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

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).

To create the TX8CA2-SG tax code:

  1. Go to Setup > Accounting > Taxes > Tax Codes > New.

  2. If you are using a OneWorld account, select the Singapore tax nexus.

  3. Check the Reverse Charge Code and Post Notional Tax Amount boxes.

  4. 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

  5. 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:

  1. Go to Setup > Accounting > Taxes > Tax Codes > New.

  2. If you are using a OneWorld account, select the Singapore tax nexus.

  3. Check the Reverse Charge Code and Post Notional Tax Amount boxes.

  4. 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

  5. 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.

Related Topics

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