Budget 2021 had announced that the GST hike for Singapore would likely happen between year 2022 to 2025 and this will very much depend on the economic outlook. It is predicted that the GST increase will very likely be from 7% to 9% or 10%. The GST increase will result in some predictable changes in ABSS Accounting software.
Changes to GST Form F5
GST form F5 is a return which a GST registered company need to declare the sales of products and services to end users and purchases from their GST registered suppliers. It indicates the GST to be claimed for the relevant accounting periods. Some important format changes will most likely be made to the GST form F5.
Additional tax code percentage to be added to interface and listing
The new GST Tax code reflecting the GST increase for example 9% will need to be added to the tax code list in the ABSS Accounting software. The old tax code of 7% will also need to be retained in the software as the old tax code is tagged to prior transactions before the date of GST increase.
Changes to customised form templates
Some ABSS users who are using the customized form templates functionality in the software will need to arrange for their consultant to amend their invoice, quotation, PO and SOA customized formats so as to cater to the new GST rate changes.
