite uses the tax codes to get the values for the Singapore GST F5 Return, see What goes into each box -Singapore GST F5 Return.

Note:

Tax type for the following tax codes should be set to GST_SG. This tax type is already provided in your NetSuite account.

Tax Code	Description	Rate	Notional Rate	Property	Purchase Tax Account	Sales Tax Account	Available On	Effective From	Valid Until
DS8-SG	Supplies required to be reported under the GST legislation Note: If you already have an existing Singapore tax codes in your account, you must manually edit the DS-SG tax code and check the Deemed Supply box.	8%	—	Deemed Supply	—	GST on Sales	Sales	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
DS9-SG	Supplies required to be reported under the GST legislation Note: If you already have an existing Singapore tax codes in your account, you must manually edit the DS-SG tax code and check the Deemed Supply box.	9%	—	Deemed Supply	—	GST on Sales	Sales	January 1, 2024	—
EP-SG	Purchases relating to residential properties or certain financial services	0%	—	Exempt Exclude from VAT Reports	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
ES33-SG	Exempt supplies made under Regulation 33	0%	—	Exempt	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
ESN33-SG	Exempt supplies that are not covered under Regulation 33	0%	—	Exempt	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
IM8-SG	Goods imported into Singapore	8%	—	Import	GST on Purchases	—	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
IM9-SG	Goods imported into Singapore	9%	—	Import	GST on Purchases	—	Purchases	January 1, 2024	—
ME-SG	Goods imported under the Major Exporter Scheme and Third Party Logistics Scheme	0%	—	Import Export	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
NR-SG	Goods and services purchased from non-GST registered supplier/trader	0%	—	Exempt Exclude from VAT Reports	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
OP-SG	Purchase of goods outside the scope of GST	0%	—	Exclude from VAT Reports	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
OS-SG	Out of scope supplies	0%	—	Exclude from VAT Reports	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
SR8-SG	Standard rate	8%	—	Default	—	GST on Sales	Sales	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
SR9-SG	Standard rate	9%	—	Default	—	GST on Sales	Sales	January 1, 2024	—
SRCA8-C-SG	Customer accounting supply accountable by the customer on supplier’s behalf Note: If you already have an existing Singapore subsidiary or nexus in your account, you must create these tax codes manually. For more information about how to edit and create tax codes, see Editing Tax Codes and Creating Tax Codes.	0%	SR8-SG	Reverse Charge Purchaser Issued Invoice	GST on Purchases	—	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
SRCA9-C-SG	GST-exclusive value of the sold prescribed goods Note: If you already have an existing Singapore subsidiary or nexus in your account, you must create these tax codes manually. For more information about how to edit and create tax codes, see Editing Tax Codes and Creating Tax Codes.	9%	SR9-SG	Reverse Charge Purchaser Issued Invoice	GST on Purchases	—	Purchases	January 1, 2024	—
SRCA8-S-SG	GST-exclusive value of the sold prescribed goods Note: If you already have an existing Singapore subsidiary or nexus in your account, you must create these tax codes manually. For more information about how to edit and create tax codes, see Editing Tax Codes and Creating Tax Codes.	8%	SR8-SG	Reverse Charge	—	GST on Sales	Sales	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
SRCA9-S-SG	GST-exclusive value of the sold prescribed goods Note: If you already have an existing Singapore subsidiary or nexus in your account, you must create these tax codes manually. For more information about how to edit and create tax codes, see Editing Tax Codes and Creating Tax Codes.	9%	SR9-SG	Reverse Charge	—	GST on Sales	Sales	January 1, 2024	—
SRLVG8-SG	Own supply of low value goods	8%	—	Nonresident	—	GST on Sales	Sales	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
SRLVG9-SG	Own supply of low value goods	9%	—	Nonresident	—	GST on Sales	Sales	January 1, 2024	—
