Tey Ling & Assocaites

📅 E-Invoice Treatment During Interim Relaxation 6 months Period 🔑 Key Points 1. Consolidated E-Invoices - Companies are allowed to issue consolidated e-Invoices for all activities and transactions, including those listed under Section 3.7 of the e-Invoice Specific Guideline. 2. Self-Billed E-Invoices - Companies can issue consolidated self-billed e-Invoices for all self-billed circumstances outlined under Section 8.3 of the e-Invoice Specific Guideline. 3. Description Field Flexibility - Companies have the flexibility to input any information/details in the "Description of Product or Service" field in the consolidated e-Invoice or consolidated self-billed e-Invoice. 📊 Issuance Frequency - Companies are required to issue consolidated e-Invoices / consolidated self-billed e-Invoices on a monthly basis. - This should be done in accordance with the timing of issuance as stipulated under sections 3.6.2 and 3.6.6 of the e-Invoice Specific Guideline. 🔄 Optional Approach - If a company's system is ready to issue individual e-Invoices / individual self-billed e-Invoices for each transaction, they may opt to: - Not adopt the e-Invoice treatment during the interim relaxation period - Issue individual e-Invoices and individual self-billed e-Invoices as per the requirements outlined in the e-Invoice Guideline and Specific Guideline ⏱️ Duration - The 6-month interim relaxation period applies to all phases of e-Invoice implementation. - For companies with an annual turnover or revenue of more than RM100 million, the relaxation period starts from 1 August 2024. By following these guidelines during the relaxation period, companies can ensure a smooth transition to full e-invoicing implementation while maintaining compliance with the new requirements. ************************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com. #teyling.com on Audit . Tax . Advisory

e-invoice llustrative Guide with a focus on various transaction types and scenarios related to e-invoicing. The content is divided into several main sections, covering different aspects of e-invoicing and related transactions. # Document Structure 1. **Main Content** (Pages 3-34) - Transactions with Buyers - Statements or Bills on a Periodic Basis - Disbursement or Reimbursement - Expenses Incurred by Employee on behalf of Employer - Self-billed e-Invoice - Transactions involving payments to Agents, Dealers, and Distributors - Cross Border Transactions - e-Commerce Transactions 2. **Resources and References** (Pages 35-36) # Key Points - The guide covers a wide range of e-invoicing scenarios, from basic buyer transactions to more complex situations like cross-border and e-commerce transactions. - It includes information on handling periodic billing and statements. - The document addresses specific cases such as employee expenses and self-billing. - Special attention is given to transactions involving agents, dealers, and distributors. - The guide also covers international aspects with a section on cross-border transactions. - E-commerce transactions are specifically addressed, indicating the guide's relevance to modern business practices. - Additional resources and references are provided at the end of the document for further information. ************************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com. #teyling.com on Audit . Tax . Advisory

Greetings! I'd be happy to help create notes and summarize the document data provided. E-Invoice Specific Guideline (Version 3.1) issued by the Inland Revenue Board of Malaysia, and break down the key points and present them in a structured format as below: ## Introduction - Issued by Inland Revenue Board of Malaysia (IRBM) - Replaces Version 3.0 issued on 30 July 2024 - Publication date: 4 October 2024 ## Key Sections## 1. Transactions with Buyers - Covers various scenarios including individual buyers and shipping recipients - Provides details on consolidated e-Invoices 2. Statements/Bills on a Periodic Basis - Guidelines for issuing e-Invoices in statement/bill format 3. Self-Billed e-Invoice - Details on parties involved and required information 4. Cross-Border Transactions - Guidance for transactions between foreign sellers/buyers and Malaysian purchasers/sellers 5. E-Commerce Transactions - Overview and guidelines for e-commerce platform providers 6. Cybersecurity - Assurance of MyInvois System compliance with ISO/IEC 27001 and ISO 22301 standards Appendices The document includes several appendices providing additional information: 1. List of general TIN 2. Buyer's details in consolidated e-Invoice 3. Parties of self-billed e-Invoice 4. Buyer's details for transactions with individuals 5. General and Industry-Specific FAQ This structured summary should provide a clear overview of the E-Invoice Specific Guideline. Is there any specific area you'd like me to elaborate on further? ************************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com #teyling.com on Audit . Tax . Advisory

Greetings! I'd be happy to help create notes and summarize the document data provided. E-Invoice Specific Guideline (Version 3.1) issued by the Inland Revenue Board of Malaysia, and break down the key points and present them in a structured format as below: ## Introduction - Issued by Inland Revenue Board of Malaysia (IRBM) - Replaces Version 3.0 issued on 30 July 2024 - Publication date: 4 October 2024 ## Objective The guideline provides further guidance on e-Invoice issuance in the following areas: 1. Transactions with Buyers 2. Statements/Bills on a periodic basis 3. Disbursement and reimbursement 4. Employment perquisites and benefits 5. Certain expenses incurred by employees on behalf of the employer 6. Self-billed e-Invoice 7. Transactions involving payments to agents, dealers, or distributors 8. Cross-border transactions 9. Profit distribution (e.g., dividend distribution) 10. Foreign income 11. Currency exchange rate 12. E-commerce transactions 13. Cybersecurity ************************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com #teyling.com on Audit . Tax . Advisory

