- January 8, 2025
- Posted by: gpisadmin
- Category: GPIS News
It is now 2025, The Malaysian Inland Revenue Board (LHDN) is implementing mandatory e-Invoicing in 2nd phase starting January 1st, 2025 today, for businesses with annual turnovers between RM25 million and RM100 million. This initiative is designed to modernize business transactions and enhance tax compliance nationwide.
Phase 2: Medium-Sized Enterprises
- Commenced: January 1, 2025
- Scope: Taxpayers with an annual turnover or revenue between RM25 million and RM100 million are required to adopt e-invoicing.
Understanding e-Invoicing
An e-Invoice is a digital document that serves as proof of a transaction between a seller and a buyer, replacing traditional paper invoices. In Malaysia, e-Invoices must be submitted in XML or JSON format through the LHDN’s MyInvois system.
Impact on Business Processes
The adoption of e-Invoicing in Malaysia offers several significant benefits:
- Streamlined Workflow: Automating invoicing processes reduces manual tasks, leading to increased efficiency.
- Improved Accuracy: Automation minimizes human errors, reducing discrepancies and disputes.
- Enhanced Cash Flow: Faster invoice processing leads to quicker payments, improving financial stability.
- Simplified Tax Reporting: E-Invoicing automates data collection, easing the tax filing process and reducing the risk of audits.
- Cost Savings: Eliminating paper, printing, and postage costs, along with streamlined processes, reduces labor expenses.
Implementation Phases
The e-Invoicing rollout is scheduled as follows:
- August 1, 2024: Mandatory for businesses with annual turnovers exceeding RM100 million.
- January 1, 2025: Applicable to businesses with turnovers between RM25 million and RM100 million.
- July 1, 2025: All remaining businesses must comply.
Preparing for e-Invoicing
To ensure a smooth transition, businesses should take the following steps:
- Assess Current Systems: Evaluate existing invoicing processes and IT capabilities to identify necessary upgrades.
- Provide Training: Equip personnel with adequate training and tools to manage e-Invoicing adoption.
- Data Management: Ensure accurate and up-to-date customer and transaction data for seamless e-Invoicing.
How GPIS Solutions Sdn Bhd Can Help
Navigating the transition to e-Invoicing can be challenging, but GPIS Solutions Sdn Bhd is here to help. As a trusted partner, GPIS offers robust e-Invoicing and accounting solutions through the powerful AutoCount Accounting Software.
With AutoCount, you can:
- Automate invoicing and financial processes to ensure compliance with LHDN’s requirements.
- Improve accuracy and efficiency across all business operations.
- Access real-time financial data for better decision-making.
- Seamlessly integrate e-Invoicing into your workflow with minimal disruption.
Why Choose GPIS Solutions?
GPIS Solutions specializes in providing tailored business solutions, ensuring that your company is ready for the digital future. By leveraging AutoCount Accounting Software, we empower businesses to remain competitive, compliant, and efficient in today’s evolving market.
For more information on how GPIS Solutions can support your e-Invoicing journey, visit our website at GPIS Solutions Sdn Bhd.
Conclusion
The implementation of e-Invoicing in Malaysia is a step towards digital transformation, offering immense benefits in efficiency, accuracy, and compliance. By acting now and choosing a trusted partner like GPIS Solutions, businesses can leverage these advantages and thrive in a digital-first economy.
Let GPIS Solutions Sdn Bhd guide your business to success with AutoCount Accounting Software. Contact us today to get started!