E-Invoicing
Malaysia
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E-Invoicing Malaysia
As anticipated, e-invoicing is going to make its official entry under Malaysia’s taxation system. A transformative leap forward, e-invoicing is set to revolutionize the way businesses in Malaysia operate. By seamlessly replacing traditional paper and electronic documents like invoices, credit notes, and debit notes, e-Invoicing will bring unparalleled efficiency and accuracy to the finance operations of your business.
Just like regular business documents, an e-Invoice has all the key info including supplier’s and buyer’s details, quantity, price excluding tax, tax, item description, and total amount, which records transaction data for daily business operations.
e-Invoicing Business Benefits
Unified Invoicing Process
Achieve a unified invoicing process with e-invoice implementation by streamlining document creation, submission, and automating data entry for seamless transactions.
Facilitated Tax Return Filing
Benefit from a seamlessly integrated system, guaranteeing accurate and efficient tax reporting.
Enables Streamlining of Operations
e-Invoicing empowers streamlined operations, unlocking enhanced efficiency and substantial time and cost savings for larger businesses.
Digitalised Financial Reporting
Embracing E-Invoicing Malaysia, you can align your financial reporting and processes with industry standards for micro, small, and medium-sized enterprises.
E-Invoicing Workflow
1- Issuance of e-Invoice
- When a sale or transaction occurs, including e-Invoice adjustments, the supplier initiates an e-Invoice creation and forwards it to IRBM through either the MyInvois Portal or API, facilitating the validation process.
2- Validation of e-Invoice
- IRBM conducts real-time validation to ensure e-Invoices comply with required standards.
- After validation, suppliers obtain a Unique Identifier Number from IRBM via Mylnvois Portal or API.
- This number, assigned by IRBM, enhances traceability and curbs e-Invoice tampering.
3- Notification of Validated e-Invoice
- Validation completion of e-Invoice via Mylnvois Portal or APIs triggers notifications to both the supplier and buyer from IRBM.
4- Sharing of e-Invoice
- After validation, it's the supplier's responsibility to provide the cleared e-Invoice to the buyer, featuring an embedded QR code.
- This QR can be used to confirm the e-Invoice's status and presence through the Mylnvois Portal.
5- Rejection or Cancellation of e-Invoice
After an e-Invoice is issued, a designated timeframe is allotted for:
- Buyers to request e-Invoice rejection
- Suppliers to carry out e-Invoice cancellation
Both rejection requests and cancellations must be supported by valid justifications.
6- MyInvois Portal
- Both the supplier and buyer can access an overview of e-Invoice transactions through the Mylnvois Portal.
About R Systems
R Systems, formerly IBIZCS and ECnet, is a leading consultancy in the Asia Pacific region. Our specialization revolves around tailoring business management solutions that empower growing businesses. Our advanced e-invoice system facilitates seamless electronic invoice exchange, marking our commitment to enhancing business finance efficiency.