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The Inland Revenue Board (IRB) had announced that the e-Invoicing initiative will be implemented in phases beginning August 2024. Several guidelines have been issued to provide step-by-step guidance of key aspects of e-Invoicing.
e-Invoicing is applicable to all taxpayers undertaking commercial activities in Malaysia. The mandate extends to both domestic and international transactions. The scope of e-Invoicing typically encompasses business-to-business (B2B), business-to-consumer (B2C) and business-to-government (B2G).
Explore the complexities and nuances involved in implementing e-Invoicing for your business — from changes in technical processes to organisational culture and strategies — and the integration model options available to you.
Implementing e-Invoicing as digital reporting services can be tricky due to the complexity of businesses' current accounting systems and compliance requirements imposed by tax authorities. Ensuring the consistency, completeness, and correctness of data will be a challenge, especially when dealing with large volumes of transactions and diverse data sources.
Transitioning to e-Invoicing will involve significant changes in not just technical processes but organisational culture and management strategies as well.
Keeping up with evolving legal and regulatory framework
Changing management strategy
Assess available technology solutions on your current accounting system
The first stage of e-Invoicing implementation begins in August 2024 and is mandatory for taxpayers with annual turnover or revenue of more than RM100 million per year. However, the IRB also welcomes organisations who fall outside of this criterion but are ready to volunteer themselves for the implementation.
Based on IRB's guideline, there are two mechanisms to transmit e-Invoices to IRB’s database. The first option is through the MyInvois Portal, a free solution/portal hosted by IRB, and the second is through application programming interface (API).
Direct integration via API
This option directly links up your Enterprise Resource Planning (ERP) or billing systems to IRB's MyInvois System.
Why choose this option
Integration through middleware
This option uses a middleware (in our case, a PwC tool) to connect to IRB's MyInvois System.
Why choose this option
Providing you external perspectives and insights on e-Invoicing operations and processes, and systems capabilities.
Bringing you a team of consultants with experience in e-Invoicing implementation for a smooth and effective transition.
Providing guidance to you in selecting user-intuitive e-Invoicing solutions that are cost-effective.
Assisting in setting up robust data integration processes, ensuring a smooth implementation.
The PwC tool has inbuilt monitoring mechanisms to give you real-time visibility into invoicing activities, allowing proactive identification and resolution of issues.