马来西亚内陆税收局 (IRBM) 2023 年电子发票指南快速略读
Other related articles that you may be interested in e-Invoicing Guidelines for the year 2023 are now accessible starting 21 July 2023 Benefits of e-invoice A comparison of the key aspects between the e-Invoice model via MyInvois and via API Portal Transitioning to e-Invoices: Assessing the Options for Your Business [What Businesses Need to Know] […]
Invitation for Public Consultation on Draft Public Ruling – Agricultural Sector Tax Incentive
The Inland Revenue Board of Malaysia (LHDN) has released a draft Public Ruling on income tax incentives for the agricultural sector, specifically a tax exemption for approved food production projects. This consultation invites feedback from stakeholders before the ruling is finalised. The primary purpose is to seek views on matters related to the conditions and […]
Progressive Wage Model to Adopt Flexible Approach, Says Economic Affairs Minister
The government is currently exploring the implementation of a progressive wage model that aims to strike a proper balance and not burden employers, according to Economic Affairs Minister Rafizi Ramli. Addressing the issue that salaries have regressed over the years, the minister emphasised the necessity of a policy that ensures economic stability. “We have been […]
MyInvois Made Easy: Step-by-Step e-Invoicing on the Portal
The MyInvois Portal is a user-friendly web application developed by the Inland Revenue Board of Malaysia (IRBM) that serves as an e-invoicing platform for taxpayers. It provides a simplified way for businesses, especially micro, small and medium enterprises (MSMEs), to manage the e-invoicing process manually through an intuitive online interface. The Portal contains all the […]
Pre-Submission: e-Invoice Submission Requirements via MyInvois Portal & API
Adopting e-Invoicing in Malaysia requires taxpayers to fulfil specific pre-submission requirements and preparations based on the transmission model they opt for via MyInvois Portal or API integration. While both models necessitate Digital Certificates and TIN verification, the Portal allows manual creation suitable for low invoice volumes. In contrast, the API route demands greater technical readiness […]
Transitioning to e-Invoices: Assessing the Options for Your Business [What Businesses Need to Know?]
Taxpayers can select the most suitable mechanism to transmit e-Invoice to IRBM based on their specific needs and business requirements. Some examples of e-Invoice adoption: So, in conclusion, Malaysia’s e-Invoice framework allows businesses to determine the model suitable for their needs while ensuring the standardisation of invoicing practices. Reference: 184.2 IRB_e-Invoice Guideline – Yr 23 […]
HASiL: Forms CP 22A/ CP 22B/ CP 21 submission requirements & online submission of Notification Forms
The Inland Revenue Board of Malaysia (HASiL) has issued a letter dated 28 June 2023 to CTIM and other professional bodies regarding the submission requirements for Form CP22A/ CP22B/ CP21 and the online submission process for employee-related notification forms. The letter includes the following information:- 1. Notice of cessation of employment Section 83(3) of the […]
Additional tax relief is available for Voluntary Contributions made to the EPF
The EPF strives to grow their members’ retirement savings while continuously developing a wide range of products and services to support their journey towards a comfortable retirement. Individuals who are employed, self-employed or business owners can opt to contribute based on their own requirements. As a member, you are eligible not only to enjoy annual […]
Budget 2023: Redefinition of ‘Micro, Small and Medium Enterprise (“MSME”)’
Small and medium-sized enterprises (SMEs) are integral to the Malaysian economy as they contribute 38% or more than RM500bil to our gross domestic product (GDP). There were altogether 1,226,494 MSMEs in 2021 which accounts for 97.4% of overall establishments in Malaysia. Today we are pleased to inform you of an important update regarding the redefinition […]
Section 46 paragraph (ha): Both Spouses can claim the Tax Relief of RM4,000
In accordance with the latest amendment to Section 46 of the Income Tax Act 1967, an additional paragraph (ha) has been included. This paragraph enables parents of children 18 years old or below diagnosed with specific symptoms of learning disabilities to seek tax relief for medical expenses. These expenses must be incurred in relation to […]
