E – INVOICING

INTRODUCTION FOR E – INVOICING

To support growth of the digital economy, the Malaysian Government intends to implement e-Invoicing in stages in effort to enhance the efficiency and betterment of the country’s tax administration management. The implementation of e-Invoicing to improve the quality of services and reduce compliance costs to taxpayers, while increasing the efficiency of business operations, as was announced by the Ministry of Finance.

Implementation timeline

The 2024 Finance Bill includes provisions modifying the timeline for introducing the e-invoicing mandate in Malaysia.

Malaysia’s Inland Revenue Board (IRB) has issued guidance notes on the launch of its B2B e-invoicing via a new MyInvois Portal or API interface, and B2C e-Receipt regimes, due to launch on 1 Aug 2024.

Although the first stage of implementation begins in Aug 2024 and is mandatory for business with a sales threshold of RM100m per year, the IRB welcomes organisations who are ready to undertake the programme to volunteer themselves for the pilot project.

e-Invoicing will become mandatory for all taxpayers regardless of sales threshold from July 2025. We should get ourselves ready and to gain an understanding and preparation of Malaysian e-invoicing, identify the impacts and operations.

E-invoicing process description

Issuers of invoices will be required to deliver them to government entities for verification and approval before sending them to recipients. Each invoice at this stage will be provided with a certificate with its serial number, which will be proof for both the issuer and the recipient that it has been issued correctly. An additional invoice verification method will require a QR code. Invoices will be exchanged mainly through the PEPPOL channel. The myTax portal will also be made available, which will enable manual issuing and receiving of e-invoices.

COURSE OBJECTIVE

After completing this course, participants will be able to understand and know the following:

• Understanding what is E-Invoicing
• The E-Invoicing rules in Malaysia
• Benefits of E-Invoicing
• E-Invoicing process description
• E-Invoice implementation timeline
• E-Invoicing: Impact on strategies and operations
• (And, with Latest Updates)

COURSE CONTENT

• Course Introduction
• Introduction of E-Invoicing
• E-Invoicing Rules in Malaysia
• Benefits of E-Invoicing
• The E-Invoicing Process
• E-Invoice New Implementation Timeline
• E-Invoicing: Impact on Strategies and Operations
• Update: Required Fields for E-Invoice
• Update: Transactions with Buyers (3 Scenarios)
• Update: 4 Key Scenarios to Demonstrate the Application
• Update: Disbursement or Reimbursement
• Update: Employment Pre-requisites and Benefits
• Update: Self Billed E-Invoice
• Update: Cross-border Transactions
• Digitalised Your Accounts