Tax Reporting for Singapore
ERP CLOUD
Fusion Financials for Asia Pacific
Table of Contents
1.
Purpose of the document ............................................................................................................................................... 3
2.
Assumptions and Prerequisites....................................................................................................................................... 3
3.
Feature Specific Setup..................................................................................................................................................... 4
Corporate Conversion Rate ................................................................................................................................................. 4
Tax Reporting Types and Codes (Optional) ......................................................................................................................... 5
Tax Rate Setup .................................................................................................................................................................... 6
4.
Invoice Entry in Fusion Payables (Functional Currency of SGD) ..................................................................................... 8
Domestic Invoices (SGD) ..................................................................................................................................................... 8
Foreign Currency Invoices ................................................................................................................................................... 9
Tax Rate Name .................................................................................................................................................................. 10
Validating, Accounting and Posting .................................................................................................................................. 10
5.
Invoice Entry in Fusion Payables (Non-SGD Functional Currency) ............................................................................... 11
Domestic Invoices (SGD) ................................................................................................................................................... 11
Foreign Currency Invoices ................................................................................................................................................. 13
Tax Rate Name .................................................................................................................................................................. 14
Validating, Accounting and Posting .................................................................................................................................. 14
6.
Transaction Entry in Fusion Receivables (Functional Currency of SGD) ....................................................................... 15
Transaction Date ............................................................................................................................................................... 15
Invoice Lines ...................................................................................................................................................................... 15
Tax Rate Name .................................................................................................................................................................. 15
Completing, Accounting and Posting ................................................................................................................................ 15
7.
Transaction Entry in Fusion Receivables (Non-SGD Functional Currency) ................................................................... 17
Foreign Currency Transactions ......................................................................................................................................... 17
1
SGD Currency Transactions ............................................................................................................................................... 19
Transaction Date ............................................................................................................................................................... 21
Invoice Lines ...................................................................................................................................................................... 21
Tax Rate Name .................................................................................................................................................................. 21
Completing, Accounting and Posting ................................................................................................................................ 21
8.
Reporting....................................................................................................................................................................... 22
Input Tax Gain and Loss Report for Singapore.................................................................................................................. 22
Input Tax Gain and Loss Report Parameters ..................................................................................................................... 22
Input Tax Gain and Loss Report Output ............................................................................................................................ 23
Output Tax Gain and Loss Report for Singapore............................................................................................................... 24
Output Tax Gain and Loss Report Parameters .................................................................................................................. 24
Output Tax Gain and Loss Report Output ......................................................................................................................... 25
9.
Appendix ....................................................................................................................................................................... 26
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1. Purpose of the document
This document explains the implementation and usage guidelines for the following reports:
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Input Tax Gain and Loss Report for Singapore
Output Tax Gain and Loss Report for Singapore
The reports allow you to report on the taxable gain and/or loss on transactions entered in Fusion Payables and Fusion
Receivables. The gain or loss may arise due to differences between the accounting gain and loss using a corporate
conversion rate and the conversion rate provided by the supplier or Fusion General Ledger Daily Rate.
The reports can then be used to help you finalize your tax returns to IRAS (Inland Revenue Authority of Singapore)
The document explains the pre-requisite setup, important transaction entry aspects and report output details. In this
document, ‘USD’ refers to US Dollars; ‘SGD’ refers to ‘Singapore Dollars’
2. Assumptions and Prerequisites
In this document, the following entities are assumed to have already been setup :
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Data Security
Geographies
Enterprise Structure
Tax Regime to Rate setup
Tax Party Profiles
Tax Rules
Suppliers
Customers
Procurement Business Function
Common Options for Payables and Receivables
It is recommended that the ‘Implementation Project’ is complete for your organization before commencing the ‘Feature
Specific Setup’ outlined below. If you require further details, refer to the Appendix.
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3. Feature Specific Setup
Corporate Conversion Rate
Task name: Manage Daily Rates
Navigation : Navigator –> Setup and Maintenance -> Manage Daily Rates
Foreign currency transactions (non-SGD) are converted to SGD using an ‘In-house Conversion Rate’. The In-house
conversion rate can be set up in the ‘Currency Rates Manager’ UI in the ‘Daily Rates’ tab. Then the Singapore reports can
help to track the gain/loss in GST amount using the actual exchange rate used to calculate GST at the time of the
transaction, and the In-house Conversion Rate. "Use the ‘Create in Spreadsheet’ utility to create the ‘In-house
Conversion Rates’ between Singapore Dollars and the currencies of the foreign invoices.
