In May 2023, the Inland Revenue Board Malaysia (IRBM) announced a game-changing mandate that e-invoicing will become mandatory for all Malaysian businesses, starting in stages from August 2024. To help you navigate this transformation, here’s a straightforward breakdown of what, who, and whys of e-invoicing and how your business can adapt.

What exactly is E-Invoicing?

E-invoicing is the digital creation, submission, validation, and storage of invoices in a machine-readable format. It eliminates manual processes, ensures accuracy, and enhances transparency between a supplier and the buyer. More importantly, it’s part of Malaysia’s initiative to bolster its digital economy and improve the existing tax administration system.

Who Does It Apply To?

The government has laid out a phased approach to implementing e-invoicing effective from August 2024.

Phase 1 August 2024: Taxpayers with an annual turnover exceeding RM 100 million.

Phase 2 January 2025: Taxpayers with an annual turnover between RM 25 million and RM 100 million.

Phase 3 July 2025: All taxpayers involved in commercial activities, both domestic and international.

Furthermore, E-invoicing implementation applies to B2B (Business-to-Business), B2C (Business-to-Consumer), and B2G (Business-to-Government) transactions, ensuring coverage across all industries.

Why Does It Matter?

Transitioning to e-invoicing goes beyond compliance. It drives efficiency by automating invoicing processes, reducing errors, and saving time. The standardized data structures improve clarity for tax administration. Lastly, it aligns businesses with Malaysia’s broader digital economy goals, creating a modernized and competitive commercial landscape.

What’s the Bigger Picture?

Adopting e-invoicing will require significant changes not just in technology but also in management strategies and organizational practices. Malaysian businesses must adapt to new data requirements, formats, and submission protocols, creating a more efficient and interconnected economy.

How GoFlex Can Help with preparing and understanding the E-Invoicing Implementation

Transitioning to e-invoicing is more than a compliance mandate; it’s a strategic move to streamline processes, enhance accuracy, and drive efficiency in your business operations. At GoFlex, our training course prepares businesses and their employees for seamless e-invoicing implementation.

What We Bring to the Table:

• Comprehensive Training Programs: Our training course is designed to demystify the complexities of e-invoicing, covering everything from understanding regulations to practical software usage.
• Industry Expertise: Backed by a team of seasoned professionals, we bring years of experience and deep insights into e-invoicing trends and best practices.
• Hands-On Learning: Through real-world scenarios and interactive sessions, we equip your employees with the confidence to handle e-invoicing systems effectively.
• Tailored to Your Needs: Whether your team is at the beginner or advanced level, our programs are customized to meet your business goals.

Our E-Invoicing Implementation training course taking place on December 19, 2024, in Kuala Lumpur (KL Gateway Mall, Level 3), is a one-day training session. It is HRD Corp claimable and packed with actionable insights. Participants will gain:

• A clear understanding of Malaysia’s e-invoicing regulations.
• Practical steps for seamless implementation.
• Insights into ensuring compliance and accurate reporting.
• A solid overview of streamlining processes with e-invoicing.
• Real-world case studies to support your success.

Reach out to us today and let’s take your organization into the future of opportunities, innovation and transformation.