We're thrilled to have you here, Evinna. QuickBooks Online (QBO) offers the ability to select from a list of commonly used tax rates (VAT/GST). I got more details about this.
In the list of tax codes when managing your Purchase order. These rates are provided for informational purposes and are not tax or accounting advice. To help you have an overview of these options, I'll outline the ones that are GST-free or 0% GST rates:
- 0% EP (0%)
- Out of Scope (0%)
- 0% OP (0%)
- 0% ZP (0%)
- 0% NR (0%)
The remaining codes indicate a GST rate of 9%:
- TXCA 9%
- IM 9%
- TX-ESS 9%
- TX 9%
- TX-RE 9%
- BL 9%
- TX-N33 9%
If you aren’t sure which tax code to use, I recommend consulting your accountant or tax or accounting advisors. They can help you select which tax code is applicable to indicate for your supplier's purchase orders, especially when Singapore customs has not yet billed you for the GST. Alternatively, consider contacting Singapore’s Inland Revenue Authority (IRAS) for detailed guidance on GST exemptions and tax codes.
In addition, navigate through these resources to learn more about the GST rates in QBO:
You may also find these articles helpful when you need to update the things you sell or the service you provide and their corresponding tax rates in QBO:
I hope this information helps you navigate the various tax codes available when managing purchase orders in QBO, Evinna. Please remember, if you have any further questions or need additional assistance, our community is here to support you every step of the way. Have a fantastic day!
