e-Invoicing: Employment Benefits and Perquisites
e-Invoicing: Employment Benefits and Perquisites What are employment benefits and perquisites? An individual under a contract of service (i.e., employment) may be provided with employee benefits by his / her employer. Employee benefits may include benefits in cash or in kind that are received by an employee from the employer or third parties in respect […]
e-Invoicing: Customer has no Tax Identification Number (TIN)?
e-Invoicing: What if Customer has no Tax Identification Number (TIN)? Which Tax Identification Number (TIN) should individual taxpayers use for the purposes of e-Invoice? For the purposes of e-Invoice, individual taxpayers should provide (TIN) with prefix of “IG”. Please refer to Section 2.3.1.1 of the e-Invoice Guideline for more details on how to retrieve and […]
Relaxation Period for E-Invoice Malaysia: Latest Updates 2024
Relaxation Period for E-Invoice Malaysia: Latest Updates 2024 What is the E-Invoice Interim Relaxation Period in Malaysia? The Government of Malaysia has introduced an interim relaxation period for businesses to smoothly transition to the mandatory adoption of e-Invoice. The relaxation is divided into three stages based on annual turnover. No Taxpayers Implementation Date Relaxation Period […]
E-Invoice Malaysia 2024: Introduction and Latest Updates
E-Invoice Malaysia 2024: Introduction and Latest Updates What is the purpose of implementing e-Invoice in Malaysia? The Malaysian Government introduced e-Invoices in stages to enhance the efficiency of tax administration management and support the growth of the digital economy. This initiative aligns with the Twelfth Malaysia Plan, focusing on strengthening digital services infrastructure and digitalising […]
e-Invoicing 2024: Reimbursements and Disbursements
e-Invoicing 2024: How to Handle Reimbursements and Disbursements? What is the difference between disbursements and reimbursements in e-Invoicing? Reimbursements refer to out-of-pocket expenses incurred by the payee during the sale of goods or provision of services, which are later reimbursed by the payer (buyer). Common examples include airfare, travel, and accommodation costs. Disbursements are expenses […]
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 […]
