The Minister for Finance announced in Budget 2022 that the GST rate increase will be staggered over two steps:
- from 7% to 8% with effect from 1 Jan 2023; and
- from 8% to 9% with effect from 1 Jan 2024.
Step 1 : Go to Accounting Module > Configuration > Taxes
Step 2 : Filter "Active" tax group and then group by "Tax Group"
Step 3 : Open group "TAX 7%" & click on the related tax codes
Step 4 : Click "Action" > "Duplicate"
Step 5.1 : Rename "Tax Name" & change the "Amount" of tax rate
Step 5.2 : Under "Advanced Options" tab, rename "Label on invoices" & select new "Tax Group" (Creation of new Tax Group only needed for the FIRST tax code change, user just need to select for the following tax code changes)
Step 6 : Click "Save"
*Now in the Taxes list :
**If user wish to deactivate tax codes not in use :