e-Invoice Post Implementation Review

E-Invoice was implemented on 1^st August 2024 for businesses with revenue above RM100 million and 1^st January 2025 for businesses with revenue ranging from RM25 million to RM 100 million. e-Invoice is a transaction base and self-compliance tax system, i.e. e-Invoice may need to be issued for each transaction or monthly consolidated method.

Hence, the impact on businesses can be major if you are not well prepared to ensure your e-Invoices issued and validated are compliant.

Companies should start to review their e-Invoice processes, check the timing of issuance and validation and relook the data submitted to LHDN. Heavy penalties are imposed upon failure to comply with the e-Invoice rules and regulations.

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— Course Fee: RM 1,290.00 (Inclusive of 8% Service Tax) —

Understand the e-Invoice review methodology
Determine the correct types of e-Invoices being issued and validated.
Identified the expenses or transactions in the Company that required self-billed e-Invoice
Checking the timing for issuance of self-billed e-Invoice
Going through the mandatory data field and optional data field which have been submitted to LHDN
Accounting adjustments that may have impacted e-Invoice
Possible wrong treatment of transitional issues, e.g. the six-month interim relaxation period
Staff claims and employee benefits treatment, review of company policy
Analyse the disbursement and reimbursement claim
Deposits, prepayments and other payment arrangements
Assign roles and responsibilities to company employees to continue e-Invoice compliance in the company

Module 1: Introduction of e-Invoice and recent development and updates in tandem with Industry 4.0

- E-Invoice Guidelines, Software Development Kit (SDK) and Frequent Asked Questions (FAQ)
- Software Readiness Assessment and IoT in the Industry 4.

Module 2: Assessment of Participants Understanding

- - Basic E-Invoice rules and regulations
  - Time of issue and validation for various types of e-Invoice
  - 55 data fields and annexure

How to strengthen & streamlining cybersecurity measures & data protection under Industry 4.0.

- Information contained in the visual representation
- Analysis of participants’ results

Module 3: Review methodology

- - Identify key areas of review and the legislation provision
  - Materiality and risk assessment techniques under Industry 4.0
  - Check on the usage of classification codes, tax codes and general TIN
  - Examine the issuance timing for:

- - - Consolidated e-invoice
    - Self-billed e-Invoice
    - Deposits received
    - Periodic e-Invoice
    - Credit note, debit note and refund note

Module 4: Self-billed e-Invoice detail analysis

- Workshop to identify transactions which need to perform self-billed e-Invoice
- Explore solutions to overcome the shortage of information
- Review the usage of consolidated self-billed e-Invoice

Module 5: Employees benefits and claims

- - Review of employees’ handbook and human resource policy for claims
  - Employees’ benefits which may need to obtain transactional e-Invoice
  - Employees purchase on behalf of the business

Module 6: Accounting software overview

- - - Software Readiness Assessment and IoT in the Industry 4.0
    - Basic and advance e-Invoice features

Afternoon

Module 7: e-Invoice Reconciliation, analysis of submitted data and area of improvement

- Reconciliation of total revenue and other income in the profit or loss account versus the total validated amount
- Accounting adjustments
- Going through data submitted to LHDN
- Inspect the disbursement and reimbursement charges to customers

Module 8: Checking on specific transactions

- - Look at deposits received, prepayment received and other payment received arrangements
  - E-Invoice in foreign currency
  - Goods in transit and overseas drop shipment
  - Strategies & consideration when preparing the review plan which in line with the business Industry 4.0 strategies

Module 9: Sales tax and service tax (SST)

- - - Scrutinize the exemption details submitted and the e-Invoice format used
    - Preparation of sales tax exemption schedules (Lampiran) for customs audit purposes

Module 10: Offences and penalties

- - - - Directors’ liabilities and employees’ possible offences
      - Area of concern during LHDN’s audit

Module 11: Conclusion

- - - - Common mistakes and transitional issues
        
        Drafting an internal review checklist
        
        Assign staff with roles and review e-Invoice periodically

Strategies & consideration when preparing the implementation plan which in line with the business Industry 4.0 strategies

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What Will You Learn?