Upcoming Events :
RM 162*
per participant
13 March 2024 (9.30am - 12.30pm)
WORQ, KL Gateway @Bangsar South, KL
E-INVOICING INITIATIVE AND TAX IMPLICATION – IMPACT ON BUSINESSES (ENGLISH SESSION)
28 February 2024 (9.30am - 12.30pm)
WORQ, KL Gateway @Bangsar South, KL
E-INVOICING INITIATIVE AND TAX IMPLICATION – IMPACT ON BUSINESSES (ENGLISH SESSION)
Registration: With immediately effect, registration for this sharing session will be STRICTLY VIA ONLINE REGISTRATION ONLY
* Fee includes service tax.
17 APRIL 2024 (9.30am - 12.30pm)
WORQ, KL Gateway @Bangsar South, KL
E-INVOICING INITIATIVE AND TAX IMPLICATION – IMPACT ON BUSINESSES
(MANDARIN SPEAKING)
24 APRIL 2024 (9.30am - 12.30pm)
WORQ, KL Gateway @Bangsar South, KL
E-INVOICING INITIATIVE AND TAX IMPLICATION – IMPACT ON BUSINESSES (ENGLISH TALK)
E-INVOICING INITIATIVE
AND TAX IMPLICATION
IMPACT ON BUSINESSES
To accelerate the adoption of e-invoicing, the recently passed Finance Bill has amended the Income Tax Act to establish a mechanism that requires validation by the IRBM prior to the issuance of e-invoices. Additionally, the Income Tax legislation will impose a mandatory deadline for issuing e-invoices, which will be implemented in phases from August 2024 to July 2025
WHAT’S e-INVOICE…?
An electronic invoice refers to a payment voucher issued, received, and stored electronically in the process of purchasing and selling goods, providing or accepting services, and conducting other business activities. In the near future, the government will fully implement the electronic invoice system, replacing forms such as paper or electronic documents, such as invoices, return vouchers, and additional expense vouchers.
The implementation of electronic invoices will also have a profound impact on tax management. Through the electronic invoice system, the government can more efficiently supervise the transaction process, reducing the possibility of tax evasion and avoidance. The digital nature of electronic invoice records also enables tax authorities to more easily conduct data analysis and audits to ensure that taxpayers' tax payments comply with legal requirements.
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What are the scenarios that require an e-invoice to be issued?Proof of Income Document is issued whenever a sale or other transaction is made to recognise income of taxpayers Proof of Expense Purchases made or other spending by taxpayers. Includes returns, discounts, and income receipt correction. Certain circumstances that requires taxpayers to self issue an e-Invoice to document an expense, such as foreign transactions Exceptions Employment income, Pension, Alimony, Distribution of dividend in specific circumstances, Zakat, Scholarship
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What if Buyer doesn’t need E-Invoice?The Supplier will issue a normal receipt/ bill/ invoice to the Buyer. Not required for IRBM’s validation as these documents are not e-Invoices. IRBM allows the Suppliers to consolidate the transactions with Buyers (who do not require an e-Invoice as proof of expenses) into a consolidated e-Invoice on a monthly basis.
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What if Supplier didn’t prepare E-Invoice?Certain circumstances where another party (other than the Supplier) will be allowed to issue a self-billed e-Invoice on behalf of Supplier. Where a Buyer is required to issue a self-billed e-Invoice, the Buyer will assume the role of the Supplier to be the issuer of e-Invoice and submits it to IRBM for validation. Upon validation, Buyer would be able to use the validated e-Invoice as a proof of expense for tax purposes.
LEARN MORE e-INVOICE From Wezmart
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As a multiple bike shop owner, transitioning to digital invoicing was a significant step for us. Thanks to the Wezmart e-invoice team's readiness program, this transition was seamless and efficient. Their guidance and support were invaluable in helping us navigate the process smoothly. Now, we can manage our invoices more effectively, saving time and resources. We're truly grateful for their assistance in modernizing our business operations. Thank you, Wezmart e-invoice team, for your outstanding support!
— Ben, NSK Motor Group
As the owner of more than 30 SDN BHD businesses, integrating electronic invoicing was a massive undertaking. However, with the expert guidance and support from the Wezmart e-invoice team through their readiness program, the process was made remarkably straightforward. Their team provided invaluable assistance every step of the way, ensuring that our transition to electronic invoicing was seamless and efficient across all our businesses.
— Winnie, Group Director