Accounting 2.0 - Tax: IRAS - Singapore tax rate did not auto change to 8% when key in document dated year 2023

Question: I have updated AutoCount version to 2.1, when I create Purchase Invoice for year 2023, the tax rate did not change to 8% automatically, it remains 7%. Why?

Possible Reason:

The tax code that you assigned did not link with Government Tax Code.

Solution:

1) Go to Tax > Tax Code Maintenance.

2) Edit the tax code, assign with Government tax code, then click on OK.

3) Now, when you create PI with TX government tax code dated year 2023, tax rate will be 8%. If you change the date to year 2022 tax rate will be 7%, and year 2024 tax rate will be 9%.

2023 – 8%