E-INVOICE
E-INVOICE
The Malaysian Inland Revenue Board (LHDN) is making e-invoicing mandatory for tax purposes to enhance the efficiency of Malaysia's tax administration and support the digital economy, in line with the Twelfth Malaysia Plan. SQL Account, certified to comply with these regulations, provides a seamless solution for your business. E-invoicing will be rolled out in stages: the first group of businesses must comply by 01 August 2024, and by 01 July 2025, all Malaysian businesses, regardless of size, must use e-invoices. This system will enable near real-time validation and storage of transactions for B2B, B2C, and B2G transactions. Switch to SQL Account to ensure your business remains compliant with LHDN regulations, streamlining your operations and supporting efficient financial management.
The figure below demonstrates an overview of the e-Invoice workflow from the point a sale is made or transaction is undertaken, and an e-Invoice is issued by the supplier via MyInvois Portal or API, up to the point of storing validated e-Invoices on IRBM’s database for taxpayers to view their
respective historical e-Invoices.
Targeted Taxpayers | Implementation Date |
Taxpayers with an annual turnover or revenue of more than RM100 million | 1 August 2024 |
Taxpayers with an annual turnover or revenue of more than RM25 million and up to RM100 million | 1 January 2025 |
All taxpayers | 1 July 2025 |
Feed Customer TIN into SQL Automatically
* No more asking customer for their TINS one by one
SQL Account is the only accounting software that automatically fetches your customers TIN (Tax Identification number), saving your countless hours of manual effort.
How SQL Accounting Assists Your Business In Adhering To LHDN E-Invoice Requirements? |
- According
to the guidelines as of February 9, 2024, each e-invoice must contain 35
mandatory fields and 20 optional fields, making a total of 55 fields that need to be completed for successful valid e-invoice submission. SQL Account automates this process by storing all these field records, eliminating the need for repetitive manual entry. |
- For
every e-invoice issued, you can track its status within SQL Account, including
whether it has been submitted, validated, deemed invalid, or cancelled. This enables you to effortlessly monitor the status of all e-invoices through SQL Account. |
- Beyond
standard sales invoices, certain transactions require e-invoice, including
dividends, foreign income, foreign purchases payments to agents, and cross-border dealings. SQL Account is equipped to support and comply with these requirements in accordance with LHDN guidelines, covering: |
E-INVOICE | CONSOLIDATED E -INVOICE | SELF - BILLED E- INVOICE |