Malaysia's E-Invoicing Journey: Benefits, Timelines, and Key Points.
The clock is ticking! With only 5 months remaining until August 1st, 2024, e-invoicing will become mandatory for Malaysian businesses with income or annual sales exceeding RM100 million. This blog post equips you with the key points you need to know: from the benefits and key dates to the different types of e-invoices and available submission methods.
What is e-invoicing?
E-invoicing, or electronic invoicing, replaces paper invoices with digital ones, simplifying and streamlining the invoicing process for businesses and the government.
Benefits of e-Invoicing:
72-Hour Grace Period:
A crucial feature of e-invoicing is the 72-hour grace period. This allows:
Important Implementation Dates:
Remember: Starting from August 1st, 2024, e-invoicing will become mandatory for businesses with income or annual sales exceeding RM100 million.
Here's a table outlining the entire implementation timeline by targeted taxpayers and their respective dates:
Targeted Taxpayers | Implementation Date |
---|---|
Taxpayers with an annual turnover or revenue of more than RM100 million | 1 August 2024 |
Taxpayers with an annual turnover or revenue of more than RM25 million and up to RM100 million | 1 January 2025 |
All taxpayers | 1 July 2025 |
Types of E-Invoices to be Issued:
As you transition to e-invoicing, it's important to understand the different types of e-invoices you might encounter:
E-Invoice Requirements:
While every e-invoice must comply with specific requirements as outlined in the LHDN e-Invoice Guideline
(released on September 29th, 2023), some key details include:
For a complete list of all 53 required fields and specific details, please refer here or the official LHDN e-Invoice Guideline.
Resources for Businesses:
E-Invoice Submission Methods:
MyInvoice Portal:
Application Programming Interface (API):
The e-invoicing deadline is fast approaching! Act now to ensure a smooth transition.
Here's what you need to do:
Need help on e-invoicing? Goldsoft is here to assist!
We can help address your current e-invoicing needs. Contact us at 603-2732 8833/ 016-6611086 or fill up the form below to discuss how we can provide an e-invoice-ready ERP solution to ensure a smooth and efficient transition.
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