E-INVOICING INITIATIVE AND TAX IMPLICATION – IMPACT ON BUSINESSES
Date: 27th March 2024 (Thursday)
Time: 09.30am – 12.00pm
Venue: Huddle, Wezmart International Berhad
INTRODUCTION:
E-Invoicing: Transforming Business Operations for Enhanced Transparency. The Malaysian government is implementing an e-invoicing system to ensure transparency in business transactions and accurate reporting of revenue and expenses. The COVID-19 pandemic has further accelerated the adoption of e-payment mechanisms, making it easier for authorities to detect underreported income and non-deductible expenses. The e-invoicing system allows the Inland Revenue Board (IRB) to collect real-time data from companies and utilize big data analysis to accurately identify tax issues. This digitalization of the economic ecosystem will revolutionize the tax framework and enhance overall business efficiency. With the deadline for e-invoicing and going cashless by 2027, the landscape of tax audits is irreversibly changing. Understanding the necessary accounting changes is crucial for preparation before 2024, requiring businesses not only to be aware of the changes but also to have a well-defined action plan. The implementation, starting in 2024, underscores the urgency for businesses to comprehend the impact of e-invoicing and strategize effective solutions now.
PROGRAMME OBJECTIVES:
▪ Understand the National E-Invoicing Initiative and LHDN's requirements
▪ Understand the concept of E-Invoicing, types of e-Invoices, mechanism, criteria for issuing, and the exemptions
▪ Get ready with all the information to plan for the E-Invoicing implementation
▪ Understand the impact to businesses and claiming of expenses for income tax purposes
WHO SHOULD ATTEND
▪ Business Owner and Director
▪ CFO & Finance Personnel, COO
▪ Business Managers impacted by e-invoicing implementation
SPEAKER: BRUCE LEONG
Bruce Leong is the Manager of corporate restructuring & competing at Wezmart International Berhad, where he actively participates in the corporate restructuring, financial valuation, mergers and acquisitions, and pre-IPO capital journey of small and medium-sized enterprises (SMEs). He leads tax audit cases and provides consultancy to clients. He implemented the department's Quality Assurance (QA) reports. He is an Affiliate Member of the Association of Chartered Certified Accountants (ACCA), an Internal Auditor under the ISO 9001:2015 Quality Management System, and a Trainer certified by HRD Corp.
PROGRAMME TIMELINE:
| 0930 – 1000 | Registration and Networking
|
| 1000 – 1005 | Welcome Remarks by Moderator |
1005 – 1045 | UNDERSTANDING AND PREPARING FOR E-INVOICING
▪ General concept of e-Invoice
▪ Types of e-Invoices
▪ Exemption of e-Invoice
▪ E-Invoice overview workflow and model
▪ e-Invoice mandatory and optional fields
▪ Industry specific issues
|
1045 – 1130 |
UNDERSTANING THE TAX IMPACT ON BUSINESS
▪ Salient points and its implication
▪ How e-invoicing affects your accounting and tax compliance
▪ Preparation and review of account coding, settlement with trade payables, refinancing property, and more
▪ Deduction of expenses not supported by e-invoice
▪ Claiming of expenses under Section 33(1) and restrictions under Section 39(1A)
▪ Expenses incurred by staff on behalf of the business (Disbursement and Reimbursement)
▪ Impact on revenue due to non-generation or delay of e-invoice approval
▪ Impact on tax audit and investigations carried out by LHDN
▪ The transition to e-Invoicing
o Gap assessment analysis
o Define budget, timeline, resources, and scope of e-Invoicing
o Re-design of paper invoice format during transition amongst supplier and customer
o Clear communication with identified stakeholders
o Vendor assessment on technology providers
o Identify risks along e-Invoicing implementation
▪ Tax strategic plan for e-Invoicing |
1130 – 1145
| Q&A |
| 1145 – 1200 | Business Networking |