Latest GST Tax Codes for Singapore

The following guide will help update your GST tax rates and codes for the pending regulatory change on 1st January 2023 and Financio will auto-update on 31st December 2022. Do note that there will be two essential tasks you must perform before entering any new transactions on 1st January 2023.

Effective from 1st January 2023, the Singapore GST code list will be updated as below:

• New GST code SRLVG, SROVR-LVG and SROVR-RS has been introduced by IRAS for supply of Low Value Goods (LVG) and reverse charge. The new codes are now available in Control Panel -> Master Data -> Taxes
• Financio will auto generate new tax codes for both new users and existing users
• Financio also will generate the new tax rate 8% for new users and existing users

IMG 001 : Tax Code List

Note: 

• Tax code will be available for new user upon activating the Tax function for their company
• New Tax code and tax rate will be available for existing user after the release of version 3.6.0

Related article: How to Enable GST? (Singapore)