Month: February 2024

Understanding the Issuance of Consolidated e-Invoices

In the world of digital transactions, e-Invoices have become a crucial part of business operations. However, there are instances where a buyer may not require an e-Invoice. In such cases, the supplier can issue a normal statement or bill to the buyer, similar to the current business practice. The supplier is allowed to aggregate these statements or bills to create and submit a consolidated e-Invoice for validation by the Inland Revenue Board of Malaysia (IRBM) in accordance with the current issuance period for statements or bills for the respective businesses. Upon aggregation of statements or bills, the supplier is required to create and submit a consolidated e-Invoice to IRBM for validation, within seven calendar days after the end of the billing period. […]

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Where the Buyer does not require an e-Invoice

The IRBM has exempted certain categories of taxpayers from the e-Invoicing process . These include:
1. Any Insurance Company
2. Banking Company including a Financial Institution, including a Non-Banking Financial Company (NBFC)
3. Goods Transport Agency (GTA) transporting goods by road in a goods carriage services
4. A registered person who supplies passenger transportation services
5. A registered person who supplies services by way of admission to the exhibition of cinematographic films in multiplex services
6. A Special Economic Zone unit
7. A department of government and local authority […]

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Where the Buyer requires an e-invoice

When a buyer requires an e-invoice for a particular transaction, they must inform the supplier accordingly. Upon receiving the request from the buyer, the supplier obtains the buyer’s details required for the issuance of the e-invoice. This includes the buyer’s name, address, and tax identification number. The supplier must ensure that the e-invoice is accurate and complies with the relevant regulations. […]

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E-invoice model via MyInvois Portal

Overview E-invoice model via MyInvois Portal. The MyInvois Portal is a platform that offers all the necessary functionalities for taxpayers (Suppliers) to carry out e-Invoice actions, such as generating, submitting, viewing, cancelling, or rejecting invoices. It is specifically designed to serve the following purposes: 1. Allowing taxpayers to view and search for their respective e-Invoices. 2. Providing a platform for taxpayers who are unable to issue e-Invoices on their own systems. To fulfill their e-Invoice obligations in compliance with the rules and requirements set by IRBM, taxpayers are required to log in to MyTax Portal and utilize the MyInvois Portal. […]

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API flow

MyInvois APIs are protected and accessible only to registered taxpayers and their ERP/POS systems. Client ID and Client Secret Key will be generated by the MyInvois System and can be found in the taxpayer’s MyInvois profile. Taxpayers need to configure the Client ID and Client Secret Key in their ERP/POS system to access the MyInvois API. After configuring the Client ID and Client Secret Key, taxpayers should call the Login API to obtain an access token for e-Invoice submission via the API. […]

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Exemptions from implementing e-Invoice

The Inland Revenue Board of Malaysia (IRBM) has released an e-invoicing guideline that details the scope of implementation of e-invoice. The guideline outlines exemptions regarding e-invoicing implementation, which are crucial as they provide a framework for determining who is required to comply with the e-invoicing mandate and who is not. […]

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Transactions fall under E-Invoice system

The Malaysian government has mandated that all taxpayers undertaking commercial activities in Malaysia must comply with the e-Invoice requirement. E-Invoice covers typical transaction types such as Business to Business (B2B), Business to Consumer (B2C) and Business to Government (B2G). For B2G transactions, the e-Invoice flow will be similar to B2B. All individuals and legal entities are required to comply with the e-Invoice requirement, including associations, bodies of persons, branches, business trusts, co-operative societies, corporations, limited liability partnerships, partnerships, property trust funds, property trusts, real estate investment trusts, representative offices, regional offices, trust bodies, and unit trusts. […]

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The Benefits of E-invoicing

E-invoicing is an electronic billing system that allows businesses to send and receive invoices electronically. This system is designed to reduce the time and cost associated with traditional paper-based invoicing. E-invoicing is also more secure and environmentally friendly than traditional invoicing methods. The Malaysian government has recently introduced e-invoicing as part of its efforts to modernize the country’s tax system. The Inland Revenue Board of Malaysia (IRBM) has released a specific guideline on e-invoicing. This guideline provides detailed information on how e-invoicing works, the benefits of using e-invoicing, and the legal requirements for businesses that use e-invoicing. […]

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E-Invoice Implementation Timeline

E-Invoice will be implemented in multiple phases to ensure a seamless and efficient transition. The implementation plan for e-Invoice has been meticulously crafted, taking into account various factors such as turnover or revenue thresholds. This approach aims to provide taxpayers with ample time and resources to adequately prepare for and adapt to the e-Invoice system. […]

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Introduction to E-Invoice

Understanding E-Invoice. An E-Invoice is a digital file, created in a specific format as notified by the Inland Revenue Board of Malaysia (IRBM). This format allows for automatic processing by a related system. E-Invoicing is applicable to all taxpayers in Malaysia who are involved in commercial activities. This includes businesses providing goods and services, as well as individuals involved in specific non-commercial exchanges. […]

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