E-invoicing Made Easy

Introduction

The Government has announced that the new e-invoice system will be rolled-out for all businesses in phases, beginning from 1 August 2024. On 29 December 2023, the rules governing e-invoicing compliance were legislated under Section 82C of the Income Tax Act 1967 (ITA). Detailed guidelines were issued by the Inland Revenue Board of Malaysia (IRBM) under Section 134A of the ITA on 9 February 2024. The question now remains about the readiness of various stakeholders to implement the e-invoice system before the targeted dates, namely taxpayers, IRBM, system vendors, tax consultants, and the Malaysia Digital Economy Corporation (MDEC). 

Essentially, e-invoices validated by the IRBM’s MyInvois Portal must be provided by a seller to a buyer in all transactions involving the sales of goods and services. This digital document serves as proof of income for the seller and a proof of expense for the buyer for tax purposes. Implementation is not straight forward, as there are complexities involved in adjusting business processes and accounting system to ensure full compliance with e-invoice rules. Apart from ensuring e-invoice compliance at the accounts receivables (AR) front, businesses must also issue self-billed e-invoices for certain expenses, i.e. accounts payable (AP) end, to comply with the IRBM’s requirements. 

Successfully implementation of a e-invoicing system in Malaysia requires a strategic approach, and businesses must gear themselves up for a smooth transition to the new e-invoicing system. It is crucial for the formation of a project team to effectively delve deep into the key implementation issues in the e-invoice journey.

This workshop is meticulously crafted to provide you with valuable insights from IRBM, MDEC, system vendors and tax consultants. It aims to equip you with practical approaches and methodologies to seamlessly help you to transition into the new e-invoice system, thus ensuring your business remains ahead of the curve.

Learning Objectives

• To provide foundational understanding of Malaysia's e-invoice system relating to process workflow
• To elaborate on various e-invoices documents, i.e. E-invoice, Consolidated e-Invoice, Self-billed e-Invoice, Debit note, Credit note, and Refund note.
• To explore feasible options and potential channels for obtaining validated e-invoices from the MyInvois System
• To provide a step-by-step approach on identifying key issues relating to business processes 
• To delve deep into the potential accounting, IT and tax issues that businesses may encounter before and during the implementation of the e-invoice system.
• To develop an action plan to resolve implementation issues.

Topics to be covered

• Crowe's 10-Step Approach for e-Invoice Implementation
• Practical issues involved in implementation of an e-invoicing system
• Best practices, internal controls and procedures which may be put in place
• Workbook and checklists
• Examples and case studies
• Readiness assessment toolkit

• Individual rate : RM1,200nett / pax (30% upfront payment required via HRDC grant application)
• Early bird: RM1,000nett / pax - Registration by 1^st April 2024 (30% upfront payment required via HRDC grant application)

Click here to register now >>>

Here’s why you should attend our E-invoicing Made Easy: Your Roadmap to a Smooth Transition on 24^th April 2024:

• HRDC claimable –  participants who are HRDC contributors can claim the event fee directly from the HRDC.
• CPD hours – participants who have professional qualifications will be able to claim their CPD hours to the awarding bodies such as CTIM, MIA, etc.