THE Inland Revenue Board (IRB) is working extremely hard to ensure that companies with annual turnover exceeding RM100 million will be able to comply ...
is working extremely hard to ensure that companies with annual turnover exceeding RM100 million will be able to comply with the e-invoicing requirements from Aug 1.
To ensure compliance with IRB’s e-invoicing requirements, the first thing you should ask is: “Is an e-invoice required for the transaction?”. Many related party transactions are currently documented through journal entries which needs to be reviewed and documented through the e-invoice documents.There are two parts to implementing e-invoicing: Mapping your business processes and upgrading or customising your software to connect to the MyInvois portal .
An important process would be to understand the supply chain and the transactions undertaken by the company to identify the types of e-invoice documents to be issued to IRB based on the guidelines issued by the Board. If there are any gaps or shortfalls which are not addressed in the guidelines, this has to be resolved with IRB.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PM Anwar urges state IRB offices to boost revenue collection and prevent leakagesGEORGE TOWN, June 29 — Prime Minister Datuk Seri Anwar Ibrahim today expressed the hope for the Internal Revenue Board (IRB) in the states to step up collection of revenue while...
Read more »
Terengganu releases over 300,000 fish fry to boost inland fisheries stockDUNGUN: More than 300,000 fish fry of various species were released to selected locations throughout the state from January to June this year, said th...
Read more »
Dr M’s defamation lawsuit against Zahid postponed to Aug 26KARACHI: More than 30 bodies were found from different parts of Karachi over the past two days, when the mercury crossed 40.5deg C, with extremely high levels of humidity, taking the “feels-like temperature” beyond 50deg C in the metropolis.
Read more »
Full report on Elmina crash to be released by Aug 16PETALING JAYA: The final report on the plane crash near Bandar Elmina, Shah Alam, last year which killed 10 people including Pahang executive councillor and Pelangai assemblyman Johari Harun will be released by Aug 16.
Read more »
Full report on Elmina plane crash to be released by Aug 16: LokePETALING JAYA: The final report on the plane crash near Bandar Elmina, Shah Alam, last year which killed 10 people including Pahang executive councillor and Pelangai assemblyman Johari Harun will be released by Aug 16.
Read more »
Ampang road closure for bridge work starting Aug 1THE phrase “a fish rots from the head down” aptly describes how it applies to organisations when it comes to preventing criminal acts, including corruption, regardless of their adoption of standards, systems, or certifications to avoid such occurrences.
Read more »