Foreign currency invoice GST Singapore
How to show GST when you invoice in USD, EUR or another currency.
A GST-registered business may invoice in a foreign currency. IRAS requires certain amounts on the tax invoice to be converted into Singapore dollars: the total payable excluding GST, the total GST payable and the total payable including GST. The conversion uses an exchange rate approved by IRAS for GST purposes, and the rate used should be kept with your records. The GST itself is calculated as usual on the taxable value. Check the current IRAS page on foreign currency transactions for the acceptable sources of exchange rates.
- Foreign currency invoices are allowed.
- Three totals must be shown in Singapore dollars.
- Use an exchange rate accepted by IRAS for GST.
- Record the rate you used with the invoice.
How it works
Set the invoice currency and enter the lines with the applicable GST rate, for example 9% or 0% for qualifying exports.
Choose an exchange rate that IRAS accepts and apply it consistently.
Show the total excluding GST, the GST and the total including GST in Singapore dollars.
Keep the invoice, the rate used and the source of the rate for five years.
Legal framework
- IRAS: Foreign currency transactions (GST).
- IRAS: Invoicing as a GST-registered business.
- Goods and Services Tax Act 1993 and the GST (General) Regulations.
- IRAS: Record Keeping Guide for GST-Registered Businesses.
Frequently asked questions
Can I invoice a Singapore customer in USD?
Yes, but the required totals must also appear in Singapore dollars on the tax invoice.
Which exchange rate should I use?
One that IRAS approves for GST purposes. The IRAS page on foreign currency transactions lists the options. Use the same approach consistently.
Are exports to foreign customers charged GST?
Qualifying exports of goods and international services are zero-rated, subject to conditions and evidence. See the page on the GST rate.
Does 4invoices support foreign currencies?
Yes, you can create an invoice in any currency with an exchange rate. 4invoices does not fetch rates from IRAS or check that the rate is acceptable for GST, so you choose and record the rate yourself.