SROVR8-LVG-SG	Supply of low value goods accountable by the redeliverer or electronic marketplace on behalf of third-party suppliers	8%	—	Applies to Digital Services Nonresident	—	GST on Sales	Sales	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
SROVR8-RS-SG	Supply of remote services accountable by the electronic marketplace under the Overseas Vendor Registration Regime	8%	—	Applies to Digital Services Applies to Service Items Nonresident	—	GST on Sales	Sales	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
SROVR9-LVG-SG	Supply of low value goods accountable by the redeliverer or electronic marketplace on behalf of third-party suppliers	9%	—	Applies to Digital Services Nonresident	—	GST on Sales	Sales	January 1, 2024	—
SROVR9-RS-SG	Supply of remote services accountable by the electronic marketplace under the Overseas Vendor Registration Regime	9%	—	Applies to Digital Services Applies to Service Items Nonresident	—	GST on Sales	Sales	January 1, 2024	—
SRRC8-SG	GST on imported services and low value goods by way of reverse charge	8%	SR8-SG	Reverse Charge Applies to Service Items Import	GST on Purchases	—	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
SRRC9-SG	GST on imported services and low value goods by way of reverse charge	9%	SR9-SG	Reverse Charge Applies to Service Items Import	GST on Purchases	—	Purchases	January 1, 2024	—
TX8-E33-SG	Regulation 33 exempt supplies	8%	—	—	GST on Purchases	—	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
TX9-E33-SG	Regulation 33 exempt supplies	9%	—	—	GST on Purchases	—	Purchases	January 1, 2024	—
TX8-N33-SG	Non-Regulation 33 exempt supplies	8%	—	Exempt	GST on Purchases	—	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
TX9-N33-SG	Non-Regulation 33 exempt supplies	9%	—	Exempt	GST on Purchases	—	Purchases	January 1, 2024	—
TX8-RE-SG	Residual input tax	8%	—	Exempt	GST on Purchases	—	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
TX9-RE-SG	Residual input tax	9%	—	Exempt	GST on Purchases	—	Purchases	January 1, 2024	—
TX8-SG	Goods, services or both purchased from GST registered suppliers	8%	—	—	GST on Purchases	—	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
TX8CA-SG	GST-exclusive value of the purchased prescribed goods	8%	TX8-SG	Reverse Charge	GST on Purchases	GST on Sales	—	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
TX8CA2-SG	Goods, services or both purchased from GST registered suppliers Note: You must create this tax code manually. To create this tax code, see Singapore Customer Accounting Tax Codes.	8%	TX8-SG	Reverse Charge Input Tax	Deferred GST on Purchases	GST on Sales	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
TX8CA3-SG	Goods, services or both purchased from GST registered suppliers Note: You must create this tax code manually. To create this tax code, see Singapore Customer Accounting Tax Codes.	8%	TX8-SG	Reverse Charge Input and Output Tax	Deferred GST on Purchases	Deferred GST on Sales	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
TX9-SG	Goods, services or both purchased from GST registered suppliers	9%	—	—	GST on Purchases	—	Purchases	January 1, 2024	—
TX9CA-SG	Goods, services or both purchased from GST registered suppliers	0%	TX9-SG	Reverse Charge	GST on Purchases	GST on Sales	Purchases	January 1, 2024	—
TX9CA2-SG	Goods and/or services purchased from GST registered suppliers Note: You must create this tax code manually. To create this tax code, see Singapore Customer Accounting Tax Codes.	0%	TX9-SG	Reverse Charge Input Tax	Deferred GST on Purchases	GST on Sales	Purchases	January 1, 2024	—
TX9CA3-SG	Goods and/or services purchased from GST registered suppliers Note: You must create this tax code manually. To create this tax code, see Singapore Customer Accounting Tax Codes.	0%	TX9-SG	Reverse Charge Input and Output Tax	Deferred GST on Purchases	Deferred GST on Sales	Purchases	January 1, 2024	—
UNDEF_SG	Used when NetSuite cannot determine the appropriate tax code for a transaction	0%	—	Exclude from VAT reports	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
ZP-SG	Zero rated purchases	0%	—	—	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—
ZR-SG	Zero rated	0%	—	Export	GST on Purchases	GST on Sales	Both (Sales and Purchases)	—	—

Note:

Tax type for the following tax code should be set to Disallowed GST_SG. To create this tax type, see Singapore Tax Setup.