The ‘In-house Conversion Rate’ configured and used for foreign currency conversion to SGD, is also shown in the report.
4
Tax Reporting Types and Codes (Optional)
Task name : Manage Tax Reporting Types
Navigation : Navigator –> Setup and Maintenance -> Manage Tax Reporting Types
Setup Tax Reporting Codes to group your transactions for reporting purposes. In this example a tax reporting code is
setup for the Singapore tax rates. This will allow you to run the report by ‘Tax Reporting Code’ across all tax rates.
The Tax Reporting Code can then be assigned to the tax rate(s) that relate to your GST transactions.
5
Tax Rate Setup
Task name: Manage Tax Rates and Tax Recovery Rates
Navigation : Navigator –> Setup and Maintenance -> Manage Tax Rates and Tax Recovery Rates
Assign the ‘Tax Reporting Code’ to the tax rate(s) that relate to your GST transactions.
Assign a ‘Tax Recoverable Account’ to the ledger for the tax rate codes.
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4. Invoice Entry in Fusion Payables (Functional Currency of SGD)
In Singapore, most companies operate with SGD as their primary ledger currency. This section describes the invoice
entry procedures for such implementations.
Task name: Create Invoice
Navigation : Navigator –> Payables Invoices -> Create Invoice
Create an invoice and pay special attention to the following.
Domestic Invoices (SGD)
Invoices need to have the tax rate applied, validated, accounted and posted to General Ledger. The Tax Point Date in
Singapore is typically the ‘Invoice Date’. However, you have the flexibility to report taxes using some other ‘Tax Point’ as
befits your particular business scenario. Domestic invoices should have an ‘Invoice Currency’ of SGD.
8
Foreign Currency Invoices
For foreign currency invoices, enter the ‘Supplier Tax Invoice Conversion Rate’ in the ‘Tax Tab’ for the invoice. If you do
not do this, the report is unable to calculate the gain/loss on an invoice and the report output shows ‘Unspecified’ in the
‘Supplier Conversion Rate’ column in the report output. This means that the report is not able to determine the SGD
amounts for tax reporting and cannot calculate any gain/loss on the invoice. This is evident from the ‘Undetermined’
entry for the amounts (see screenshot below)
If you encounter this scenario, you simply need to edit the invoice and enter the value for the ‘Supplier Tax Invoice
Conversion Rate’ and re-run the report.
9
Tax Rate Name
The invoice needs to have the tax rate code applied that relates to current Singapore tax rate. In this example, the ‘SG
GST Standard Rate’ is applied.
Validating, Accounting and Posting
‘Validate’ the invoice and ‘Account and Post to Ledger’. Invoices that are not validated, accounted and posted do not
appear on the report.
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5. Invoice Entry in Fusion Payables (Non-SGD Functional Currency)
Some companies in Singapore may operate with a non-SGD primary ledger. For example, USD may be the currency of
the primary ledger. In such implementations, the report output shows different information to assist you for your tax
returns. This section describes the invoice entry requirements.
Task name: Create Invoice
Navigation : Navigator –> Payables Invoices -> Create Invoice
Create an invoice and pay special attention to the following.
Domestic Invoices (SGD)
Invoices need to have the tax rate applied, validated, accounted and posted to General Ledger. The Tax Point Date in
Singapore is typically the ‘Invoice Date’. However, you have the flexibility to report taxes using some other ‘Tax Point’ as
befits your particular business scenario. Enter domestic invoices with an ‘Invoice Currency’ of SGD. Ensure the
corporate ‘Conversion Rate’ is applied on the invoice to convert from SGD to USD (which is the primary ledger currency)
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12
Foreign Currency Invoices
For foreign currency invoices, enter the ‘Supplier Tax Invoice Conversion Rate’ in the ‘Tax Tab’ for the invoice. If you do
not do this, the report is unable to calculate the SGD converted amounts on the invoice and the report output shows
‘Unspecified’ in the ‘Supplier Conversion Rate’ column in the report output. The SGD amounts in the report output is
‘Undetermined’.
If you encounter this scenario, you simply need to edit the invoice and enter the value for the ‘Supplier Tax Invoice
Conversion Rate’ and re-run the report. The SGD amounts can then be determined now you have specified the
conversion rate.
13
Tax Rate Name
Apply the tax rate code that relates to current Singapore tax rate to the transaction. In this example, the ‘SG GST
Standard Rate’ is applied.
