E-Invoicing Countdown: LHDN On Business Concerns
Thanneermalai Somasundaram, Managing Director, Thannees Tax Consulting Services | Dr Rasyidah Che Rosli, Director of e-Invoice Division, Tax Operations Department, Lembaga Hasil Dalam Negeri Malaysia (LHDN)
17-Jul-24 12:00
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LHDN on TIN requirements, interim solutions and support, handling and penalising errors, and much more.
In this episode of Enterprise Explores, BFM dives into the imminent implementation of Malaysia's new e-invoicing regime, set to kick off on August 1st for large businesses (over RM100 million in annual revenue). Joined by LHDN’s Dr. Rasyidah Che Rosli and tax consultant Thanneermalai of Thannees Tax Consulting Services, the discussion focuses on addressing the concerns raised by businesses.
The conversation attempts to cover practical advice for businesses to ensure a smooth transition, insights from the pilot program, penalties for errors and mistakes, navigating the needed data collection to issue e-invoices and interim solutions, and more.
Among other things that came up in this conversation was that they understand that this transition to e-invoicing is a significant change to business processes and that in the early stages of implementation, they understand that there will be unintentional errors that need to be addressed. Their intention is not to penalise from day one, but taxpayers will need to get on board and familiarise themselves with the process in good faith. LHDN is aware that taxpayers will need guidance and support during the transition.
Produced by: Roshan Kanesan, Kishan Sivaswamy
Presented by: Roshan Kanesan
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Categories: entrepreneurs, SME, Corporates, managing, economy, markets
Tags: e-invoicing, e-invoicing system, tax, digitisation,