e-Invoicing 2024: Expenses inccured on Behalf of the Employer
e-Invoicing 2024: Expenses incurred on Behalf of the Employer What are the common expenses employees incur on behalf of employers? An individual under a contract of service (i.e. Employment) may incur certain expenses on behalf of the employer. Such expenses include, but not limited to, accommodation, toll, mileage, parking, telecommunication expneses, expenses incurred in a […]
e-Invoicing 2024: Consolidated e-Invoice for Buyers
e-Invoicing: Cosolidated e-Invoice for Buyers What happens if a buyer does not request an e-Invoice? If the buyer does not require an e-Invoice, the supplier will issue a standard receipt following current business practices. These receipts do not need to be submitted to the Inland Revenue Board of Malaysia (IRBM) for validation, as they are […]
e-Invoicing 2024: Why issuing self-billed e-Invoice matters now?
e-Invoicing: Why issuing self-billed e-Invoice matters now? What is self-billed e-Invoices? When a sale or transaction is concluded, an e-Invoice is issued by Supplier to recognise income of the Supplier (proof of income) and as a record for purchases made / spending by Buyer (proof of expense). However, there are certain circumstances where another party […]
Ultimate Guide to Fields for e-Invoice 2024
Ultimate Guide to Mandatory and Optional Fields for e-Invoice 2024 What are the fields required in an e-Invoice? An e-Invoice contains fields that are categorized into mandatory and optional requirements. Each plays a critical role in ensuring compliance and providing additional details when needed. Here’s a breakdown: No Field Name Description Mandatory / Optional 1 […]
When to issue e-Invoice: Latest and Essential Guidelines 2024
When to issue e-Invocie: Latest and Essential Guidelines 2024 When to issue e-Invoice? An e-Invoice must be issued in two key scenarios: Proof of Income: This document is required when a sale or transaction takes place, as it serves to recognize the income of taxpayers. Proof of Expense: This document is necessary for purchases or […]
INCOME TAX (ISSUANCE OF ELECTRONIC INVOICE) RULES 2024
⚓ On September 30, 2024, the Malaysian government officially gazetted the Income Tax (Issuance of Electronic Invoices) Rules 2024, providing a comprehensive set of guidelines for issuance of electronic e-invoice. Key highlights include: 1️⃣ The threshold for mandatory electronic invoice will be determined based on the turnover reported in the 2022 financial statements. 2️⃣ The […]
