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Malaysia is on the Road to E-Invoicing
In March 2023, Malaysia Decided to implement obligatory E-invoicing to improve the quality of service and increase the efficiency of business operation.
A phased introduction of e-Invoicing is confirmed by the Inland Revenue Board (LHDN) according to the 2023 Budget.
It will come into effect gradually from early 2024.
New E-Invoicing guideline and timeline
A new e-invoicing guidance v2.1 was published by the Malaysian Inland Revenue Board (IRBM) on 28 October 2023. In the guidance, a new timeline for mandatory e-invoicing is announced.
E-invoicing will be implemented gradually as follows:
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1 August 2024 |
Taxpayers who have an annual turnover or revenue of more than RM 100 million. |
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1 January 2025 |
Taxpayers who have an annual turnover or revenue of more than RM 25 million. |
|
1 July 2025 |
All remaining taxpayers. |
Introduction to E-Invoicing and Its Importance in the Digital Age
Introduction
The digital transformation wave has been sweeping across various industries, revolutionizing traditional business practices. One of the most significant changes we've witnessed is in the field of invoicing. Businesses are now moving away from manual, paper-based invoicing systems to electronic invoicing, or E-Invoicing. This shift has been encouraged and in some instances mandated by government bodies worldwide.
In Malaysia, the Inland Revenue Board of Malaysia (IRBM) recently announced its E-Invoice Guideline Year 2023. This comprehensive guide outlines the who, what, and how of implementing E-Invoicing across businesses in Malaysia.
The Need for Digital Transformation in Invoicing
The digital era has increased the speed and volume of transactions exponentially. Traditional invoicing can no longer keep up with this fast-paced environment. The manual entry of data, human errors, delays in approvals, and the time-consuming process of physical delivery are just a few drawbacks of paper-based invoicing.
Enter E-Invoicing. This digital format not only speeds up the invoicing process but also makes it more efficient and accurate. E-Invoicing allows for real-time tracking, automates many of the manual processes, and eliminates the need for physical storage.
E-Invoicing in Malaysia
In line with the global trend, Malaysia has been making significant strides in adopting E-Invoicing. To streamline the tax administration and make it more efficient, the Malaysian government is set to implement E-Invoicing in phases. This move aims to increase the efficiency of tax administration, decrease the cost of compliance, and improve overall financial management for businesses.
The E-Invoice Guideline issued by the IRBM is a step towards the official adoption of E-Invoicing in Malaysia. This guide covers various aspects, including:
- Types of transactions that require E-Invoices
- Who needs to comply
- Key features and concepts
- Step-by-step implementation guidance
- Practical examples and common questions
Precomp - A Pioneering Solution Provider
At Precomp, we understand the importance of staying ahead in this digital curve. We're thrilled to announce that we are the FIRST to fully integrate the latest Odoo Version 17 with Malaysia's E-Invoicing. Our integration solution is in close collaboration with e-LHDN and is fully compliant with IRBM guidelines.
We are Odoo Gold Partner!
Our organization is officially recognized by Odoo S.A., the company behind the popular open-source enterprise resource planning (ERP) software, as having a high level of expertise and experience in implementing and customizing the Odoo platform.
Our team of certified developers and consultants are dedicated to delivering innovative, efficient, and cost-effective solutions that drive business growth and success. With a proven track record of successfully managing complex projects for clients across industries, we are committed to providing exceptional service and support to help our customers achieve their goals.
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Boost your business with us !
As the business landscape in Malaysia continues to evolve rapidly, it has become increasingly important for companies to have access to powerful tools that can help them manage their operations effectively. This is where Precomp, an Odoo Gold Partner in Malaysia, comes in. Precomp provides a wide range of ERP solutions and business management software that can help businesses of all sizes streamline their operations and achieve their goals.
With Precomp's expertise and experience in implementing and customizing Odoo software, businesses can harness the power of ERP solutions to improve their efficiency, productivity, and profitability. Whether it's accounting software, CRM software, project management software, or any other type of business management software, Precomp has the expertise to provide customized solutions that meet the unique needs of each client.
One of the biggest advantages of partnering with Precomp is the ability to leverage the power of Odoo ERP software. With Odoo, businesses can manage their inventory, sales, purchasing, manufacturing, accounting, and other business processes seamlessly in one place. The software is customizable, user-friendly, and cost-effective, making it an ideal choice for businesses of all sizes.
Another key advantage of working with Precomp is the level of support and consultation that they provide. As an Odoo Gold Partner, Precomp has access to a range of resources and tools that can help businesses achieve their goals. This includes training and support for the software, as well as consultation services to help businesses optimize their operations and achieve their strategic objectives.
In addition to these benefits, Precomp also offers access to third-party apps and modules that can be integrated with Odoo to extend its functionality. This includes e-commerce software, supply chain management software, and other specialized business management tools.
Overall, Precomp is a trusted partner that businesses can rely on to help them harness the power of ERP solutions and business management software. With a focus on customization, consultation, and support, Precomp helps businesses achieve their goals, improve their operations, and unleash their true potential. Partnering with Precomp can help businesses stay ahead of the curve in today's fast-paced and competitive business environment.