Free Webinar (17/07) to learn more about e-invoicing
After the announcement of the Budget 2024 on 13 October 2023, the implementation of e-Invoice has become a nationwide focus.
The Inland Revenue Board Malaysia (IRBM) has set to implement e-invoicing starting in 2024! Businesses with an annual turnover of more than RM 100 million will be the first to be required to implement the e-Invoice system.
What is
e-invoicing?
e-invoicing, also known as electronic invoicing. An e-Invoice is a digital representation of a transaction between a supplier and a buyer. An e-Invoice shall replace any other invoice formats that are presently adopted by
businesses.
These include paper invoices, scanned invoices, invoices in pdf format, etc
An e-Invoice contains almost similar information as a traditional invoice, for example, supplier’s and buyer’s details, item description, quantity, price excluding tax, tax and total amount.
The
difference is that an e-Invoice is a file created in the format specified by the IRBM which can be validated by the IRBM’s MyInvois Portal.
Timeline for the implementation of e-invoicing
e-invoicing will be mandatory for all businesses based on their turnover or revenue thresholds and will be implemented in phases. For businesses with an annual
turnover of more than RM 100 million, the original implementation date of 1 June 2024, has been postponed to 1 August 2024.
However, following the budget announcement on 13 October 2023, the
implementation date for all other businesses has been brought forward by 18 months to 1 July 2025, moving it ahead of the initial date of 1 January 2027.
Who should use e-Invoice? How does the e-invoicing system work? What are the benefits of e-invoicing?
The e-Invoice topic has suddenly become a compulsory subject for every business! Don't want to catch the attention of IRBM in the future? It's best to get acquainted
with the rules and details of e-invoicing before it is officially implemented!
Register online tax sharing【e-Invoice 101: SMEs must know】by YYC Now!