Validating, Accounting and Posting
‘Validate’ the invoice and ‘Account and Post to Ledger’. Invoices that are not validated, accounted and posted do not
appear on the report.
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6. Transaction Entry in Fusion Receivables (Functional Currency of SGD)
In Singapore, most companies operate with SGD as their primary ledger currency. This section describes the transaction
entry procedures for such implementations.
Task name: Create Transaction
Navigation : Navigator –> Receivables Billing -> Create Transaction
Create a transaction and pay special attention to the following.
Transaction Date
In Singapore, the Tax Point Date is the transaction/invoice date. The report only shows the transactions that have a
transaction date that is in the period range.
Invoice Lines
The report shows each invoice line number as a separate row in the report
Tax Rate Name
Apply the tax rate code that relates to current Singapore tax rate to the transaction. In this example, the ‘SG GST
Standard Rate’ is applied.
Completing, Accounting and Posting
‘Complete’ the transaction and ‘Account and Post to Ledger’. Transactions that are not completed, accounted and
posted do not appear on the report.
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7. Transaction Entry in Fusion Receivables (Non-SGD Functional Currency)
Some companies in Singapore may operate with a non-SGD primary ledger. For example, USD may be the currency of
the primary ledger. In such implementations, the report output shows different information to assist you for your tax
returns. This section describes the transaction entry requirements.
Task name: Create Transaction
Navigation : Navigator –> Receivables Billing -> Create Transaction
Create a transaction and pay special attention to the following.
Foreign Currency Transactions
Foreign currency transactions are converted to SGD amounts in the report. This is achieved by the ‘Corporate’ rate
setup between SGD and the foreign currency and shows as the ‘Spot Conversion Rate’ in the report output.
17
18
SGD Currency Transactions
Domestic SGD transactions are converted to the primary ledger currency amounts in the report. This is achieved by the
inverse ‘Corporate’ rate setup between SGD and the foreign currency and shows as the ‘In-house Conversion Rate’ in the
report output. For example, transaction 1457 is a SGD invoice converted to the USD primary ledger currency.
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Transaction Date
In Singapore, the Tax Point Date is the transaction/invoice date. The report only shows the transactions that have a
transaction date that is in the period range.
Invoice Lines
The report shows each invoice line number as a separate row in the report.
Tax Rate Name
Apply the tax rate code that relates to current Singapore tax rate to the transaction. In this example, the ‘SG GST
Standard Rate’ is applied.
Completing, Accounting and Posting
‘Complete’ the transaction and ‘Account and Post to Ledger’. Transactions that are not completed, accounted and
posted do not appear on the report.
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8. Reporting
The Input and Output Tax Gain and Loss reports for Singapore can be submitted as follows:
Input Tax Gain and Loss Report for Singapore
Navigation : Navigator –> Tools -> Scheduled Processes
After you have entered, validated and accounted your invoices, they appear in the ‘Input Tax Gain and Loss Report for
Singapore’
Input Tax Gain and Loss Report Parameters
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Input Tax Gain and Loss Report Output
The report layout differs depending on whether you run the report for SGD primary ledger currency, or a foreign
currency primary ledger.
SGD Primary Ledger Example:
Non-SGD Primary Ledger Example:
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Output Tax Gain and Loss Report for Singapore
Navigation : Navigator –> Tools -> Scheduled Processes
After you have completed and accounted your transactions, they appear in the ‘Output Tax Gain and Loss Report for
Singapore’
Output Tax Gain and Loss Report Parameters
24
Output Tax Gain and Loss Report Output
The report layout differs depending on whether you run the report for SGD Primary Ledger Currency, or a foreign
currency primary ledger.
SGD Primary Ledger Example:
Non-SGD Primary Ledger Example:
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9. Appendix
Here are some useful information sources to assist with the implementation:

Oracle Enterprise Repository (Financial Report Listing)
The OER provides content relating to the report parameters and sample report output. Log in as ‘guest’ from
OER first.
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Oracle Financials Cloud Release 9 (Get Started)
The web site contains links to subscriptions, understanding Oracle Financials Cloud and Implementation advice.

Oracle Fusion Financials Cloud Release 9 What’s New
This document contains additional information relating to this feature and other Fusion Financials features and
capabilities.

Enterprise Resource Planning Release Readiness for Financials Release 9
The web site contains links to spotlights, release content documents, product documentation and training.
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