Tuesday, April 2, 2019

Reports > VAT /GST > Tax Reports (International) > Subsidiary = Singapore > Box 3 > does not automatically reflect the realized exchange gain/loss tax amount.


·        Reports > VAT /GST >  Tax Reports (International) > Subsidiary = Singapore

·        Box 3 does not automatically reflect the realizedexchange gain/loss tax amount


·        As per http://www.iras.gov.sg/irasHome/page04.aspx?id=2002 :You may sell goods to your customers and invoice them in a foreign currency(e.g. US dollars). When your customers make payment in foreign currency and youexchange the foreign currency for Singapore dollars, exchange gains or lossesmay arise. You should report the absolute value (i.e. drop negative sign, ifany) of net realised exchange gain/ loss for each prescribed accounting periodin Box 3 of your GST return



·        Asper http://www.iras.gov.sg/irasHome/page04.aspx?id=674#Box_3> Box 3 (Total Valueof exempt supplies) of the GST F5 (Goods andServices Tax Return) for subsidiary = Singapore

What to include?


Sale and lease of residential properties

Sale and lease of residential properties 

Supplies of financial services under Fourth Schedule to GST Act   

- Interest relating to bank deposit/loan/trade debt
- Issue, allotment or transfer of ownership of any equity or debt security
- Absolute value (i.e. drop negative sign, if any) of net realised exchange gain/loss for each prescribed accounting period

Sale of investment precious metals in Singapore

Sale of Investment precious metals in Singapore


·        Sincethe Box 3 is editable since the amount to be entered in this box is notcomputed only for the absolute value of net realised exchange gain/loss foreach prescribed Accounting Period

·        Box 3 defaults to Total Net Amount of exempttransactions but is editable; user can add the adjustment here

·        Usercan create a Journal to account forthe foreign exchange and assign the exempt tax code. The necessary reversal journal for the system generatedshould be created to avoid over/understatement of account balances.

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