1. What are the security measures for e-Invoicing in Malaysia?
Once invoices are submitted for verification, IRBM assigns a self-generated serial number or invoice number to provide proof of issue and recipient. Additionally, invoices are embedded with QR codes for added security.
2. How are e-invoices validated and stored?
Once created, e-invoices are submitted to IRBM for validation. After validation, suppliers and buyers can obtain summaries of e-invoices through the MyInvois Portal.
3. Is e-invoice applicable only to domestic transactions in Malaysia?
No, e-invoicing applies to both domestic and international transactions conducted by businesses in Malaysia.
4. Shall I issue e-invoices in Malaysia from August 1st, 2024?
Yes, e-invoicing in Malaysia is set to commence from August 1st, 2024, for large taxpayers with an annual turnover exceeding RM 100 million. Further rollout details for other taxpayers will be provided.
5. What e-invoice model will be adopted?
IRBM will develop the Continuous Transaction Control (CTC) model to implement e-invoicing in Malaysia, allowing for instant or near-instant validation of e-invoices.
6. What does IRBM validate in the e-invoice?
IRBM validates the 53 mandatory fields in the e-invoice, along with additional mandatory fields mentioned in relevant annexures.
7. What will be the e-invoice model in Malaysia?
The two methods for e-invoice transmission in Malaysia are the MyInvois Portal hosted by the IRBM and Application Programming Interface (API) integration.
8. How do I get started with e-invoicing in Malaysia?
To get started, evaluate your company's readiness for e-invoicing, assess ERP system compatibility, ensure employee training, communicate requirements to stakeholders, and confirm support for implementation.
9. Will IRBM provide any technical guidance on system integration?
Yes, IRBM is expected to release the Software Development Kit (SDK) and technical guidelines to assist with system integration.
10. Shall I issue an e-invoice for disbursements and reimbursements?
IRBM has yet to decide on e-invoicing for disbursements and reimbursements. Guidance may be issued in the future.
11. What are the requirements for e-invoicing in Malaysia?
A digital certificate issued by the IRBM is mandatory for e-invoicing in Malaysia. It guarantees non-repudiation, integrity, and authenticity of e-invoices and is valid for three years.
12. What is the best e-invoicing solution for Malaysia?
Flick offers a comprehensive e-invoicing solution tailored for Malaysia, ensuring seamless integration with ERP/POS systems and 100% IRBM compliance. Key features include dedicated account managers, extensive data validations, rapid ERP integration, data archival, and value-added services.
13. Is e-invoicing in Malaysia mandatory for all industries?
Initially, e-invoicing will be implemented based on annual turnover thresholds. However, starting from January 2027, e-invoicing will become mandatory for all taxpayers, regardless of industry.
14. Can I cancel the invoice submitted to IRBM?
Yes, the seller can cancel an e-invoice within 72 hours from the time of generation.