Preparing Your Business for E-Invoicing in Malaysia: A Comprehensive Guide

Introduction

Transitioning to e-invoicing in Malaysia may pose several challenges. Businesses might struggle with the initial setup and integration of e-invoicing systems, especially if they're accustomed to traditional methods. Understanding the regulatory framework and ensuring compliance can be complex and time-consuming. Additionally, navigating through different transaction types, scenarios, and exemption criteria could be daunting. Ensuring data security and privacy, along with assessing readiness for e-invoicing, might present significant hurdles. Lastly, businesses may face issues with validating, sharing, and storing e-invoices efficiently while maintaining seamless workflow integration.

This course aims to equip participants with a comprehensive understanding of e-invoicing's transition, benefits, and implementation in Malaysia. Participants will grasp the differences between traditional and e-invoicing models and explore the regulatory framework and compliance requirements set forth by IRBM. Through detailed guidance on e-invoice procedures and workflows, participants will learn to create, submit, validate, and manage e-invoices effectively. Furthermore, the course seeks to address common concerns and queries through the latest FAQs from IRBM, enabling participants to navigate e-invoicing challenges confidently. Ultimately, the course endeavors to empower businesses to seamlessly transition to e-invoicing while maximizing its advantages.

Learning Outcomes

• Compare traditional invoicing with e-invoicing, highlighting key benefits and challenges.
• Understand Malaysia’s e-invoicing regulations and ensure IRBM compliance.
• Apply e-invoicing procedures, including creation, validation, and sharing, using proper formats.
• Evaluate organizational readiness and identify steps for a smooth e-invoicing transition.
• Use reporting tools to monitor transactions and ensure accurate tax compliance.
• Resolve common e-invoicing issues with insights from the latest IRBM FAQs.

Key Content

Module 1: Introduction to E-Invoicing

• Overview of traditional vs. e-invoice model
• Benefits of e-invoicing for businesses in Malaysia
• E-invoice implementation timeline
• Regulatory framework and compliance requirements for e-invoicing in Malaysia

Module 2: Getting Ready for E-Invoicing

• Transaction types
• Scenarios and types of e-invoice
• Exemptions from implementation e-invoice
• E-invoice model (MyInvois vs API)
• E-invoice procedures and workflow (step-by-step guidance)
  • Creation & submission of e-invoice
  • Validation of e-invoice
  • Notification of validated e-invoice
  • Sharing of e-invoice
  • Rejection or cancellation of e-invoice
  • Storing of e-invoice
  • Reporting and dashboard services for taxpayers
• Data security and privacy monitory by IRBM
• Assessing readiness of e-invoice
• List of required fields for e-invoice
• List of mandatory and optional fields for e-invoice

Module 3: Practical Applications and Transaction Scenarios

• Transaction with buyers & consolidated e-invoice
• Statements or bills on a periodic basis
• Self-billed e-invoice
• Transactions which involve payments to agents, dealers or distributors
• Disbursement or reimbursement
• Employment perquisites and benefits
• Expenses incurred by employee on behalf of the employer
• Cross border transactions
• E-commerce transactions
• Profit distribution (e.g., dividend distribution)
• Foreign income

Module 4: 6-Month Interim Update

• Overview of the interim relaxation period
• Key policy adjustments and implications
• Compliance expectations during the interim phase
• Common challenges and how to address them

Module 5: Frequently Asked Questions (FAQ) Highlights by IRBM

• FAQ walkthrough
• Clarifications on e-invoice compliance
• Practical scenarios based on FAQs

Target Audience

• Director, manager, executive, officer
• Finance department
• Accounting department
• Taxation department
• Compliance officers
• IT department
• E-invoice service provider
• Software developer and organization
• Business owners
• Procurement department
• Supply chain department
• Auditors
• Legal counsel

Methodology

The training methodology is designed to foster a dynamic and engaging learning environment, prioritizing active participation and collaboration among participants. Through highly interactive learning sessions facilitated by trainer, participants will have ample opportunities to engage in discussions, ask questions, and share insights. The incorporation of assessments, quizzes, and continuous feedback mechanisms ensures a comprehensive understanding of the material, while also providing participants with opportunities for self-assessment and reflection. Moreover, participants will play an active role in evaluating their achievement of learning outcomes, contributing to a meaningful and impactful learning experience.