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

Collage 22 1 Collage 22 1
News16 hours ago

M’sian Driver Arrested After Losing Temper at Toll Operator Who Told Him Off for Tapping Reader Too Hard

The police recently launched an investigation into a video showing a disagreement between a road user and a toll booth...

My Post 1 2024 11 05T151057.111 My Post 1 2024 11 05T151057.111
News17 hours ago

Birthday Party Organiser Arrested for Providing Guests with Fireworks That Caused Fire at Teluk Intan Hall

The organiser of a birthday celebration was arrested for being involved in an arson incident using fireworks that led to...

Collage 21 1 Collage 21 1
News17 hours ago

Viral Video Shows Rowdy China Tourist Throwing Robe at Putrajaya Mosque Staff, JAKIM Vows to Take Action

A recent video that’s been making the rounds online shows a Chinese tourist throwing a robe handed to them by...

My Post 1 2024 11 05T141054.292 My Post 1 2024 11 05T141054.292
News18 hours ago

PDRM: Kelantan Youths are Illegally Crossing into Thailand & Queuing up for Hours for Drug-Fuelled Fun

The Royal Malaysia Police (PDRM) has revealed that Golok, Thailand, which is less than a kilometer from the Malaysia-Thailand border,...

Collage 20 1 Collage 20 1
News19 hours ago

NGO Urges Tougher Penalty Against Police Escort Who Assaulted OKU Driver, Says RM1K Fine is Too Lenient

The court’s decision to fine Royal Police escort Muhammad Taufik Ismail RM1,000 for injuring an e-hailing driver has sparked outrage...

Collage 19 1 Collage 19 1
News20 hours ago

PDRM Discovers Body of Missing 14yo Autistic Malaysian Boy Floating on Muar River After 2 Days

Police made a shocking discovery after finding a body in Muar River, Johor, following reports from the public about something...

Collage 22 Collage 22
News21 hours ago

26yo M’sian Goes Missing in Thailand, Alleged Kidnappers Ask Family for RM10K or “she’ll be sold to Cambodia”

26-year-old Huang Jia Hui has been missing for over 6 months now. Her life status is still unknown at the...

Collage 18 1 Collage 18 1
News22 hours ago

“He’s still alive” – PDRM Confirms MyKad Found in Ukraine-Russia Warzone Belongs to a 20yo M’sian Mercenary

A recent story making the rounds online shows what’s claimed to be a Malaysian man’s documents, reportedly found on the...

Announcement

Latest Videos

TRENDING TODAY