Overview of New Regulations – Self-Employment Social Security Regulations 2024
Effective Date: 1 September 2024 Authority: Self-Employment Social Security Act 2017 [Act 789] Issued By: Minister of Human Resources, Sim Chee Keong Purpose These regulations establish mandatory social security contribution rates for self-employed hawkers and traders in Malaysia. Key Points:- 1. Applicability This applies to individuals conducting self-employment activities as hawkers or traders. . Must […]
General FAQs: Is an e-Invoice required for return of monies to buyers?
Question: Referring to LHDN – general FAQs . I am in the car retailer industry, would like to understand more on Question 41 (as highlighted-item no. 2) in regard to refund note – overpayment refund to customer. Our current situation is as follow: – Initial Invoice value at RM40,000.00 (all in price) Customer paid booking fee […]
RM1700 Minimum Wage System FAQs are out !
The Minimum Wage Order (PGM) is an essential policy implemented in Malaysia to ensure fair remuneration for workers. Established under the National Wages Consultative Council Act 2011, the minimum wage aims to meet the basic needs of employees and their families, provide social protection, enhance productivity through technological investment, and reduce dependence on unskilled foreign workers. The most recent […]
Taxpayers exempted from implementing e-Invoicing, and the threshold of RM150,000 remains unchanged
The budget speech for 2025 does not mention any exemption threshold of RM150,000 for e-Invoicing implementation. What the budget speech does mention about e-Invoicing is: 1. Full implementation of e-Invoicing is scheduled for July 1, 2025. 2. To support businesses in transitioning to e-Invoicing, the government proposes to give accelerated capital allowance for: – Expenditures […]
[BELANJAWAN 2025 HIGHLIGHTS]
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Exemptions from Implementing e-Invoice
Exemptions from Implementing e-Invoice According to paragraph 1.6.1 of the e-Invoice Guideline Version 4.0, certain persons are currently exempt from issuing e-invoices (including self-billed e-invoices). 1. Foreign Diplomatic Offices Exemption: Foreign diplomatic offices are not required to issue e-invoices. Example: The Embassy of Japan in Kuala Lumpur is not required to issue e-invoices for any services or goods […]
E-Invoice Treatment for Advance Payments
E-Invoice Treatment for Advance Payments: 1. Initial Advance Payment: When a supplier receives an advance payment, they should issue an e-invoice at the time of receiving the payment. This e-invoice should clearly indicate that it’s for an advance payment. 2. Subsequent Delivery or Service Provision: When the goods are delivered or services are rendered, the […]
Malaysian Institute of Accountants (MIA) Public Consultation Paperย (No. 01/2024)
This document is a public consultation paper (No. 01/2024) issued by the Malaysian Institute of Accountants (MIA) regarding the registration of body corporates as public practice entities. Here’s a summary of what it’s about and what you’re being asked to do: 1. Purpose:The MIA is reviewing the Accountants Act 1967 to address inconsistencies between the Act and MIA By-Laws, […]
Access the MyInvois Portal
To access the MyInvois Portal, you need to follow these steps: 1) Log in to the MyTax Portal (https://mytax.hasil.gov.my) 2) Once logged in to the MyTax Portal, you will be able to access the MyInvois Portal from there. The MyInvois Portal is integrated with the MyTax Portal, so users need to go through MyTax Portal […]
Income Tax (Issuance of Electronic Invoice) Rules 2024 : Implementation Dates
The Income Tax (Issuance of Electronic Invoice) Rules 2024, as outlined in P.U. (A) 265, provide the legal framework for the implementation of electronic invoices (e-invoices) in Malaysia. These rules, which come into effect on 1 October 2024, establish the requirements and timelines for businesses to adopt e-invoicing. It’s important to note that there is a discrepancy between […]
