Release Date: December 2022
The document communicates the new features and updates in this release of the Financio v3.6.
These features and enhancement updates have been tested and made available on the following product plan:
1. Compliance update: Singapore GST rate changes for 2023
The Singapore Ministry of Finance has announced a GST rate hike in the budget for 2022. As of 1 January 2023, the GST rate will increase from the current 7% to 8%. This version is now compliant with the new 8% GST rate which includes the newly added tax codes for low-value goods (LVG):
To view the 8% GST tax code and LVG related tax code, please navigate to Control Panel >Master Data >Taxes. Refer to IMG 001 for the tax code list:
2. Compliance update: GST Reports mapping
GST Reports mapping feature is now updated with the following (refer to IMG 002):
• SRLVG – Box 1, 6 and 17
• SROVR-LVG – Box 1, 6 and 16
• SROVR-RS – Box 1, 6 and 15
To cross check the tax mapping, you may refer to the GST Details Report. (Refer to IMG 003)
To learn more, please click here.
3. Compliance update: GST Details/Summary Report
The 8% GST rate and new tax codes updates are reflected in the Tax Reports. In line with IRAS requirement, the ‘Line’ number is now renamed to ‘Box’ (refer to IMG 004). With this, your GST return submission starting 1st January 2023 onwards will be compliant with the new format set by IRAS. To view, go to Report >Tax Report and choose the desire GST report. (Refer to IMG 005).
• GST Details
• GST Summary
4. Compliance update: IRAS Audit File (IAF) Report
The new tax rate and tax codes are reflected in the IAF Report, under SuppData section. (Refer to IMG 006).
To check if all the tax information is recorded correctly, please navigate to Report> Tax Report> IRAS Audit File (IAF). (Refer to IMG 007).
5. Compliance update: InvoiceNow Feature
The InvoiceNow feature is now updated with the new 8% GST rate and new tax codes for low-value goods (LVG):
To use this feature, please go to Contacts> Create New Business> enter a valid UEN and turn ON Send & Receive InvoiceNow toggle. (Refer to IMG 008).
Note: You will need a valid UEN to use the InvoiceNow feature.
6. Enhancement: Tax Code Search
With the growing tax code list, we added a new Search function to speed things up for you. To search for a tax code, just enter the keyword into the search box and the relevant codes will be displayed. (Refer to IMG 009).
7. Enhancement: Using 7% GST Rate
With the 8% GST rate updated, you can still use the 7% GST rate when creating backdated invoices and opening balance. To ensure accuracy, system will automatically show a pop-up message when 7% GST rate is used. (Refer to IMG 010).
This applies to the following modules:
8. Enhancement: Tax Agent role
Financio has a record of all the money in and out from your business, it can quickly run the maths to estimate your taxes. Even so, you may still prefer to hire a tax agent to manage your taxes and ensure all deadlines and rules are met. With this enhanced feature, you can grant your tax agent the specific user role to perform your GST e-submission on your behalf.
The newly added Tax Agent role can also simultaneously be assigned with another role, such as User, Superuser or Admin. Once configured, tax agent can submit the tax filing on behalf of businesses. (Refer to IMG 011 and IMG 012).