E-Invoicing FAQ: Managing Credit Notes in Consolidated E-invoices for B2C Transactions
Question: For B2C, whereby the buyer does not need the e-invoice, the supplier just issues a receipt and prepares a consolidated e-invoice at month’s end. What happens if the supplier issues a receipt of RM100 and then issues a credit note of RM 10 to the buyer? So, how does the supplier issue the consolidated […]
E-Invoicing FAQ: 2024 Purchase Invoice Deduction – A Comprehensive Examination
Question: If Co A implements e-invoicing on 1/8/24 (annual turnover >RM100m). However, contractor Co Z has not implemented e-invoicing as per the Act (<RM25m) until 1/7/25. Q: Are normal purchase invoices from Co Z deductible for Co A during 2024, or was Co Z mandatory for earlier (i.e., on 1/8/2024) implementation due to Co A’s […]
E-Invoicing FAQ: Addressing the Specific Nature of Transactions in e-Invoicing with Multiple MSIC Codes
Question: What if a company initially registered with a single MSIC Code, specifically for flour packaging, but later diversified into cake production – how should this be addressed in the E-Invoice? Reply: The e-Invoicing Guide (version 2.1) issued by the Malaysian Inland Revenue Board (IRBM) does not explicitly address the situation where a company has […]
E-Invoicing FAQs for the Telecommunication Industry
The transition to electronic invoicing (e-invoice) is a significant step for the telecommunication industry in Malaysia. These FAQs serve as a comprehensive guide to address common queries related to the implementation of e-invoicing within the sector. It delves into specific situations such as billing adjustments, sales of prepaid plans, rental of premises, and the provision […]
E-Invoicing FAQs for the Healthcare Industry
As Malaysia transitions to the e-invoice system within the healthcare industry, numerous questions have arisen regarding its implementation and the impact on existing billing practices. To address these concerns, a list of frequently asked questions (FAQs) has been compiled, offering clarity on a range of topics from billing arrangements to space rental and consultant compliance. […]
E-Invoicing General FAQs
E-invoicing in Malaysia represents a significant advancement in the digitisation of financial transactions, encompassing both domestic and international trade. The Inland Revenue Board of Malaysia (IRBM) is pivotal in facilitating this transition by engaging with industry stakeholders and offering essential technical support for system integration. This initiative mandates businesses adhere to e-invoicing requirements based on […]
E-Invoicing FAQs for the Construction Industry
The construction industry in Malaysia plays a pivotal role in the country’s economic development and infrastructure growth. It encompasses a broad spectrum of activities, ranging from residential and commercial buildings to large-scale infrastructure projects. Here are key aspects of the construction industry in Malaysia: The COVID-19 pandemic posed challenges to the construction industry, causing disruptions […]
FAQs For the Healthcare Industry: Transitioning Staff Medical Expense Invoicing to e-Invoice: Impact on Current Hospital Processes
Imagine a hospital that provides medical benefits to its employees as part of their employment package. When an employee receives medical treatment at the hospital, the hospital covers the cost of this treatment. To document this expense for accounting and auditing purposes, the hospital issues an invoice that reflects the cost of the medical services […]
FAQs For E-Commerce Industry
To download the FAQs: Version 2 – 9.1.2024 [All FAQs were being removed] Version 1: The nationwide adoption of electronic invoicing significantly modifies customary documentation procedures across economic ecosystems. As e-commerce represents a rapidly growing channel facilitating customer convenience and small enterprise viability leveraging digital pathways, it forms a pivotal area requiring policy awareness. Recognising […]
Temporary Exemption of Capital Gains Tax for Jan – Feb 2024
The Income Tax (Exemption) (No. 7) Order 2023, this Order relates to the tabling of Finance (No.2) Bill 2023 and provides a tax exemption for disposal gains from unlisted company shares. Specifically: Overall, this Order seeks to provide short-term tax relief to facilitate and encourage the disposal of shares in unlisted Malaysian incorporated entities during […]
