How Does The e-Invoicing System Work?

Published: Tue, 11/26/24

Updated: Tue, 11/26/24

The Malaysian Budget 2025 has made one thing clear: No More Turning Back, e-Invoicing is Here to Stay! Starting in August 2024, businesses with an annual turnover exceeding RM 100 million are the first to be required to implement this new system.

The second batch will start on 1 January 2025 (less than 1 months).

What is e-Invoice?

An e-Invoice is a digital representation of a transaction between a supplier and a buyer, and it shall replace any other invoice formats that are presently adopted by businesses.

Unsure how to issue e-Invoices?
Unfamiliar with e-Invoice platform?
Need more time to adapt to the new requirements?

You’re not alone! To help businesses transition smoothly, HASiL has granted a 6-month Grace period to provide businesses with ample time to adapt to the new system. During this 6-month Grace period, businesses in first phrase are allowed to issue consolidated e-Invoices and comply with related regulations under 【Section 120 (1) of the ITA 1967】to avoid penalties.

So, what is 6-month Grace Period for e-Invoice?

✅ All industries and transactions, including self-billed e-Invoices, are allowed to issue consolidated e-Invoices.

✅ Any description can be entered in the "Product and Service Description" field.

✅ Sellers are not required to issue single e-Invoices for each transaction. Even if the buyer requests for an e-Invoice, the seller can still issue a consolidated e-Invoice.

Timeline for the implementation of e-invoicing

Don't Get Left Behind!

Lus help you navigate the world of e-invoicing.

Register our tax webinar【Tax Savvy Boss: e-invoicing Tactics Revealed】by YYC Now!

Event Details:

Date：06 December 2024 (Friday)

Time：2:00PM - 4.30PM

Speaker: Datin Yap Shin Siang, YYC Group CEO & Finance Expert

Platform: Zoom

Fee: Free

What You Can Learn From This Webinar?

✅Why Tax is a concern for bosses?

✅Implementation Timelines of e-invoicing

✅Implementation process of e-invoicing

✅e-Invoice Workflow Overview

✅e-Invoice Models

✅Who should use e-invoicing?

✅E-Invoice Will Impact Your Taxes

Join 【Tax Savvy Boss: e-invoicing Tactics Revealed】to know more about the details.

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Kuala Lumpur Wilayah Persekutuan 55100
MALAYSIA

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