Updating Asset Details and GST Return Declarant Designation Details
Singapore Localization lets you update the Declarant details in your GST F8 Return form to comply with the Inland Revenue Authority of Singapore (IRAS) requirements.
The Tax Filing permission must already be added in your account before you can update Declarant Designation details. Contact your administrator. For more information, see Roles and Permissions in Tax Reporting Framework.
To update the Asset Details and Declarant Designation details of your GST F8 Return:
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Go to Reports > Tax > Country Tax Reports.
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From the Subsidiary list, select your subsidiary.
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From the Nexus list, select your Singapore nexus.
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From the Report Name list, select GST F8 Return.
The Set Up GST F8 button appears when you select GST F8 Return in the Report Name field.
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Click Set Up GST F8.
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In the asset details section, check any of the following condition boxes if applicable to your business:
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You have transferred your whole business as a going concern to another GST-registered business.
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Your business is carried on by another person who is deemed to be a taxable person in the case where the taxable person is under liquidation, receivership, or where the taxable person has died or is incapacitated.
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Your total assets (on which you have claimed input tax) held on hand as of the last day of registration amounts to less than S$10,000.
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If you don't check any of the condition boxes mentioned above, refer to the following table for entering values in the Asset Details section of the Set Up GST F8 page:
Field
Description
Total Asset Amount
Enter the total value of your business assets in SGD. The asset amount entered in this field is added to the amount in Box 1 of GST F8.
Total Asset Tax
Enter the tax accrued on the asset value entered in the Total Asset Amount field in SGD. The tax amount entered in this field is added to the amount in Box 6 of GST F8.
Note:If the report currency is different, NetSuite converts the value to the report currency using the exchange rate at the end of the reporting period. The converted amount is then added to the applicable boxes.
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Refer to the following table for entering values in the GST Return Declaration section of the Set Up GST F8 page.
Field
Description
Declarant Designation
Enter the job title or role that you want to appear in the Declarant section of the GST F5 Return.
Contact Person
Enter the name of the person responsible for communicating with IRAS on behalf of your company.
Contact Telephone Number
Enter the 8-digit telephone number of the designated contact person.
Contact Email
Enter the email address of the designated contact person.
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Click Save.