OpenERP / Odoo Singapore localization

1. Singapore Localization
Abhishek Gupta
Contact Info: abhishekgupta61187@gmail.com
+91-7874833396/+91-7802885715
Goods and Services Tax
Introduction to Import GST Deferment Scheme (IGDS)
SingaporeLocalization
Modules: l10n_sg,l10n_sg_payroll
OpenERP/ODOOVersion: 7.0& 8.0

2. Presentation Plan

3. Current Situation
Import GST is collected by Singapore Customs (SC) on all goods imported into
Singapore, except where:
 Relief has been granted under the GST (Imports Relief) Order; or
 Importer is under an import GST suspension scheme (e.g. Major
Exporter Scheme)
Business without any GST schemes will need to pay GST upon importation and
can only claim back at the time when it files its GST return
Time lapse between payment of import
GST and claiming it back as input tax
Introduction

4. Import GST Deferment Scheme (IGDS)
 In Budget 2010, IGDS was introduced with the aim to help GST-registered
businesses which suffer tighter cash flow as a result of importing goods.
 Payment of import GST is being deferred from the time of importation to the
filing of GST return. This allows importers a credit period of 1 to 2 months,
similar to what businesses enjoy for their local purchases.
 Takes effect from 1 October 2010
 Approved businesses will be able to enjoy IGDS status for a period of 3
years till next review
Cash flow eased
Introduction (Cont…)

5. GST Reporting
Approval date on
permit:
12 October 2010
Declared in GST
return for period:
1 October to 31
October 2010
Introduction (Cont…)

6. Numerical Comparison:
31 October 2010
End of GST Accounting Period
Normal Rules
Pay $5,000 to IRAS
IGDS
Pay $15,000 to IRAS
20 October 2010
Sell goods with output tax amounting to
$15,000
12 October 2010
Import goods with import GST amounting to $10,000
Normal Rules
Pay import GST of $10,000
upfront to SC
IGDS
Need not pay import GST of
$10,000 to SC
1 October 2010
Start of GST Accounting Period
30 Nov 2010
GST Reporting and Payment
Normal Rules
Box 6: Account
$15,000 output tax
Box 7: Claim $10,000
input tax
Pay $5,000 net GST
IGDS
Box 6: Account
$15,000 output tax
Box 7: Claim $10,000
input tax
Pay $5,000 net GST
before GST deferment
New Box: Account
$10,000 deferred
import GST
Pay $15,000 net GST
Introduction (Cont…)

7. Scope of IGDS
 To import goods in the course or furtherance of your business
 To import goods belonging to an overseas principal for sale in Singapore or
re-export in the capacity of a GST agent (i.e. Section 33(2) or Section 33(A)
agent)
 IGDS will apply to both dutiable and non-dutiable overseas goods under the
following circumstances:
 Direct imports
 Imports released from Zero-GST/Licensed warehouses into local
market
 Not applicable to customs or excise duties
Introduction (Cont…)

8. •Letter of guarantee (GST-registered < 3 years)
GST-registered for at least 3 years
•Not under bankruptcy, liquidation, receivership or judicial
management
Business is active and solvent
Have been importing or will be importing
goods for business purposes
Under monthly GST accounting period
•Deduction will be made on the 15th day of the month after the
due date for payment
Active GIRO account with IRAS for GST
payment
•No major violation of Singapore Customs’ regulations and
requirements
Good compliance records with Singapore
Customs
Qualifying Conditions

9.  As safeguard against risks:
 May impose letter of guarantee prior to approval or during the validity
period of the scheme; or
 Reject application
•Good history of payment for GST and other taxes
•Prompt submission of GST returns
•No overdue GST and other taxes
•No overdue GST returns
Good compliance records with IRAS
Good internal controls and proper
accounting records
Complete Assisted Self-help Kit (ASK)
Qualifying Conditions (Cont…)

10.  IRAS standard Chart of account
 Chart of GST tax payables and receivables
 Preconfigured taxes
 Payroll configuration with CPF rules
 Configuration of Employee and Employer contribution registers
 E-tax file generation and validation with AIS validation application
Customized Features

11.  IR8A report generation
 IR8S report generation
 Pipe delimited e-tax text file generation
 GST Form5 and GST Form7 generation
 PDF and Text file generation for IR8A and IR8S
 Various Payslip reports YTD, Bank & Cheque Payments, Payslip Details
Available Reports

12. Invoicing

13. Chart of Accounts

14. Chart of Taxes

15. Employee Details

16. Pay slip with CPFs

17. Pay slip Report with Details

18. IR8A Report Generated from

19. IR8S Report Generated from

20. GST Form 5 Report Generated from

21. THANK YOU
For more details and demo contact on
E-Mail : abhishekgupta61187@gmail.com
Skype : abhishekgupta61187
Mobile : +91-7874833396/+91-7802885715