fbpx
Connect with us

News

“It lightened my workload” LHDNM’s e-Invoicing System is A Game Changer for M’sian Businesses!

Published

Lhdn Feat Image 1
Source: 123RF & 123RF

Attention fellow business owners in Malaysia! Starting on 1st August 2024, the Inland Revenue Board (LHDNM) will launch a brand-new electronic invoice (e-Invoice) system. This initiative will require all businesses registered in Malaysia to generate e-invoices for all transactions.

In case you didn’t know, an e-Invoice is a digital record of transaction data for your daily business operations, replacing traditional paper invoices, credit notes, and debit notes. It applies to all commercial activities, including Business to Business (B2B), Business to Customer (B2C), and Business to Government (B2G)

Not sure how it works? Don’t worry! This article will guide you through everything you need to know to get started. 

 

1. Mark your calendar for the implementation timeline

The introduction of e-Invoice has been carefully planned by LHDNM, taking into account the turnover and revenue thresholds, so that taxpayers have ample time to prepare and adjust to the new system. To ensure a smooth transition, the new system will be rolled out in phases:

  • From 1st August 2024: Taxpayers with an annual turnover or revenue exceeding RM 100 million.
  • From 1st January 2025: Taxpayers with an annual turnover or revenue from RM 25 million up to RM 100 million.
  • From 1st July 2025: All taxpayers engaged in commercial transactions.

Two Business Executives Negotiating Contract Conference Room

 

2. There are two transmission mechanisms 

With two transmission mechanisms available, taxpayers can pick the most suitable way to report e-Invoices to LHDNM, depending on what best fits their business needs:

  • MyInvois Portal (hosted by LHDNM)

This portal can be accessed by all businesses and is suitable for a small amount of data. Hence, it can be especially handy for Micro, Small, and Medium-sized Enterprises (MSMEs).

  • Application Programming Interface (API)

An API is a set of programming codes that transfers data directly between your system and the MyInvois system. While it requires an initial investment in technology and adjustments to your existing setup, it’s perfect for larger businesses with high transaction volumes.

158201421 L Normal None

 

3. How it works: a step-by-step overview

It’s perfectly normal for businesses to feel overwhelmed by the unfamiliarity of the new e-invoicing system. Hence, LHDNM has taken steps to simplify this transition by offering a step-by-step infographic that illustrates how e-invoicing works: 

Lhdn E Invoice Guideline Figure 21 Eng

This visual guide is designed to demystify the process and show businesses just how straightforward and convenient e-invoicing can be once they get the hang of it! 

 

4. The e-Invoice system benefits businesses

Switching to e-invoicing might seem like a hassle and unnecessary change for some business owners at first. The truth is that this digital system ensures a streamlined experience for taxpayers, boosts business efficiency, and enhances tax compliance, making it a win-win for everyone involved! 

201347228 L Normal None

Here’s how e-Invoice contributes to overall business success: 

  • Reduces manual effort and human errors: Unifies and digitalises data entry and transaction processes, ensuring greater accuracy and efficiency. 
  • Facilitates efficient tax filing: Automatically records and organises transaction data, making tax reporting faster and more accurate. 
  • Streamlines operational efficiency: Enhances business operations, resulting in significant time and cost savings. 
  • Digitalises tax and financial reporting: Transforms tax and financial reporting into a seamless digital process, aligning with industry standards.

190971328 L Normal None

 

Ready to ditch the tedious paperwork and embrace the future of invoicing? With e-Invoice, you’re not just streamlining business operations and boosting efficiency—you’re also saving time and cost! So, why wait? Join the digital revolution today and discover just how easy e-invoicing can be!

While you’re at it, don’t hesitate to send your enquiries or feedback on the new system by emailing myinvois@hasil.gov.my or by filling up this feedback form. For more information about e-Invoice, visit LHDNM’s official website. Don’t forget to follow them on these social media platforms for the latest updates:

 

Source: pressfoto
Source: 123RF
Source: 123RF
Source: 123RF

Just In

My Post 1 2024 11 21T114442.032 1 My Post 1 2024 11 21T114442.032 1
News2 hours ago

PDRM is Offering 60% Off Selected Traffic Summons at Govt’s 2nd Anniversary Event This Weekend!

In conjunction with the MADANI government’s 2nd anniversary on 24 November (Sunday), the Ministry of Home Affairs of Malaysia (KDN)...

Collage 17 1 Collage 17 1
News20 hours ago

MCPF Calls for Vape Ban, Warns Addiction to Substances Can Lead to Unhealthy Behaviours Like Theft

The Malaysian Crime Prevention Foundation (MCPF) is urging for the sale of e-cigarettes or vape devices to be banned or...

Feat Image Lesen Feat Image Lesen
News21 hours ago

Anthony Loke: Road Users in M’sia May Have to Pay for Physical Driving License Cards Starting Next Year

Transport Minister Anthony Loke Siew Fook today iterated that the Government will continue with the implementation of digital driving licenses...

Collage 15 2 Collage 15 2
News21 hours ago

Filipino Couple Caught Living & Working Illegally in Malaysia Using Fake MyKads That Cost RM250 Each

A Filipino husband and wife were arrested during a raid on November 19 at a house in Pandan Indah yesterday...

Feat Image Apple Ind Feat Image Apple Ind
News22 hours ago

Apple Offers to Increase Investment in Indonesia Tenfold to RM446 Million to Lift Country’s iPhone 16 Series Ban

Previously, we shared how the Apple iPhone 16 Series is banned from being sold in Indonesia until the tech giant...

My Post 1 2024 11 20T144359.263 My Post 1 2024 11 20T144359.263
News22 hours ago

BERSIH Names Ismail Sabri the Best PM Since 2009, Calls Out PMX for Lack of Urgency with Reforms

In conjunction with the upcoming 2nd anniversary (24 November) of Anwar Ibrahim’s administration, The Coalition for Clean and Fair Elections,...

Feat Image Ladang Proposal Feat Image Ladang Proposal
News23 hours ago

ADUN Wants Terengganu to Ban All Schoolgirls Who Have Reached Puberty from Public Dance Performances

The Member of the State Legislative Assembly (ADUN) for Ladang, Zuraida Md Noor, recently called for the Terengganu State Government...

Feat Image Dbp Tun Feat Image Dbp Tun
News24 hours ago

After Tun Mahathir’s Viral Chinese Signboard Rant, DBP Tells M’sians Not to Neglect or Belittle Bahasa Melayu

Previously, we shared how former Prime Minister Tun Dr Mahathir Mohamad criticised new malls in Kuala Lumpur for having many...

Announcement

Latest Videos

TRENDING TODAY