Malaysia's E-Invoicing Mandate - What You Need to Know and How NOVA Simplifies Compliance
Video Transcript
Malaysia’s business landscape is evolving, and the latest change is the rollout of the e-invoicing mandate.
Starting January 1, 2025, mid-sized businesses with annual turnovers between MYR25 million and MYR100 million must adopt the MyInvois e-invoicing platform.
This follows the initial phase for large enterprises in August 2024, and it’s all part of Malaysia’s push to modernize tax administration.
So, what does this mean for your business?
Under the new rules, invoices are submitted electronically to the MyInvois portal for pre-clearance.
Once approved, each invoice receives a Certification Serial Number before being sent to customers.
This process can be automated through ERP integrations, reducing manual work and minimizing errors.
E-invoicing isn’t just about compliance. It streamlines workflows, increases efficiency, and provides real-time reporting for better transparency.
For sell-side stockbrokers and investment banks, adapting can be challenging, but NOVA’s e-invoicing solution makes it simple.
With seamless integration, end-to-end automation, and audit-ready features, NOVA helps you stay compliant and future-ready.
Ready to simplify your compliance journey?
Discover how NOVA can support your transition to e-invoicing today.
To learn more, visit nova.contemi.com? or contact us at info@contemi.com to? book a demo.
The new year brings significant changes to the business landscape in Malaysia with the second phase of the e-invoicing mandate now in effect. As of January 1, 2025, mid-sized businesses with annual turnovers between MYR 25 million (~$5 million) and MYR 100 million are required to adopt the MyInvois e-invoicing platform. This follows the first wave in August 2024, which applied to large enterprises.
Understanding the E-Invoicing Mandate
Malaysia’s e-invoicing mandate, spearheaded by the nland Revenue Board of Malaysia (LHDN), introduces a Continuous Transaction Control (CTC) model. Under this system:
- E-invoices are submitted to the MyInvois portal for pre-clearance in XML or JSON formats via APIs.
- Approved invoices are issued a Certification Serial Number before being sent to customers.
- Businesses can automate this process through ERP integrations, streamlining compliance and reducing manual errors.
The transition began with a soft launch phase in 2024 for large taxpayers, allowing them to test the system without penalties until February 2025. This approach aims to ensure a smooth rollout for mid-sized businesses now joining the mandate and the broader implementation slated for July 2025 for all other taxpayers.
Why E-Invoicing Matters
E-invoicing offers businesses an opportunity to digitize their tax administration processes, ensuring:
- Compliance with regulatory requirements.
- Increased efficiency by reducing manual invoicing and streamlining workflows.
- Enhanced transparency with accurate audit trails and real-time reporting.
This is part of Malaysia’s broader effort to modernize its tax system and align with global trends in digital tax reporting.
NOVA’s E-Invoicing Solution: Automate and Integrate with Ease
For sell-side stockbrokers and investment banks, adapting to the e-invoicing mandate can be challenging without the right tools. NOVA’s e-invoicing solution simplifies compliance by seamlessly integrating with your existing platforms and connecting directly to the MyInvois system via APIs.
Key benefits of NOVA’s solution include:
- End-to-end Automation: Eliminate manual processes by automating invoice submission, pre-clearance, and approval.
- Seamless Integration: Compatible with your current platforms, minimizing disruption to your operations.
- Audit-Ready: Maintain a comprehensive and accurate audit trail for all transactions.
- Regulatory Compliance: Stay ahead of regulatory deadlines with robust features designed to meet MyInvois requirements.
Whether you’re just beginning your e-invoicing journey or looking for a more efficient solution, NOVA ensures your transition is hassle-free and future-ready.
Explore how NOVA’s solution can help you comply with Malaysia’s e-invoicing mandate while optimizing your operations. Learn more about our e-invoicing solution here.
Looking Ahead
As the mandate progresses, businesses across Malaysia are embracing this shift to digitization. By automating invoicing and compliance processes, organizations can focus on growth and innovation while staying aligned with regulatory requirements.
At NOVA, we’re here to help you every step of the way.
Contact us to learn how our e-invoicing solution can transform your compliance journey.
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