The Malaysian government has taken a big step toward modernizing business transactions by introducing e-invoicing.
Led by the LHDN, this new system aims to transform the way businesses handle financial transactions, bringing greater efficiency, transparency, and compliance.
The Malaysian Inland Revenue Board (IRBM) announced in October 2023 that e-invoicing would be delayed and rolled out progressively starting on August 1, 2024.
In Malaysia, an e-invoice is a digital document created in a format set by the IRBM, allowing for automated processing through connected systems. It acts as a digital proof of transaction between a seller and a buyer.
E-invoices replace traditional paper or other electronic documents like images, PDFs, and Excel files and include essential details such as seller and buyer information, item descriptions, quantities, prices, taxes, totals, payment information, and more. A valid e-invoice in Malaysia must include 53 key fields to meet these requirements.
Daxonet e-invoicing Solution is a middle-layer (middleware) software solution designed for businesses that want to keep their current Microsoft Dynamics 365 ERP or other accounting systems as they are. This solution connects your system with the IRB’s MyInvois portal, enabling the smooth exchange of invoice data without major internal changes.
Benefits:
- Minimal System Impact: E-invoicing middleware requires fewer adjustments to your existing system, so it’s a low-disruption choice.
- Automatic Compliance: The software provider updates the middleware regularly to ensure it stays compliant with the latest e-invoicing standards.
- Added Flexibility: Some platforms offer extra features like QR code generation, which is essential for compliance.
We are here for you!
Contact us today for more information.