Tax Code	Description	Rate	Property	Purchase Tax Account	Sales Tax Account	Available On	Effective From	Valid Until
BL-SG	GST incurred but disallowed	7%	Exempt	GST Input Disallowed	—	Both (Sales and Purchases)	—	December 31, 2022
BL8-SG	GST incurred but disallowed	8%	Exempt Exclude from VAT Reports	GST Input Disallowed	—	Purchases	January 1, 2023	December 31, 2023 Note: You must manually edit this tax code to set the Valid Until date.
BL9-SG	GST incurred but disallowed	9%	Exempt Exclude from VAT Reports	GST Input Disallowed	—	Purchases	January 1, 2024	—

Tax Code

Description

Rate

Property

Purchase Tax Account

Sales Tax Account

Available On

Effective From

Valid Until

BL-SG

GST incurred but disallowed

Exempt

GST Input Disallowed

—

Both (Sales and Purchases)

—

December 31, 2022

BL8-SG

GST incurred but disallowed

Exempt

Exclude from VAT Reports

GST Input Disallowed

—

Purchases

January 1, 2023

December 31, 2023

Note:

You must manually edit this tax code to set the Valid Until date.

BL9-SG

GST incurred but disallowed

Exempt

Exclude from VAT Reports

GST Input Disallowed

—

Purchases

January 1, 2024

—

Singapore Customer Accounting Tax Codes

You must create the following new Customer Accounting tax codes:

Important:

You must install the Tax Audit Files, International Tax Reports, and Supplementary Tax Calculation SuiteApps to generate Customer Accounting transactions through the Singapore IRAS Audit File (IAF).

TX8CA2-SG
TX8CA3-SG

To create the TX8CA2-SG tax code:

Go to Setup > Accounting > Taxes > Tax Codes > New.
If you are using a OneWorld account, select the Singapore tax nexus.
Check the Reverse Charge Code and Post Notional Tax Amount boxes.
Provide the following information:
- Tax Code: TX8CA2-SG
- Tax Type: GST_SG
- Deferred: Input Tax
- Notional Tax Debit Account: Deferred GST on Purchases SG
- Notional Tax Credit Account: GST on Sales SG
Click Save.

Important:

Input tax (GST on Purchases SG) is excluded from the GST F5 return and IRAS Audit File (IAF) when the TX8CA2-SG tax code is used. Only the Output tax (GST on Sales SG) is reported. To record the input tax (GST on Purchases SG), you must create a journal entry upon receipt of the tax invoice. To create journal entry, see Making Journal Entries.

To create the TX8CA3-SG tax code:

Go to Setup > Accounting > Taxes > Tax Codes > New.
If you are using a OneWorld account, select the Singapore tax nexus.
Check the Reverse Charge Code and Post Notional Tax Amount boxes.
Provide the following information:
- Tax Code: TX8CA3-SG
- Tax Type: GST_SG
- Deferred: Input and Output Tax
- Notional Tax Debit Account: Deferred GST on Purchases SG
- Notional Tax Credit Account: Deferred GST on Sales SG
Click Save.

Important:

Output tax (GST on Sales SG) and input tax (GST on Purchases SG) are not reported in the GST F5 return and IRAS Audit File (IAF) when the TX8CA3-SG tax code is used. To record the input and output tax, you can create a journal entry upon receipt of the tax invoice. To create journal entry, see Making Journal Entries.

Tax Code Table for Singapore

Singapore Customer Accounting Tax Codes

To create the TX8CA2-SG tax code:

To create the TX8CA3-SG tax code:

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