As of 1st of January 2024, Financio has implemented the following updates to comply with the latest compliance regulations outlined by the Singapore Ministry of Finance:
1. GST Rate Changes
The GST rate has increased from the current 8% to 9%. Thus, a new set of existing GST tax codes with a tax rate of 9% has been added.
The new set of tax codes are suffixed with “-9”. To view the 9% tax code:
- Log in to Financio.
- Navigate to the Taxes page: Control Panel > Master Data > Taxes
In addition, the newly added tax codes from 2023, specifically SRLVG, SROVR-LVG, and SROVR-RS, have also been updated with a suffix of “-8”:
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2. Using the 9% Tax Rate
With the 9% GST tax rate updated, users can still use the 8% GST rate when creating backdated invoices and adjusting the opening balance. To ensure accuracy, the system will automatically display a pop-up confirmation message when users select the 8% GST rate.
A pop-up confirmation message will appear on the screen to notify users when attempting to select an outdated tax rate ranging from 1% to 8% for the year 2024:
The above confirmation message is applicable to the following modules:
- Sales
- Purchases
- Transactions
- Products & Services
3. InvoiceNow Feature
The InvoiceNow feature has been updated with the new 9% GST rate, allowing users to send e-Invoice with 9% tax rate.
To use this feature, navigate to Contacts > Create New Business > enter a valid UEN and enable the Send & Receive InvoiceNow toggle.
Note: You will need a valid UEN to use the InvoiceNow feature.
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