KCGCCI and IRBM Sarawak collaborate on e-Invoice implementation talk

KUCHING: More than 110 representatives from member companies of the Kuching Chinese General Chamber of Commerce & Industry (KCGCCI) participated in a talk titled “The Implementation of e-Invoice: Benefits and Mechanism”.

Organised by the Inland Revenue Board of Malaysia (IRBM) Sarawak and conducted in Mandarin, it was held at Level 4, Dewan Hasil, Menara Hasil Kuching.

The speaker was David Kho Tong Hou, senior executive II (Company Audit & Taxation Section) of IRBM Sarawak, while Alan Wee Ching Hua, director of Unit (Company Audit & Taxation Section) of IRBM Sarawak, was also in attendance.

KCGCCI president Datuk Tan Jit Kee officiated the opening of the talk and extended his appreciation to IRBM Sarawak for the initiative to organise the talk for members and the public to clarify issues and details related to e-Invoice before its implementation.

Tan urged businesses to collaborate with IRBM, which is beneficial for all parties concerned. He stressed that it is better to educate businesses the knowledge of proper tax submission rather than focusing in tax investigation.

“As we all know, the first phase of the implementation will begin on Aug 1, 2024, then on Jan 1, 2025 for the second phase and full implementation for all taxpayers on July 1, 2025.”

He also encouraged businesses to make good preparations before the implementation of the e-Invoice. KCGCCI has been organising e-Invoice talks twice a few months ago, which received good responses from participants.

During the talk, Kho covered e-Invoice guidelines, exemptions, implementation and its benefits, mechanism and myInvois system, preparation to implement and supporting services.

He shared the benefits of the implementation of e-Invoice to businesses, which include costs saving, improvement of business efficiency, going cashless, proper data storage, digitalise financial reporting and tax filing, enhancing transparency and increasing in business performance.

The Myinvois Portal hosted by IRBM can be accessed by all businesses free of charge is more suitable for Micro, Small and Medium-sized Enterprises (MSMEs). The Application Programming Interface (API) is ideal for large businesses.

Kho also shared about the Sandbox testing environment which is available on Myinvois Portal for first-phase taxpayers.

He added that MSMEs earning less than RM150,000 annually need not issue e-Invoices, however, they are still being encouraged to do so, as this is an initiative to boost up the business digitalisation in the nation, a programme under the 12th Malaysia Plan.

Both IRBM Sarawak and KCGCCI agreed to more future collaborations as this was the first e-Invoice talk by IRBM Sarawak in Kuching.

For more information about the e-Invoice implementation and guidelines, refer to the IRBM official website: https://mytax.hasil.gov.my/e-invois.