When importing goods into Singapore, you must pay the GST (Goods and Services Tax) to Singapore Customs if the overseas supplier is not an IRAS GST-registered trader. If you do not have an account with Customs, the forwarder could have taken care of it. 

When dealing with the non-Singapore dollar home currency (e.g. US Dollars, USD) in an accounting system, it’s important to note that the Goods and Services Tax (GST) submission to the Inland Revenue Authority of Singapore (IRAS) has to be in Singapore Dollar (SGD). The home currency is the reporting currency for filing income tax to […]

Singapore’s GST rate is to increase from 8 to 9% from 1 Jan 2024. Update the MoneyWorks accounting software to reflect the new rate to ensure that all future transaction uses the new GST rate. Change the GST rate in MoneyWorks accounting software from the Tax Rate list under the Show menu, edit the “G” […]

Besides the GST rate changed from 7 to 8% as of Jan 2023, the new MoneyWorks 9.1.1 release also incorporated the new requirement for GST reporting (please refer to the Singapore GST Changes and MoneyWorks). You may refer to Cognito’s document or a blog post from Solarsys on changing GST rates in MoneyWorks. MoneyWorks 9.1.1 […]

GST Rate Change

Although you are not getting an auto-update on the new 8% GST rate, no worries; changing the GST rate in QuickBooks Desktop is not too complicated.

When entering a transaction (e.g. a purchase invoice) in MoneyWorks, the GST code used in the detail line follows the GST code set in the account used.