The Lembaga Hasil Dalam Negeri (LHDN) Malaysia has made Malaysia e-Invoice mandatory to be implemented by all businesses. Even the pak cik selling nasi lemak at the roadside needs to implement e-Invoice in certain circumstances. Businesses have no time to wait as not only need to upgrade the IT infrastructure, businesses may required to change certain SOPs in various departments such as the sales department, finance department or even HR department. Furthermore, through e-Invoice, LHDN is eying on individual taxpayers for non-compliance claims on personal relief.
With Malaysia Digital Economy Corporation (MDEC) involvement, e-Invoice implementation will strengthen the digital services infrastructure and digitalise the tax administration in the country. It also expedites the Malaysia business digital transformation process, i.e. inline with the Twelfth Malaysia Plan.
Brochure
— Course Fee: RM 790.00 (Inclusive of 8% Service Tax) —
MODULE 1: INTRODUCTION
- Background for LHDN to develop e-Invoice system
- Expedite business digital transformation which speed up business transaction and more transparence to the tax authorities.
- LHDN’s view for the e-Invoice benefits
- How to obtain a Tax Identification Number(TIN)
- E-invoice models adopted in other countries
MODULE 2: BUSINESS IMPACT
- Shadow economic
- Expenses supporting documents (e-Invoice) need to be verified by LHDN
- Exceptional income and other income, e.g. dividend income, rental income, interest income
- Possible changes on accounts payable practice
- Changes in sales collection period
- Real-time e-Invoice for inter-company transaction
MODULE 3: E-INVOICE TECHNICAL CORNER
- How to submit and validate e-Invoice via MyInvois Portal, e.g. authenticating the taxpayer’s details
- Real-time/ by batch validation or consolidate options available
- Why LHDN may reject/cancel e-Invoice application?
- Application Programming Interface (“API”)overview
- LHDN’s Software Development Kit (“SDK”)
- What are the contents of a LHDN validated e-Invoice?
- Brief understanding of the data field
MODULE 4: TIMELINE AND IMPLEMENTATION PROJECT PLAN
- Business need to get ready by when?
- Implementation stages and tips to ease the implementation hurdle
- Details to be included by vendor in e-Invoice, gathering of data field
- Basic compliance and record keeping requirements
- Any exemption available now?
- Co-ordination among various departments to meet the legislation requirement.
MODULE 5: TREAT AND OPPORTUNITY FOR BUSINESS
- Potential sharing of information with other authorities
- Strengthen and streamlining cybersecurity measures and data protection
- Disallowable income tax expenses, S.39 ITA
- Potential penalty on non-compliance
MODULE 6: E-INVOICE SPECIFIC SCENARIOS
- Business transaction scenarios – manufacturing, trading, e-commerce, professional and services industry
- Disbursement and reimbursement
- Payment on behalf
- Self billed e-Invoice when purchased from overseas suppliers/ service providers
- Cross border transactios, e.g. purchased from overseas suppliers/ service providers
- Profit distribution
- Q & A