Duration
MASTERING E-INVOICING FOR BUSINESS EFFICIENCY
1 day
Overview
The Inland Revenue Board of Malaysia (IRBM) has officially announced the phased implementation of the new Electronic Invoice (e-invoice) system, marking a pivotal shift in business transactions. Under Section 82 of the Income Tax Act 1967, e-invoicing will gradually roll out starting from August 1, 2024, with full enforcement slated for 2025. This initiative aims to bolster efficiency in business transactions and compliance with tax regulations, impacting sole proprietors, private limited companies and a spectrum of businesses involved in goods and services trade. Recognizing the significant shift, this e-invoice course offers a comprehensive checklist, delving into crucial aspects such as software capabilities, self-billing procedures, consolidated e-invoicing methods, disbursement and reimbursement protocols, management of employee benefits and expense claims, buyer request options, and the requisite IT infrastructure and more.
Course Benefits
Upon completion of this training session, participants will gain the following skills and knowledge:
- Proficiency in navigating the lifecycle of an e-invoice, including its creation, validation, storage, and sharing, ensuring operational efficiency and regulatory compliance
- Ability to avoid penalties and compounding errors by adhering to best practices in e-invoicing management
- Enhanced capability to handle accounting tasks with meticulous attention, ensuring accuracy and compliance with regulatory requirements
- Improved efficiency and effectiveness in the workplace through optimized e-invoicing practices
- Understanding of the entities mandated to comply with e-invoicing regulations and insight into exemptions, enabling proactive preparation for regulatory changes
- Application of e-invoicing knowledge to inform business strategies and foster growth, recognizing its benefits beyond mere regulatory compliance
Course Objectives
This training helps business owners, accountants, finance professionals, and bookkeepers regarding the intricacies of accounting in the e-invoicing era. By providing comprehensive guidance and practical insights, attendees will be equipped with the knowledge and skills necessary to effectively manage business and accounting processes amidst the transition to electronic invoicing, thereby minimizing disruptions and maximizing operational efficiency.
Outline
8.00am
Module 1 - Understanding E-Invoicing
Definition and Concept of E-Invoicing
Objectives and Benefits
Entities Covered by E-Invoicing Regulations
Optimal Timing for Implementation
9.30am
Module 2 - Planning for E-Invoicing Rollout
Preparing Invoices, Credit Notes, and Debit Notes
Fields of information needed
Evaluating IT Infrastructure Requirements
Operational Readiness Assessment
Potential Negative Impacts on Business Operations
10.00am
Morning Tea Break
10.20am
Module 3 - Background and Benefits of E-Invoicing
Enhancing Tax Revenue Contributions
Facilitating Real-time Business Transaction Analysis
Mitigating Tax Leakages
Ensuring Compliance with Income Tax Act
Validating Tax-Deductible Expenses
Aligning with SST Collection Mechanisms
10.50am
Module 4 - Transactions Affected by E-Invoicing Implementation
11.10am
Module 5 - Scenario Analysis and E-Invoice Types
Implications for Imports and Exports
Adjustment Processes
Refund Applications
Disbursement and Reimbursement Procedures
12.00pm
Lunch Break
1.00pm
Module 6 - Timeline and Threshold Considerations
1.50pm
Module 7 - Lifecycle of E-Invoicing
Issuance of E-Invoice
Validation and Notification
Sharing and Rejection
Utilization of MyInvois Portal
2.30pm
Afternoon Tea Break
2.50pm
Module 8 - Implementation Strategies and Addressing Issues
Application Scenarios
Adjustment Periods for Suppliers
Editing and Storage Protocols
Handling Sequential Numbering
Management of Consolidated E-Invoices
Reporting and Compliance Procedures
Handling Transactions with Agents/ Distributors
Management of Overseas Income/ E-Invoicing for
Foreign Transactions
3.50pm
Module 9 - Impact on Accounting Practices
Changes Expected in Accounts Receivable (AR)
Changes Expected in Accounts Payable (AP)
Testing E-Invoicing Integration
4.10pm
Module 10 - Exemptions and Special Cases
4.20pm
Conclusion and Q&A Session
4.30pm
End of Training
Programme scope, delivery arrangements and suitability are confirmed during enquiry.