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Singapore Tax - GST F5 for foreign currency ledger

Singapore Tax - Create a GST F5 for foreign currency ledger. It is now a pain to do GST reporting for a USD reporting company.

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Wendy Toh shared this idea  ·   ·  Report…  ·  Admin →
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Gaining Support  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Thanks for sharing and supporting in this idea, everyone. Right now, developing GST F5 for foreign currency in Singapore isn't in our roadmap.

Currently, Singapore organisations can access the GST Audit report that shows the base currency, FX value and Singapore dollar value information you’ll need to meet IRAS requirements.

You can also use the Foreign Currency Gains and Losses report to show the gains and losses needed for IRAS reporting.

We'll continue to get a sense of the interest in this idea, and if there are any changes will share news with you here.

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  • Pheng Soon Tan commented  ·   ·  Report

    I must support this request.
    to generate the F5 from foreign currency, we have to spend alot of time pulling out all the transactions in their source currencies and translate them into SGD.

    The Foreign Currency Gains and Losses report showing the gains and losses helps with the IRAS reporting but we still need the other amounts for the F5 fields.

    this is a important localisation especially when Singapore is getting everyone to be on InvoiceNow/e-Invoicing. Xero will lose out to the other accounting software.

    so i hope you can highlight this to the dev team.

  • Josephine Yap commented  ·   ·  Report

    It is critical. Please come out an solution as this part of the bookkeeping job.

  • Wendy Toh commented  ·   ·  Report

    Absolutely agree with Alexey. We are now doing GST manually for a USD reporting company. It is really a pain and we are not able to benefit from the GST F5 automated reporting feature.

  • Alexey Dmitriev commented  ·   ·  Report

    Yes, this is vital. To Explain for ease of understanding and encourage quicker implementation:
    Singapore government requires that company reports in a currency that it most transacts in. In our case, our chart of accounts and reporting is in USD and the GST F5 Return (that we're mostly switched to Xero for) option is NOT available in the menu.
    Could you please make it be possible to have the GST F5 Return option for an organisation in Singapore who's accounts are kept in currency other than SGD?
    Thank you

  • Nurashikin Abdulla commented  ·   ·  Report

    We have a few Singapore entities on Xero. They are all registered under one Group GST registration. It would be good to have a function to consolidate GST reporting under the same GST registration number as they are related subsidiaries.

    Thanks.

  • Shu Yan Tan commented  ·   ·  Report

    To have adjustment field for Box 5 taxable purchases, as once there is adjustment to be made to Box 7, Box 5 figure may be impacted.

  • Shu Yan Tan commented  ·   ·  Report

    To have an adjustment box for Box 5 Taxable purchases as well. After adjusting Box 7, Box 5 may be affected too.