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Singapore extended ovr

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Zonos and the Singapore Extended OVR Regime 

What are my options for managing Singapore’s GST scheme? 

Zonos software will handle Singapore GST threshold monitoring and collection. If you pass the thresholds and are required to register, you can either register for your own GST number or have Zonos remit on your behalf.

1. Collect and remit using your own GST number

Singapore GST Dashboard Settings

To begin collecting, you must first register if you plan on remitting under your own Singapore GST number. In Zonos Dashboard Settings, you can follow the instructions to enter your Singapore OVR number into Dashboard and choose which option you would like to use to determine what is considered low-value when calculating GST. Dashboard allows you to choose from the following values:

  • Item sales value
  • Consignment value

Be sure to do the following:

  • Issue GST invoices. Zonos Dashboard can help you issue and reissue GST invoices and will auto-populate your GST number once you have it.
  • Remit the collected GST quarterly to IRAS through your account on their website.

2. Have Zonos collect and remit on your behalf with the Landed Cost Guarantee service

If you meet the registration thresholds but don't want the hassle of registering and remitting, Zonos Landed Cost Guarantee is a good option for you. This white-glove service ensures landed cost accuracy for every international sale. It will also manage Singapore's Extended OVR Regime by taking care of everything for you, including registration, reconciliation, reporting, and remittance.

Noncompliance 

Failure to register and pay GST in Singapore is tax evasion. Penalties may apply for noncompliance. Zonos' Landed Cost Guarantee helps you stay compliant with Singapore’s Extended OVR Regime so you don’t have to worry.

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