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2024 Tax Updated and E-Invoicing Implementation in Malaysia: SMEs must know

28-29 Aug, 2024, Wyndham Grand Bangsar Kuala Lumpur

IPA Training is Registered with

Venue Details

Wyndham Grand Bangsar Kuala Lumpur
No 1, Jalan Pantai Jaya, Tower 3, 59200 Kuala Lumpur, - 59200

https://all.accor.com/hotel/ 7962/index.en.shtml


Phone : (603) 2298 1888
Fax : (603) 2298 1999

Contact us

FOR COURSE DETAILS

Juliany,

Office: 03 2283 6109

Mobile: +60 122281247

juliany@ipa.com.my

Phoebe,

Office: 03 2283 6100

Mobile: +60 193637822

phoebe@ipa.com.my

Bee Teng,

Office: 03 2282 6112

Mobile: +60 172566121

beeteng@ipa.com.my

FOR CUSTOMISED IN-HOUSE TRAINING

Jane,

Office: 03 2283 6101

Mobile: +60 129418251

jane@ipa.com.my

Keith,

Office: 03 2283 0000

Mobile: +60 162272735

keith@ipa.com.my

ADDRESS

A-28-5, 28th Floor, Menara UOA Bangsar,
No.5, Jalan Bangsar Utama 1,
59000 Kuala Lumpur

FOCUSING ON
  • Module 1: Budget 2024 Intensive Updates
  • Module 2: Introduction of E-Invoice
  • Module 3: E-Invoice Model via MyInvois Portal
  • Module 4: E-Invoice Model via API
  • Module 5: Understanding of E-Invoice Transaction Changes
  • Module 6: Managing Risk, Tax Audits, Data Security and Privacy Monitoring of E Invoicing
  • Module 7: Tax Compliance with The Digital Era Insights Into Malaysia’s New Section’s New Sections 82B and 82C
  • Module 8: Assessing Readiness of E-Invoice
  • Module 9: Frequency Asked Questions and Updated Industry Guide
INTRODUCTION

The 2024 budget for Malaysia is the largest in its history, amounting to RM393.8 billion. It comprises RM303.8 billion for operating expenses and RM90 billion for development expenditures. This budget was developed based on the Madani economic framework, with the theme of ‘Economic Reforms, Empowering the Rakyat.’ Its primary objectives are to stimulate economic activity, attract higher foreign and domestic investments, and enhance the well-being of Malaysians, especially those in the lower-income bracket. The proposed tax measures are designed to boost government revenue and promote new investments and reinvestments.

 

On 22 May 2023, the Malaysian Inland Revenue Board (IRB) formally announced that they are targeting 4,000 businesses for the first stage of the new electronic invoicing (E-Invoice) system. This is a mandatory enforcement for businesses that reach a sales threshold of RM100m per year. Implementation is slated to commence in August 2024. While we await the IRB’s guidelines, we share our understanding of what will potentially be required for Malaysia’s E-Invoicing platform and the implementation plans based on our interactions with Inland Revenue Board (IRB). We will also share some points to consider in your preparation for your E-Invoicing journey.

 

This course concentrates on three primary areas: latest 2024 tax updates, E-Invoicing, SMEs Grants and Financing, and Tax Saving Strategies. We will thoroughly examine their potential impacts on both businesses and individuals. It’s essential to grasp these aspects in advance, allowing you and your company to make strategic preparations and necessary adaptations in the upcoming year.

AFTER ATTENDING THIS COURSE YOU WILL RETURN TO YOUR JOB…
  1. Understanding 2024 various tax latest updated.
  2. Providing participants with a foundational understanding of Malaysia’s E-Invoice system, its scope and its implications for businesses and taxpayers.
  3. Recognizing the potential accounting, information technology and tax issues
    that businesses may encounter before and during the implementation of the E-Invoice
    system.
  4. Understanding the differences between E-Invoice models.
  5. Understanding the E-Invoice transaction changes.
  6. Developing an action plan for the implementation of the E-Invoicing system.
  7. Assessing readiness of E-Invoice implementation in the company.
WHO SHOULD ATTEND
This course is designed for employees,Directors, CEO,COO,CFOs,Financial Controllers, Accountants, IT Managers, Accounts Managers, Directors, Self-Employed or Business Partners who are interested understanding of Malaysia’s E-Invoice system, its scope and its implications for businesses and taxpayers.
METHODOLOGY
Interactive lectures, practical exercises & discussion on all relevant aspects and implementation of E-Invoicing to ensure participants grasp clearly aspects presented.
DAY 1
9:00

