Bosses Must Avoid: 3 e-Invoice Landmines
ONLINE WEBINAR
Date:
3 December 2024 (Tuesday) @ 10.30AM
Speaker:
Zen Chow,
YYC Executive Director & Tax Practice Leader
3 December 2024 (Tuesday) @ 10.30AM
Speaker:
Zen Chow,
YYC Executive Director & Tax Practice Leader
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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.
e-invoicing Implementation timelines
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 October 13, 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-invoicing?
All taxpayers undertaking commercial activities in Malaysia
1）Businesses engaged in the provision of goods and services
a. Business to Business (B2B)
b. Business to Consumer (B2C)
c. Business to Government (B2G)
2) Certain non-business between individuals
All taxpayers undertaking commercial activities in Malaysia
1）Businesses engaged in the provision of goods and services
a. Business to Business (B2B)
b. Business to Consumer (B2C)
c. Business to Government (B2G)
2) Certain non-business between individuals (*Guidance will be provided in due course)
How does the e-invoicing system work?
1. Issuance of e-Invoice: Issuance of e-Invoice by the supplier for sharing with MyInvois Portal
2. Real time validation of e-Invoice : Real time validation of e-Invoice by the MyInvois Portal and a unique identifier number will be issued to the supplier
3. Notification of validated e-Invoice : Notification of validated e-Invoice by the IRBM to both the supplier and the buyer
4. Sharing of validated e-Invoice : Sharing of validated e-Invoice embedded with QR code by the supplier to the buyer
5. The e-Invoice may be cancelled or rejected : The e-Invoice may be cancelled by the supplier or rejected by the buyer within 72 hours from the time of validation
6. The e-Invoice is stored in the MyInvois Portal: The e-Invoice is stored in the MyInvois Portal and the records are accessible by the supplier or the buyer in the future
2. Real time validation of e-Invoice : Real time validation of e-Invoice by the MyInvois Portal and a unique identifier number will be issued to the supplier
3. Notification of validated e-Invoice : Notification of validated e-Invoice by the IRBM to both the supplier and the buyer
4. Sharing of validated e-Invoice : Sharing of validated e-Invoice embedded with QR code by the supplier to the buyer
5. The e-Invoice may be cancelled or rejected : The e-Invoice may be cancelled by the supplier or rejected by the buyer within 72 hours from the time of validation
6. The e-Invoice is stored in the MyInvois Portal: The e-Invoice is stored in the MyInvois Portal and the records are accessible by the supplier or the buyer in the future
1. Issuance of e-invoice: Issuance of e-invoice by the supplier for sharing with MyInvois Portal
2. Real time validation of e-invoice : Real time validation of e-invoice by the MyInvois Portal and a unique identifier number will be issued to the supplier
3. Notification of validated e-invoice : Notification of validated e-invoice by the IRBM to both the supplier and the buyer
4. Sharing of validated e-invoice : Sharing of validated e-invoice embedded with QR code by the supplier to the buyer
5. The e-invoice may be cancelled or rejected : The e-invoice may be cancelled by the supplier or rejected by the buyer within 72 hours from the time of validation
6. The e-invoice is stored in the MyInvois Portal: The e-invoice is stored in the MyInvois Portal and the records are accessible by the supplier or the buyer in the future
2. Real time validation of e-invoice : Real time validation of e-invoice by the MyInvois Portal and a unique identifier number will be issued to the supplier
3. Notification of validated e-invoice : Notification of validated e-invoice by the IRBM to both the supplier and the buyer
4. Sharing of validated e-invoice : Sharing of validated e-invoice embedded with QR code by the supplier to the buyer
5. The e-invoice may be cancelled or rejected : The e-invoice may be cancelled by the supplier or rejected by the buyer within 72 hours from the time of validation
6. The e-invoice is stored in the MyInvois Portal: The e-invoice is stored in the MyInvois Portal and the records are accessible by the supplier or the buyer in the future
WHAT ARE THE BENEFITS OF e-invoicing?
✅Increased productivity and automation ✅Better account reconciliation
✅Reduction of invoice processing costs
✅Greater transparency to the tax authorities
✅Improve the tax compliance, more efficient financial and tax reporting
✅Increased productivity and automation
✅Reduction of invoice processing costs
✅Reduction of invoice processing costs
✅Greater transparency to the tax authorities
✅Improve the tax compliance, more efficient financial and tax reporting
WHAT CAN I LEARN FROM THIS WEBINAR?
Get insights into the latest e-invoicing implementation schedules and deadlines.
✅Mandatory Adoption
Discover who is required to adopt e-invoicing and the implications for your business.
✅Benefits of e-invoicing
Learn about the advantages, including cost savings and efficiency gains, associated with e-invoicing.
✅e-Invoice Workflow Overview
Understand the step-by-step process of e-invoicing, from creation to validation and submission.
✅e-Invoice Models
Explore different e-Invoice models and how they can benefit your organization.
✅Scenarios Requiring e-Invoices
Find out when e-Invoices are essential for proof of income and expenses.
✅Required Fields
Get a comprehensive list of the essential fields for creating an e-Invoice.
WHO SHOULD ATTEND THIS WEBINAR?
✅Chief Executive Officers✅Chief Financial Officers✅Financial Planners & Controllers
✅Tax Agents
✅Tax Advisors and Consultants
✅Corporate Accountants
✅Corporate Tax Managers/Executives
✅Business Consultants
✅Financial Planners & Controllers
✅Tax Agents
✅Tax Advisors and Consultants
✅Corporate Accountants
✅Corporate Tax Managers/Executives
✅Business Consultants
SPEAKER
Zen Chow
Zen Chow
BBusCom (Monash), CPA (Aust.), C.A. (M), FCTIM, CTP
Executive Director and Tax Practice Leader in YYC Group
BBusCom (Monash), CPA (Aust.), C.A. (M), FCTIM, CTP
Executive Director and Tax Practice Leader in YYC Group
✅Licensed Tax Agent certified by the Inland Revenue Board (IRBM) and Ministry of Finance (MOF)
✅Licensed GST Tax Agent by the Royal Malaysian Customs Department (RMCD) and Ministry of Finance
✅Member (Chartered Accountant) of the Malaysian Institute of Accountants (MIA)
✅Fellow Member of the Chartered Tax Institute of Malaysia (CTIM) and Chairman of the Public Practice Committee
✅HRDC Malaysia Certified Qualified Consultant and MIE Trainer
✅He has been involved in tax compliance and tax advisory works for more than 18 years in various industries ranging from manufacturing, trading (retail & business services), franchisor/ licensor, education, investment holding, investment dealing, forestation, agriculture, foundation, association, and trade union
✅Active in giving tax-related talks and seminars such as budget talks and tax update seminars
✅Frequently invited by media such as Bernama, TV2, 8TV, 988, BFM, Melody FM and AiFM to share on tax topics
YYC Group
Further Inquiries?
Please Contact +6011-16687309 (WhatsApp, HERE)
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