Release Date: 15th July 2023 (Saturday)

Version: 1.3

Introduction

The document communicates the compliance updates in this release of the Financio Payroll v1.3.

Compatibility

These features and enhancement updates have been tested and made available on the following product plan: 

1. Compliance Update: Malaysia tax rate 2023

Malaysia Revised Budget 2023 is now gazetted. Lembaga Hasil Dalam Negeri Malaysia (LHDN) has announced that the new income tax rates for monthly tax deduction calculation is now effective starting 1 June 2023. In a summary, the Year of Assessment (“YA”) 2023 income tax rates for resident individuals will be reduced by 2 percent for the chargeable income bands between RM 35,001 to RM 100,000. Whereas, resident individuals with chargeable income bands between RM 100,001 to RM 1,000,000 will be increased by 0.5 percent to 2 percent.

2. Enhancement: Automated EPF Rate Adjustment

In Malaysia, the EPF employer contribution rate is 13% for individuals below the age of 60 earning RM5,000 and below, and 12% for those earning above RM5,000. Employees receiving commissions and incentives may have varying total earnings. Our latest release includes an automated system that accurately calculates the appropriate employer contribution for each employee.

3. Enhancement: Screen Loading Speed

In this latest version, we have significantly improved and accelerated the loading time in the Financio Payroll backend system, particularly for the User Management listing screen. Previously, it took approximately 11.47 seconds to load, but with our recent enhancements, it now only takes 2 to 3 seconds. This means you can now enjoy a much smoother and more efficient payroll process!