05/05/2024
๐๐ก๐ข๐๐ก ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฌ ๐๐ซ๐ ๐๐จ๐ญ ๐๐ฅ๐ฅ๐จ๐ฐ๐๐ ๐ญ๐จ ๐๐ฌ๐ฌ๐ฎ๐ ๐๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐๐ญ๐๐ ๐-๐๐ง๐ฏ๐จ๐ข๐๐๐ฌ ๐๐ง๐๐๐ซ ๐๐๐ฅ๐๐ฒ๐ฌ๐ข๐'๐ฌ ๐๐๐ฐ ๐๐จ๐ฅ๐ข๐๐ฒ? ๐๐
Starting from August 1st, all Malaysian businesses must switch to electronic invoices (e-invoices) to streamline operations. However, certain industries are not allowed to use Consolidated e-Invoicesโ
โ๐๐๐๐ฉ'๐จ ๐ ๐พ๐ค๐ฃ๐จ๐ค๐ก๐๐๐๐ฉ๐๐ ๐-๐๐ฃ๐ซ๐ค๐๐๐
It's when a seller combines unsent electronic invoices for sales within a period into one invoice, sent electronically to LHDN. For instance, if a customer doesn't need an electronic invoice, the seller issues a traditional one. Then, unsent sales records are consolidated and sent electronically within 7 days before the month ends to meet tax requirements.
However, ๐ฃ๐ค๐ฉ ๐๐ก๐ก industries qualify for Consolidated e-Invoices. Specific ones may need separate invoices for each transaction. Malaysia's tax regulations prohibit these industries:
โ Automotive
โ Aviation
โ Luxury Goods & Jewelry
โ Construction
โ Wholesale/Retail of Construction Materials
โ Licensed Gambling/Betting Businesses & Agent Payments
โ Payments to Dealers/Distributors
If your business falls into these categories, do stick to separate e-invoices for each transaction to avoid issues! For more information, contact us now! We offer reasonably priced, professional, and efficient tax services! โจ
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