Tax Updates via Budget 2025 and E-Invoice Mastery: Treatment for Various Business Transactions

26-27 Dec, 2024, GLENMARIE HOTEL & GOLF RESORT SHAH ALAM

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TAN KOK TEE
DBA, MBA-Finance, FAIA, MIPA, MCCS, ACTIM,
International Accountant (UK),
Public Accountant (Aust.)
Certified Company Secretary.
HRDF Certified Trainer
Registered GST Agent.


MR. TAN KOK TEE has 40 years of working experience in Accounts & Financial, Strategic and General
Management field. He has held a variety of leadership and senior management roles in various
organizations, starting in the Accounts & Finance Department until CFO level and the last being Group
Chief Executive Officer. More than half of these times were spent in the Manufacturing, Marketing &
Distribution and Services organizations.


He is a Fellow member of the Association of International Accountants, UK; Member of the Institute of
Public Accountants, Aust.; Certified Commercial Accountant, (M); Member of the Chartered Tax
Institute of Malaysia; Member of the Malaysia Associations of Company Secretaries (M) and a Gold
Mastery Holder in Reinventing Strategic Planning and Management from the Haines Centre for
Strategic Management, sponsored by University of San Diego, USA.


He is also a Certified Trainer with PMSB’s (HRDF) Train The Trainer Certificate since 2009, a GST Agent
registered with MOF & Holder of the GST MyGCAP certificate from RMCD and a Life Member of the
Malaysian Institute of Directors.


Mr. Tan has been involved in Advisory, Training and Facilitation since beginning 2009. To-date he has
conducted about 400 training workshops throughout Malaysia on topics on Budgeting & Cashflow
Planning; GST; SST; Practical Accounting for Accounting Staffs; Reading, Analyzing and Interpreting
Financial Statement; Accounting and Finance for Non-Finance Managers; Customers Credit
Evaluations and Collection Strategies; Incoterms, LC Operations and Trade Financing; Reinventing the
Strategic Planning and Management and Financial Statement Hands On Application to MBRS, for both
in-house as well as public.


Among the organizations that Tan Kok Tee has been providing training for, include Government
Authorities, Chamber of Commerce, Government Link Companies, Banks, Malaysian Institute of
Accountants, Chartered Institute of Management Accountants, CPA Australia, Malaysian Institute of
Chartered Secretaries and Administrators, Selangor State Human Resource Development Centre
(SHRDC), Negeri Sembilan State Skills Development Centre (NSSDC), Penang Skill Development
Centre (PSDC), NGOs and many others public training providers.


His other clients include Shin Yang Group, MIRI, Bintulu Port, Deleum Bhd., Boustead Plantation Bhd.,
Takahata, FBK Manufacturing, Brothers Industries, Integrated Logistics, Mega Logistics, Chung Hwa
Picture Tubes, Ohara Melaka, Safran Aerospace, NEC Corp. of Malaysia, Kobe Precisions, Tecktronic
& Sons Holdings, Julie’s Biscuits, Ornapaper Melaka, Sunway University, Sime Darby Properties, Lion
Group and many more.


To-date Mr. Tan has trained more than 15,000 Executives. He combines a wide range of practical and
hands-on training experience in lively and challenging interactive training sessions

Venue Details

GLENMARIE HOTEL & GOLF RESORT SHAH ALAM
No. 1, Jalan Usahawan U1/8,, Seksyen U1, 40250 Shah Alam,, Selangor Darul Ehsan, Malaysia
Phone : +603-78025200

https://www.glenmarie.com.my/

Contact us

Juliany,
03 2283 6109
juliany@ipa.com.my

Phoebe,
03 2283 6100
phoebe@ipa.com.my 

FOR CUSTOMISED IN-HOUSE TRAINING
Jane,
03 2283 6101
Jane@ipa.com.my

ADDRESS 
A-28-5, 28th Floor, Menara UOA Bangsar, 
No.5, Jalan Bangsar Utama 1, 
59000 Kuala Lumpur
www.ipa.com.my

FOCUSING ON
  • Tax Updates via 2025 Budgets
  • Fundamentals Of E-Invoice
  • E-Invoice Mechanism
  • Application Of E-Invoice For Accounting Of Business Transactions
  • Readiness For Implementation
  • PLUS:
  • Hands-on Walk Through on MyInvois Portal and an API
  • Hands-on Exercises on Policies And Procedures Development

LAPTOP REQUIRED

OBJECTIVES

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 1st 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 2nd phase group comes in w.e.f. 1/1/2025. The number of companies in this 2nd phase group could be at least 50 times bigger than the 1st 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 course is to equip the participants’ awareness on what are the tax implication from Budget 2025 and also 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 issuing 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 equipped with the E-Invoice mechanism in our daily Accounting and Business operation.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Obtaining Critical Key Pointers On The Various Tax Impact Via Budget 2025.
  2. Understanding What Is E-Invoice And Its Working Mechanism.
  3. Understanding The Application Of E-Invoice For Different Types Of Business & Accounting
    Transactions.
  4. Working Around The MyInvois Portal.
  5. Preparing And Getting Ready For E-Invoice Implementation
WHO SHOULD ATTEND
  • Entrepreneurs, Business owners & Directors.
  • Accountants, Accounts Executives and all operational Accounting Staffs,
  • Company Secretaries and Secretarial Assistance
  • Other Functional (Sales, Purchasing, Human Resource, etc.) Managers, Executives and Staffs.
  • All other persons who are involved in and/or
    interested to learn about E-Invoice mechanism and its application to various business transactions.
METHODOLOGY
  • Interactive Lectures and Discussions
  • Questions & Answers
  • Hands on Walk Through on MyInvois Portal and an API
  • Hands on Exercises on Policies And Procedures Development
DAY 1
9:00

