Businesses should generally use the Singapore Dollar (“SGD”) equivalent stated on the supplier’s tax invoice when claiming GST input tax on foreign currency purchases.
Zero-rated purchases should generally be included in the reporting of taxable purchases under Box 5 of the GST return even though GST is charged at 0%.
Businesses should ensure that both the GST input tax claimed and the corresponding value of taxable purchases are properly reported in the GST return.
Where GST errors affect more than one accounting period, businesses may consolidate the errors and report them in a single GST F7 on a per annum basis.
The preparation of an employee’s income tax return is generally considered to have no close nexus to the business and is treated as a personal expense of the employee for GST purposes.
Generally, businesses should file a GST F7 form to correct errors made in previously submitted GST returns.