Every year the tax system goes through various changes focusing of the national objective for the budgeted year.

The application of E-invoice for various transactions for accounting of revenue and cost for tax purpose as announced by LHDN implemented in phases from August 2024 onwards, is also not solely a tax matter of about how much tax to pay or when to do your tax filing. A major part of it is all about your Accounting for the Revenue and Cost of the organization for tax purpose of all transactions of the Business Operation at large, involving Sales, Purchasing, HRM, IT and all other operating staffs. When to account for the cost and revenue and when to issue e-invoice are all separate matters.

The 6 months grace period given from the mandatory implementation date for the 1^st phase is going to be over end January 2025 and unless extended, full implementation is to be complied w.e.f. 1/2/2025. Fine between RM200 to RM20,000, or imprisonment for 6 months or both may commence after the grace period.

Then the 2^nd phase group comes in w.e.f. 1/1/2025. The number of companies in this 2^nd phase group could be at least 50 times bigger than the 1^st group. While they may be also enjoying the 6 months period ending 30/6/2025, it will be better to start implementing progressively and get the learning curve up than to cramp everything at the last minute.

Hence this program is to equip the participants’ awareness on what are the tax implication from Budget 2025 and to equip them on all aspects of e-invoicing requirement for their organization’s operation as per LHDN’s requirements.

The need to know when to issue an E-Invoice to customers to capture the revenue, when to issue self-bill invoice to capture the cost, when suppliers are not required to issue E-invoice but require to issue consolidated e-invoice, etc. are all essential knowledge and skills that all staffs in the organization’s accounting and other departments will need to know and possess.

It is therefore essential that all the Accounting and other Operational function staffs, get equip with the E-Invoice mechanism in our daily Accounting and Business operation.