MODULE 1 - BUDGET 2024 INTENSIVE UPDATES

  • Budget 2024 Overview
  • Selected Budget 2024 that impacting SMEs
  • Introduction to Low Value Goods Tax
  • Introduction to High Value Goods Tax
  • Increase in Service Tax Rates
  • Selected Budget 2024 components that impacting individuals


10.45

MODULE 2: INTRODUCTION OF E-INVOICE

  • About E-Invoice
  • Recent developments and key trends of E-Invoicing
  • Concept of PEPPOL
  • Benefits of adopting E-Invoice
  • Transaction types
  • Scenarios and types of E-Invoices
  • E-Invoice implementation timeline
  • Exemptions from implementation E-Invoice
  • E-Invoice overview workflow
  • E-Invoice modelling
  • E-Invoice guideline
1:00 Lunch
2:00

MODULE 3: E-INVOICE MODEL VIA MYINVOIS PORTAL

  • Pre-Submission – E-Invoice Submission Requirements
  • Step 1 – Creation and Submission
  • Step 2 – E-Invoice Validation
  • Step 3 – Notification
  • Step 4 – Sharing of E-Invoice
  • Step 5, 6 and 7 – Rejection or Cancellation
  • Step 8 – Storing e-Invoices
  • Step 9 – Reporting and Dashboard Services for Taxpayers
3:45

MODULE 4 : E-INVOICE MODEL VIA API

  • Pre-Submission – E-Invoice Submission Requirements
  • Step 1 – Submission
  • Step 2 – E-Invoice Validation
  • Step 3 – Notification
  • Step 4 – Sharing of E-Invoice
  • Step 5, 6 and 7 – Rejection and Cancellation
  • Step 8 – Storing E-Invoices
  • Step 9 – Reporting and Dashboards Services for Taxpayer
  • Software Development Kit (SDK)
5:00 End of Day 1
DAY 2
9:00

MODULE 5 :UNDERSTANDING OF E-INVOICE TRANSACTION CHANGES

  • Transaction with buyers
  • Statements or bills on a period basis
  • Disbursement or Reimbursement
  • Employment perquisites and benefits
  • Certain expenses incurred by employee on behalf of the employer
  • Self billed E-Invoice
  • Transactions which involve payments
    in monetary form to agents, dealers or distributors
  • Cross boarder transaction
  • Profit distribution
  • Foreign income
  • Currency exchange rate
10.45

MODULE 6: MANAGING RISK, TAX AUDITS, DATA SECURITY AND
PRIVACY MONITORING OF E-INVOICING

  • E- Invoicing: Preparing for digital reporting
  • Managing risk and tax audits
  • What are the big risks businesses will need to consider when implementing
    E-Invoicing
  • Which parts of business operations need to work together to ensure the
    seamless administration of e Invoicing?
  • What is the expanded/new set of internal controls that need to be in place
    to reduce organizational compliance risks?
  • How can technology be leveraged to be able to manage and comply with the new requirements, and anticipate tax risks deriving from e Invoices
12.00

MODULE 7: TAX COMPLIANCE WITH THE DIGITAL ERA INSIGHTS
INTO MALAYSIA’S NEW SECTION’S NEW SECTIONS 82B AND 82C

  • Finance (No 2) Bill 2023 proposes new sections 82B and 82C
  • Section 82B Duty to provide information and furnish documents for ascertaining
    chargeable income and tax payable
  • Section 82C Duty to issue electronic invoice
  • Overview and tax impact on Section 82B (1) and 82C(1)
1:00 Lunch
2:00

MODULE 8: ASSESSING READINESS OF E-INVOICE

  • The impacts of personnel, resources and process
  • E-Invoicing: Impact on strategies and operations
  • Examples of E-Invoicing strategies
  • Key considerations when implementing
    E-Invoicing
  • Pre and post of the implementation of the E-Invoicing system
  • Best practices for E-Invoicing in Malaysia
  • Summary of tax incentives / grant in relation to implementation of E-Invoice
3:45

MODULE 9 : FREQUENCY ASKED QUESTIONS AND UPDATED INDUSTRY GUIDE

  • Industry frequency asked questions
  • Updated of industry guides
5:00 End of Course