ERP Software for Singaporean Businesses

The technical requirements center on the Peppol network. Businesses need four things for compliance: registration with an IMDA-accredited Access Point Provider, a Peppol ID linked to the company's Unique Entity Number (UEN), an accounting or invoicing system that outputs PINT-SG (Peppol International Invoice - Singapore) format data, and complete digital invoice records that meet IRAS audit requirements. Yukti connects to IMDA-accredited Peppol access points and generates PINT-SG compliant invoice data with the GST breakdowns, validation rules, and tax category codes required by IRAS.

Singapore GST applies at 9% (increased from 8% in January 2024). GST registration is mandatory for businesses with annual taxable turnover exceeding SGD 1 million. The system is relatively straightforward compared to multi-rate VAT systems in other countries, but the distinction between standard-rated, zero-rated, and exempt supplies requires careful classification. Yukti handles GST calculation and generates the data for GST F5 and F7 return filing with IRAS.

Singapore's position as a regional headquarters hub means many businesses run operations across Southeast Asia from Singapore. Transfer pricing documentation is required under Section 34D of the Income Tax Act, and the IRAS follows OECD transfer pricing guidelines. Country-by-country reporting (CbCR) is mandatory for multinational enterprise groups with consolidated revenues of SGD 1.125 billion or more. Yukti supports intercompany transaction management and generates the transfer pricing documentation required by IRAS.

Corporate tax in Singapore is a flat 17%, among the lowest in developed economies, with partial and full exemptions available for qualifying new companies. The tax filing timeline requires estimated chargeable income (ECI) within three months of the financial year end, with the full return (Form C or Form C-S) due by November 30. Yukti tracks these deadlines and generates the supporting schedules.

Payroll in Singapore involves CPF (Central Provident Fund) contributions, which fund retirement, healthcare, and housing. CPF rates vary by employee age bracket and residency status. The Skills Development Levy (SDL) applies at 0.25% of monthly remuneration. Yukti calculates CPF at the correct rate for each employee and generates the CPF submission file for electronic payment.