E-invoicing ## 1. Introduction to e-Invoicing - **Definition**: The e-Invoicing mechanism automates the invoicing process, enhancing business transparency and accounting efficiency. - **Implementation Timeline**: The system will commence on **1 August 2024** and conclude on **30 June 2025**. - **Objective**: Ensure timely and accurate reporting of revenue to the **Inland Revenue Board (IRB)**. ## 2. Required Data Fields - **Total Fields**: - **55 data fields** are required, consisting of **35 mandatory** and **20 optional**. - **SDK 1.0** introduces an additional **6 fields** (37 mandatory and 24 optional). - **Categories of Data Fields**: - **Supplier’s details** - **Buyer’s details** - **Payment’s details** - **e-Invoice features** - **Product/Service details** ## 3. Features and Mechanism - **e-Invoicing Format**: Digital invoices generated via **JSON** or **XML** formats. - **Validation Process**: Invoices must be validated through the **MyInvois system** before sending to customers. - **Digital Signature**: Provides authenticity and legality post-validation by the IRB. ## 4. Implementation Phases - **Phase I**: For entities with annual turnovers exceeding RM100 million, starting on **1 August 2024**. - **Phase II & III**: For smaller entities, commencing from **1 January 2025** and **1 July 2025** respectively. - **Voluntary Compliance**: Encouraged for businesses to implement ahead of mandatory timelines. ## 5. Responsibilities of Parties Involved - **Suppliers**: Must generate, transmit, and maintain the authenticity of e-Invoices. - **Customers**: Required to accept valid e-Invoices within a **72-hour window** post-validation. - **IRB**: Manages the validation process and ensures compliance with e-invoicing regulations. ## 6. Conclusion - The transition to e-Invoicing is a **tax revolution**, allowing the government to enhance tax collection efficiency and minimize tax evasion. - The initiative promotes a **paperless** and transparent business environment. This structured overview of the document provides clarity and a handy reference for understanding e-invoicing in Malaysia. This interactive session will effectively help you create concise notes from the document, making it easier to grasp its key points! If you have any specific questions or need further information on a topic, feel free to ask! ************************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com. #teyling.com on Audit . Tax . Advisory

# Details of Section 82C in Relation to E-Invoicing ## Overview of Section 82C **Section 82C** of the **Income Tax Act 1967** mandates the issuance of **electronic invoices** for transactions involving goods sold or services performed. This section is part of the amendments introduced to enhance tax compliance and reporting. ## Key Provisions of Section 82C - **Issuance Requirement**: - A person must issue an **electronic invoice** for each transaction in a year of assessment concerning any goods sold or services performed. - **Ministerial Authority**: - The **Minister** is empowered to prescribe: - The individuals or entities required to issue electronic invoices. - The particulars that must be included in these invoices. - **Director General's Role**: - The **Director General** will determine the conditions and specifications under which electronic invoices are to be issued, following guidelines issued in accordance with **Section 134A**. - **Transmission and Validation**: - All electronic invoices must be transmitted electronically to and validated by the **Director General**. - **Consolidated Invoices**: - The Director General may require a person to consolidate multiple transactions into a **consolidated transaction invoice**, which must also be transmitted electronically. - **Error Rectification**: - If an error occurs in an electronic invoice, a substitute electronic invoice can be issued within **three days** from the date of the original invoice. - **Credit and Debit Notes**: - Adjustments must be made in the chargeable income for any credit or debit notes issued in relation to the electronic invoices. - **Personal Data Protection**: - The provisions of the **Personal Data Protection Act 2010** do not apply to personal data processed for electronic invoices under this section. ## Implementation Timeline - The provisions of Section 82C are set to come into effect on **1 January 2024**. ## Conclusion Section 82C represents a significant step towards digitalization in tax compliance, requiring businesses to adapt to electronic invoicing practices. This will not only streamline the invoicing process but also enhance the accuracy of tax reporting. 📄💻 If you have any further questions or need clarification on specific aspects, feel free to ask! ******************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com. #teyling.com on Audit . Tax . Advisory

In general, e-invoicing can potentially transform business processes in the following ways: -Streamlined Invoicing: Automating the creation and transmission of invoices -Improved Accuracy: Reducing manual data entry errors -Faster Processing: Enabling quicker validation and approval of invoices -Enhanced Visibility: Providing real-time tracking of invoice status -Cost Savings: Reducing paper, printing, and postage costs -Better Compliance: Ensuring invoices meet regulatory requirements -Improved Cash Flow: Accelerating payment cycles ************************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com #teyling.com on Audit . Tax . Advisory

