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Tax Savvy Boss: e-invoicing Tactics Revealed

Tax Savvy Boss: 
e-invoicing Tactics Revealed

ONLINE WEBINAR

ONLINE WEBINAR

Date: 12/07/2024 (Friday)
Time:2:00PM - 4:30PM
Speaker: Datin Yap Shin Siang, YYC Group CEO & Finance Expert

Fill in your details to register now

Fill in your details to register now

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What is e-invoicing?

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.

BEFORE the implementation of e-Invoice 
vs 
AFTER the implementation of e-Invoice  

BEFORE the implementation of e-Invoice VS AFTER the implementation of e-Invoice  

The traditional buying and selling process involves the customer (buyer) purchasing goods, and the merchant (seller) can directly issue an invoice or receipt to the customer.

However, with the implementation of e-Invoices, this process has undergone a change. 
Merchants can no longer directly issue invoices to customers; Instead, they need to upload the invoice to the system and undergo validation by LHDN.

How does the e-invoicing system work? 

How does the e-invoicing system work? 

Step 1: 
Issuance of e-Invoice by the supplier for sharing with MyInvois Portal

Step 2:
Real time validation of e-Invoice by the MyInvois Portal and a unique identifier number will be issued to the supplier

Step 3:
Notification of validated e-Invoice by the IRBM to both the supplier and the buyer

Step 4:
Sharing of validated e-Invoice embedded with QR code by the supplier to the buyer

Step 5: 
The e-Invoice may be cancelled by the supplier or rejected by the buyer within 72 hours from the time of validation

Step 6: 
The e-Invoice is stored in the MyInvois Portal and the records are accessible by the supplier or the buyer in the future 

e-invoicing Implementation timelines 

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.

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.

How does e-invoicing impact taxation?

How does e-invoicing impact taxation?

The mandatory implementation of e-invoicing is aimed at achieving better account reconciliation, increased productivity, and automation. This initiative is expected to reduce invoice processing costs, provide greater transparency to tax authorities, and improve tax compliance through more efficient financial and tax reporting.

This measure not only affects the financial sector but also has a significant impact on the field of taxation. All expenses and accounts are clearly recorded in the system, making it easier for tax authorities to identify taxpayers' tax loopholes, errors, and mistakes.

When the IRB has accurate and certain evidence to prove that a taxpayer has avoided paying taxes or violated the law, it can launch a special investigation. Where negligence, wilful default or fraud has been committed by the taxpayer, additional assessments can be raised at any time.

Special Voluntary Disclosure Programme (SVDP) 2.0

Special Voluntary Disclosure Programme (SVDP) 2.0

Special Voluntary Disclosure Programme (SVDP) 2.0 provides an opportunity for taxpayers to come forward voluntarily to report their income and tax computations that are accurate and orderly in line with the IRB rulings that are in force as well as encouraging taxpayers to pay taxes within the stipulated period.

SVDP 2.0 aims to encourage taxpayers to enhance their tax compliance through the awareness, education, and services (AES) concept practiced by the IRB.

The program allows taxpayers to voluntarily declare their unreported or underreported income from previous years without incurring any penalties.

The implementation period of SVDP 2.0 is from 06 June 2023 until 31 May 2024.

Join 【Tax Savvy Boss: e-invoicing Tactics Revealed】

Join 【Tax Savvy Boss: e-invoicing Tactics Revealed】

You will learn:

✅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

WHO SHOULD ATTEND THIS WEBINAR? 

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

Speaker Profile

Datin Yap Shin Siang

Datin Yap Shin Siang

YYC Group CEO & Finance Expert

YYC Group CEO & Finance Expert

✅ CEO of YYC Group, an Asian-grown accounting and business advisory group with a 50-year history of empowering entrepreneurial success. 
✅ Over 20 years of professional experience in public accounting, tax, and business advisory. 
✅ Rich expertise in finance, marketing strategy, sales strategy, and legal matters.
✅ Under her leadership, YYC today is ranked among the top 10 accountancy firms by size and can rival the Big Four locally.
✅ Being the second generation in the family business, she has grown a team of 50 staff to an 800-strong team which is trusted by 10,000 entrepreneurs.
✅ She has also tripled the business revenue since 2016 and won the attention of OCBC Bank in 2019 to invest and become a strategic partner of YYC.
✅ She is also a frequent speaker for seminars organised by China Press, Nanyang Siang Pau, Malaysian Institute of Accountants (MIA) and various trade associations such as Malaysia Retail Chain Association (MRCA), Master Builders Association Malaysia (MBAM), The Timber Exporter’s Association of Malaysia (TEAM) and many more.

✅ CEO of YYC Group, an Asian-grown accounting and business advisory group with a 50-year history of empowering entrepreneurial success. 
✅ Over 20 years of professional experience in public accounting, tax, and business advisory. 
✅ Rich expertise in finance, marketing strategy, sales strategy, and legal matters.
✅ Under her leadership, YYC today is ranked among the top 10 accountancy firms by size and can rival the Big Four locally.
✅ Being the second generation in the family business, she has grown a team of 50 staff to an 800-strong team which is trusted by 10,000 entrepreneurs.
✅ She has also tripled the business revenue since 2016 and won the attention of OCBC Bank in 2019 to invest and become a strategic partner of YYC.
✅ She is also a frequent speaker for seminars organised by China Press, Nanyang Siang Pau, Malaysian Institute of Accountants (MIA) and various trade associations such as Malaysia Retail Chain Association (MRCA), Master Builders Association Malaysia (MBAM), The Timber Exporter’s Association of Malaysia (TEAM) and many more.

Date & Time

12/07/2024 (Friday)

2.00pm - 4.30pm

Online

 Zoom

Fee

FREE

HOW TO REGISTER

YYC Group

YYC Group is one of the top ten accounting firms in Malaysia. By providing one-stop professional solutions including auditing, accounting, taxation and business consulting, and corporate training to enterprises, it is highly regarded by entrepreneurs for its innovative professional services.

YYC was established in 1974. We have 50 years of experience assisting other companies to expand their businesses. This is a successful enterprise that is widely recognized by local entrepreneurs. Now, it has come to the second generation and is jointly operated by a sister and brother duo. Together, they lead more than 800 employees to provide the most sought-after professional services. We have more than 5 decades of market experience. Therefore, YYC is quite familiar with the dynamic global market. We have also helped several domestic and foreign businesses to grow their market share. 

 Further Inquiries?

Please Contact +60108207309 (WhatsApp, HERE)

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