This article details how to run tax reporting for Singapore IRAS.
Singapore Tax Reporting in Enterpryze
What Tax reporting is available?
· Enterpryze enables you to produce Tax returns for IRAS (Inland Revenue Authority of Singapore)
· The 2 files available to download from Enterpryze are, the IRAS Audit file and IRAS GST F5, both are in XML format.
· The IRAS Audit file is a standard electronic file used in Singapore for the purpose of tax audits with IRAS. It contains a list of all your transactions recorded for tax purposes.
· The IRAS GST F5 is used for generating your Tax return with IRAS, it contains a summary of your Taxes applied to your transactions.
What do I need to setup in Enterpryze?
· You will be able to assign a GST No. (your tax registration number) and UEN (Unique Entity number) to your organisation in Settings as these will be shown on the tax reports when downloaded to identify your company.
Click on Settings > Organisation Details
· Enterpryze provides a default list of Tax Codes in line with your localisation.
· You will be able to assign a tax code and the UEN to each Customer and Supplier that you setup in Companies.
· You must assign the correct Tax Codes to your Sales & Purchase/Journal transactions for the Tax Reporting to be more accurate.
· On Payments and Journal entries you will be able to populate the fields required by IRAS.
Do I need my accountant to run the tax reports?
· You don’t need your Accountant to run the reports for you, as long as you have recorded all the required transactions in Enterpryze to the correct tax codes.
· Tip: You can check with your Accountant for obligations with the Revenue (IRAS) and tax codes that are applicable to your business, ensure your system is setup correctly to succeed.
How do I run the reports?
· Once transactions are added for the period, you will be able to produce the IRAS Audit file and save it to your computer for uploading it to Revenue (IRAS).
1. Click on Finance > Tax
2. You will see a button for the IRAS Audit File and IRAS GST F5, click here and select the dates you are reporting for, then select Generate and the XML file will download.
3. This is now saved to your computer where you can retrieve the file and submit it to IRAS online.
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