🏠 Individual Income Tax Relief in the Budget 💊 Medical and Health Expenses 1. Medical Treatment Expenses - Relief limit: Up to *RM10,000 - Includes expenses for self, spouse, and child - Covers serious illnesses, fertility treatments, vaccinations, dental care, and more 🏥 2. Education and Medical Insurance - Increased from RM3,000 to *RM4,000 - For premiums paid on education and medical insurance 📚🩺 👨👩👧👦 Family-related Relief 1. Disabled Person Relief - Disabled individual: Increased from RM6,000 to RM7,000 - Disabled spouse: Increased from RM5,000 to RM6,000 - Unmarried disabled children: Increased from RM6,000 to RM8,000 ♿ 2. Sports, Health, and Elderly Care - Up to RM1,000 for sports activities and equipment (expanded to include parents) - Up to RM1,000 for medical check-up and vaccination expenses for parents - Extended medical treatment relief to include grandparents 🏋️♀️👴👵 3. Nursery or Kindergarten Fees - Extended relief of up to *RM3,000* for 3 years (2025-2027) 🧒 💰 Savings and Investments 1. Private Retirement Schemes (PRS) - Relief of up to RM3,000 extended until 2030 💼 2. National Education Savings Scheme (SSPN) - Relief of up to RM8,000 extended for 3 years (2025-2027) 🎓 🏡 Housing and Lifestyle 1. Housing Loan Interest - New tax relief for first residential home (amount not specified) 🏠 2. Domestic Food Waste Composting Machine - New tax relief (amount not specified) ♻️ These tax reliefs aim to provide financial support to individuals and families across various aspects of life, from healthcare and education to retirement planning and environmental consciousness. 🇲🇾💼 ************************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com. #teyling.com on Audit . Tax . Advisory

💼 Key Tax Measures for Businesses Budget 2025 🏭 Manufacturing and Logistics 1. Smart Logistics Complex (SLC) - Income tax exemption* equivalent to 60% Investment Tax Allowance (ITA) on qualifying capital expenditure for 5 years - Can be set-off against up to 70% of statutory income per year - Aims to enhance supply chain efficiency through IR4.0 technologies 🤖 2. E-Invoicing Implementation - Accelerated capital allowance* for ICT equipment, software, and consulting fees - Can be fully claimed within 2 years - Effective from YA 2024 to YA 2025 📊 🌿 Islamic Finance - Expansion of income tax exemption* for Islamic financial activities in Labuan - Includes qualifying Labuan takaful business and related activities - Effective from YA 2025 to YA 2028 🕌 👥 Employment Incentives 1. Flexible Work Arrangements - Tax incentive for employers implementing flexible work arrangements 🏠💻 2. Caregiving Leave Benefit - 50% further deduction for employers providing up to 12 months paid leave for employees caring for children or ill/disabled family members - Applications from 1 January 2025 to 31 December 2027 👨👩👧👦 3. Hiring Women Returning to Work - New tax incentive for employers hiring women returning to the workforce 👩💼 📈 Export and Innovation 1. Increased Exports - Expansion of tax incentive to include IC Design services 🖥️ 2. Smart Artificial Intelligence Reverse Vending Machine - Extension of tax deduction for sponsorship 🤖♻️ 🏷️ Other Measures 1. Sales and Service Tax - Review of sales tax rates on non-essential imported premium goods - Expansion of service tax scope to include new B2B commercial service transactions 2. Stamp Duty - Implementation of self-assessment system for stamp duty - Review of stamp duty on Shariah-compliant financing agreements These measures aim to promote economic growth, encourage adoption of advanced technologies, and provide targeted support to various business sectors. 🚀💡 ************************************************************************* The provided information is intended for reference only. Please consider seeking additional professional guidance if necessary. If you need reliable audit and tax services, contact us at +60143612749 or admin@teyling.com #teyling.com on Audit . Tax . Advisory

Dear participant, Thank you very much for your registration to the event "E-Invoicing Implementation In Malaysia" on October 27th, 2024. We are glad to inform you that more than 360 participants have registered for this event. Initially, keeping in view of this large number of interested participants, we have decided to change the venue from the limited seating area at Dewan Bandaraya Diraja Klang to the more spacious Dewan Hamzah. However, due to an overwhelming response from attendees and participants alike, we have finally decided to close the application on October 18th, 2024. Our team will email you for those who have registered to this event via contact@teyling.com. Kindly respond to this email to confirm your attendance at Dewan Hamzah. Your prompt response is greatly appreciated as we move forward with our arrangements. For further inquiry, you may call us 03-3342 3620 / 012-674 3620. Once again. Thank you. Kind regards, TEYLING