If you’re a business operating in Singapore or planning to expand into the region, understanding Goods and Services Tax (GST) requirements is crucial.
What is GST in Singapore?
GST, or Goods and Services Tax, is a consumption tax levied on the supply of goods and services in Singapore and on the import of goods into Singapore.
Importance of Localisation
For businesses using Microsoft Dynamics 365 Business Central, localisation ensures that the software complies with the specific tax and regulatory requirements of Singapore. This includes:
- Tax Calculation: Proper calculation of GST on sales and purchases according to Singaporean rules.
- Reporting: Generation of GST reports in the format required by the Inland Revenue Authority of Singapore (IRAS).
- Compliance: Ensuring that all transactions meet Singaporean legal standards and are properly documented.
Manual preparation of GST reports can be time-consuming and tedious.
Cactoz has developed a localisation pack to ease the process.
Find our listing on Microsoft Appsource here!
For more information on Microsoft Business Central, click here.