TAX UPDATES VIA 2025 BUDGETS AFFECTING

  • Individuals
  • Business
  • E-Invoice
  • Tax Incentives
  • Stamp Duties
  • Capital Gain Tax
  • Sales and Services Tax
  • Other matters
1:00 Lunch
2:00

FUNDAMENTAL OF E-INVOICE

  • What is E-Invoice what does it entail in comparison with current invoicing practice?
  • Worldwide development of E-Invoice and its implication on tax.
  • Malaysian implementation threshold and phases and its partial and full mandatory implementation dates.
  • What to do during the first 6 months grace period.
  • When to issue E-Invoice for the transactions.
  • E-Invoice Processes and steps.
  • Compulsory and Optional information to be disclosed for E-Invoice
    - Compulsory fields – what to put in
    - Optional fields – purpose of putting in.
    - Application of Transaction classification codes
    - Application of Tax types
  • Compulsory and Optional additional information to be disclosed for:
    - Cross border transactions
    - Drop Shipment
  • Scope of coverage: - (i) Parties, (ii) Documents and (iii) transactions
  • Parties and activities exempted.
  • Application of General TIN number.
  • Impact of E-Invoice on business operation after full implementation by IRBM.
  • Scenarios of one party implemented E-Invoice and dealing with other parties have not.
  • Scenario where one party is exempted whereas the other party is not.
  • Penalties for non-compliance
5:00 End of Day 1
DAY 2
9:00

E-INVOICE MECHANISM

  • Two transmission mechanism Processes and Steps.
    • IRB’s MyInvois model (cloud based)
    - IRBM’s step by step guide on the usage
    of the MyInvois Portal and the issuance
    of new documents
    - Hands-on Walk-through process on the issuance of various documents.
    - View of documents issued and submitted.
  • Application Program Interface (API) model
    - Hands-on Walk-through process using ES2 Cloud Accounting System.
  • Salient Points of E-Invoice including:
    - E-Invoice Creation and submission to IRB for validation
    - Application of UTC time. (Coordinate Universal Time).
    - Error in Validation, Rejections and Cancellation
    - Notification of validation, rejections and cancellation by IRBM
    - Sharing of E-Invoice to customer
    - Window time for rejection/cancellation of invoice by buyer
    - Storing of E-Invoice in IRB’s porter and its dash-board services.

1:00 Lunch
2:00

APPLICATION OF E-INVOICE FOR ACCOUNTING OF BUSINESS TRANSACTIONS

  • Issuance of E-Invoice:
    - Individual transaction E-Invoice
    - Consolidated transactions E-Invoice
    - Industries where consolidated E-Invoice is not allowed.
    - Self-Billed E-Invoice for specific situations such as payment of commission, payment
    of interest, e-commerce, imports, etc.
    - Situation where consolidated Self-Billed is allowed.
    - Business transactions under periodic basis.
  • E-Invoice treatment for:
    - Reimbursement and Disbursements with E-Invoice and without E-Invoice.
    - Billing of Penalties charges
    - Employment perquisite and benefits, etc.
    - Employees Claims – mileage,
    entertainment, hotel, tolls,
    parking, Telephone, Medical, Overseas
    expenses, etc.
    - Salary in lieu of notice matters.
    - Import and export transactions
    - Commission payment to agents, dealers and distributors
    - Loyalty and Volume Rebates / discounts given to customers
    - Interest received from Banks
    - Interest payment to Banks and Hire Purchase
    - Interest charge to employees’ loan/ advances & Directors loan of private exempt
    companies
    - Interest paid for loans/advance from Directors / shareholders
  • - Payment of Inter-company loan interest.
    - Sales with trade-ins like car, goldsmith, etc.
    - Profit distribution
    - Foreign income remit back to Malaysia.
    - Rental or expenditure incurred from parties exempted from E-Invoice.
    - E-Commerce treatment
    - Utility Bills under Landlord’s name.
    - Consignment sales – Domestic and overseas.
    - Sending of goods to be kept in overseas warehouses
    - Sales of cash vouchers
    - Issuance of cash vouchers on target purchase
    - Payment to Foreigners who are non- employees
    - Sponsorship for company events, like
    annual dinner for goods and cash.
    - Inter-branch sales,
    - Advance payment to suppliers.
    - Received Insurance compensation
    - Disposal of total damaged goods after insurance compensation.
    - Recoup of insurance claims from the fault party’s insurance.
    - Developer pays legal fees, stamp duties, etc. on behalf of buyers.
    - Developers pays guarantee rental to property buyers,
    - Money Lending, and
    - Many more other situations
3:45

READINESS FOR IMPLEMENTATION

  • Avenue/Guide for Taxpayers familiarization
  • Steps to take – What should you do now
    - IT readiness
    - Employees handbook update
    - Data Gathering and master file expansion.
    - Gap arising and resolution on the current invoice, D/N and C/N issuance process Vs. the E-Invoice requirement processes
    - Policies and procedures development for different transactions of E-Invoice
  • Grants and Tax incentives available for E-Invoice implementation for MSME
  • Change Management
5:00 End of Course