SMEhub | E-invoiceing in Malaysia & MyInvois Portal

Introduction

To support the growth of the digital economy, the Government intends to implement e-Invoice in stages in an effort to enhance the efficiency of Malaysia’s tax administration management. This is in line with the Twelfth Malaysia Plan, where one of the key focus is on strengthening the digital services infrastructure and digitalising the tax administration.

The e-Invoice will enable near real-time validation and storage of transactions, catering to Business-to-Business (B2B), Business-to-Consumer (B2C) and Business-to-Government (B2G) transactions.

About e-Invoice

An e-Invoice is a digital representation of a transaction between a supplier and a buyer. e-Invoice replaces paper or electronic documents such as invoices, credit notes, and debit notes.

An e-Invoice contains the same essential information as traditional document, for example, supplier’s and buyer’s details, item description, quantity, price excluding tax, tax, and total amount, which records transaction data for daily business operations.

Benefits

The implementation of e-Invoice not only provides seamless experience to taxpayers, but it also improves business efficiency and increases tax compliance. Overall benefits include:

Reduce Manual efforts and human errors

Unified invoiceing process throught creation and submission of transaction documnet & data electronically

Facilitate Efficient Tax Filing

Seamless system integration for efficient and accurate tax reporting

Streamline Operational efficiency

Enhanced efficiency and significant time and cost savings

Digitalise tax and financial reporting

Aligns financial reporting and processes to be digitalised with industry standards

E-Invoice Model

To facilitate transition to e-Invoice, taxpayers can select the most suitable mechanism to transmit e-Invoices to IRBM, based on their business requirements and specific situation.

There are two(2)options for the e-Invoice transmission mechanisms for taxpayers selection:

MyInvois Portal

- A portal hosted by IRBM

- Accessible to all taxpayers at no cost

- Also accessible to taxpayers who need to issue e-Invoice where Application Programming Interface (API) connection is unavailable

Application Programming Interface (API)

- An API is a set of programming code that enables direct data transmission between the taxpayers’ system and MyInvois system

- Requires upfront investment in technology and adjustments to taxpayers existing systems

- Ideal for large taxpayers or businesses with substantial transaction volumes

The figure below demonstrates an overview of the e-Invoice workflow from the point a sale is made or transaction is undertaken, and an e-Invoice is issued by the supplier via MyInvois Portal or API, up to the point of storing validated e-Invoices on IRBM’s database for taxpayers to view their respective historical e-Invoices.

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E-invoiceing & MyInvois Portal

Introduction

The e-Invoice will enable near real-time validation and storage of transactions, catering to Business-to-Business (B2B), Business-to-Consumer (B2C) and Business-to-Government (B2G) transactions.

About e-Invoice

An e-Invoice is a digital representation of a transaction between a supplier and a buyer. e-Invoice replaces paper or electronic documents such as invoices, credit notes, and debit notes.

An e-Invoice contains the same essential information as traditional document, for example, supplier’s and buyer’s details, item description, quantity, price excluding tax, tax, and total amount, which records transaction data for daily business operations.

Benefits

The implementation of e-Invoice not only provides seamless experience to taxpayers, but it also improves business efficiency and increases tax compliance. Overall benefits include:

Reduce Manual efforts and human errors

Facilitate Efficient Tax Filing

Streamline Operational efficiency

Digitalise tax and financial reporting

E-Invoice Model

To facilitate transition to e-Invoice, taxpayers can select the most suitable mechanism to transmit e-Invoices to IRBM, based on their business requirements and specific situation.

There are two(2)options for the e-Invoice transmission mechanisms for taxpayers selection:

MyInvois Portal

Application Programming Interface (API)

SOFTWARE

Choose a Software plan that works for you

SQL ACCOUNT

SQL Account is suitable for both small businesses and large organization in both on-premise and online accounting software. choose what’s best for the workflow of your accountant and bookkeepers.

SQL eCommerce

SQL Cloud Accounting

SQL Cloud is an online accounting software accessible anytime, increase productivity at anywhere. 100% database ownership, unlimited invoices, unlimited storage size.

CONTACT