Overview
The construction industry plays a critical role in Malaysia’s economy, contributing significantly to GDP and employment. However, it is also a sector prone to tax-related challenges, including misreporting and inflated expenses. To address these issues, the Malaysian government has introduced the e-Invoice system, a transformative step aimed at modernizing invoicing practices, increasing transparency, and streamlining financial operations in the construction
sector.
The e-Invoice will enable instant or near-instant validation and storage of transactions, catering to Business-to-Business (B2B), Business-to-Consumer (B2C) and Business-to-Government (B2G) transactions.
Objective of the Program
Upon completion of this program, participants will acquire these:
- The simplified e-Invoice concepts by presenting them in a clear and accessible manner for taxpayers to easily understand and implement.
- Step-by-step guidance on key aspects of e-Invoice, including implementation, compliance, and recordkeeping, to ensure taxpayers can follow a structured approach in meeting their obligations.
- Practical examples to illustrate real-life scenarios, demonstrating how e-Invoice requirements can be applied in different business contexts.
- Guidance to assist taxpayers in assessing their readiness for e-Invoice implementation and monitor compliance.
- Common questions and concerns that taxpayers may have regarding e-Invoice, offering clear explanations and solutions to common challenges. Additional guidance may be issued periodically on certain issues or industry matters. In addition, additional support documentation such as Software Development Kit (SDK), training materials and assistance from Inland Revenue Board of Malaysia (IRBM) to further aid stakeholders in understanding and implementing e-Invoice will be made available.