(Tax Update) E-Invoice : FAQ Part 1

Welcome to KTP's definitive guide to e-invoicing! As your trusted auditors and tax agents, we're here to simplify the transition to e-invoices for everyone.

Whether you're a business owner, accountant, or just getting to grips with digital invoicing, this video is packed with essential information and answers to your most asked questions.

Dive into our FAQ Part 1 session to ensure your business stays compliant and ahead of the curve with e-invoicing.

Timestamps:

0:00 - Introduction to E-Invoicing

1:15 - Implementation Timelines Explained

3:50 - Understanding Mandatory Data Fields

6:30 - The Future of Handwritten Invoices

8:45 - Handling Staff Expenses and Claims with E-Invoices

11:10 - Conclusion and Additional Resources

FAQs on E-Invoice Implementation:

1. Implementation Timeline

Scenario 1

If your company’s e-invoice implementation date is set for 2025 but your client’s date is 1 August 2024, you might need to adopt e-invoicing earlier to accommodate your client's requirements. Adjusting your schedule can ensure seamless transactions and maintain good business relations.
Scenario 2

If facing a similar timeline with your supplier, it’s crucial to understand any specific requirements they might have. Early preparation can prevent disruptions in your supply chain.

2. Data Fields

With e-invoicing, there might be up to 55 required fields. While this sounds extensive, not all fields may be mandatory for every transaction.

It’s important to identify which fields are essential for your specific business context to ensure compliance without overburdening your processes.

3. Issuing Handwritten Invoices/Receipts

The shift to e-invoicing doesn't necessarily eliminate the possibility of using handwritten invoices or receipts. However, digital invoices are becoming a standard due to their efficiency and compliance benefits. Check if specific regulations apply to your industry.

4. Staff Expenses and Claims

Scenario 1

E-invoices for professional subscriptions under an employee’s name can typically be claimed, provided they align with company policies and are properly documented.
Scenario 2

Entertainment expenses billed under an employee’s name can also be claimed. Ensure that such expenses are justified, reasonable, and fall within company guidelines.
Scenario 3

For overseas business trips, accommodation expenses invoiced in an employee's name are generally reimbursable. It's crucial these expenses are pre-approved and within the company’s travel policy limits.

For more insights and personalized advice on e-invoicing, don’t forget to subscribe to our channel and check out our other resources.

KTP is here to help you navigate the complexities of modern business compliance with ease and confidence.

YouTube Video on E-Invoice FAQ

Watch the 25 minutes webinar on IRB Tax Audit in our YouTube https://youtu.be/WjWFAVBy8bc

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E-Invoice : FAQ Part 1 - THK Management Advisory Sdn Bhd

E-Invoice : FAQ Part 1