Malaysia E-invoicing: What Sellers Need to Know
Understanding Malaysia's E-Invoicing: Seller’s Perspective
As a seller in Malaysia, understanding the intricacies of e-invoicing is crucial for compliance and operational efficiency. This blog post will provide essential information about Malaysia’s e-invoicing system, including how to manage invoices, the new Continuous Transaction Control (CTC) Model, and where to seek assistance.
Can I cancel the invoice submitted to IRBM?
Yes, sellers can cancel an e-invoice within 72 hours from the time of generation. This grace period allows for corrections or cancellations if any discrepancies are noticed immediately after issuing the invoice. It’s important to act swiftly to ensure that any errors are rectified without complications.
Can I edit an e-invoice on MyInvois Portal after IRBM validates it?
No, once the Inland Revenue Board of Malaysia (IRBM) validates the e-invoice, it cannot be edited. If you need to make changes to an already validated e-invoice, you must cancel it and reissue a new one. This process ensures that all issued invoices remain accurate and up to date, maintaining the integrity of the transaction records.
Does the invoice number change once IRBM validates it?
No, the invoice number remains unchanged after IRBM validation. However, the validated e-invoice will be assigned a Unique Identifier Number (UIN). This UIN is crucial for tracking and verifying the authenticity of the e-invoice, ensuring that it has been cleared by the IRBM.
What E-invoice model will be adopted?
Malaysia is adopting the Continuous Transaction Control (CTC) Model for e-invoicing. This model allows for the instant or near-instant validation of e-invoices by the IRBM. The CTC Model ensures that all invoices are checked and approved in real-time, reducing the risk of fraud and errors while enhancing the efficiency of transaction processes.
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