E-Invoice is a digital representation of transactions between sellers and buyers, designed to replace traditional paper or electronic documentation formats such as PDF, JPEG, and DOC. An E-Invoice contains all the essential information typically found in physical invoices, including seller and buyer details, item descriptions, quantities, original prices, prices after tax, total prices, and any other documents or details that form part of the transaction record in daily business operations.
The Advantages of E-Invoice
E-Invoice offers several key benefits over traditional invoicing methods:
1. Real-Time Validation: E-Invoices are validated by the Inland Revenue Board of Malaysia (LHDN) in near real-time, ensuring immediate accuracy and compliance.
2. Enhanced Security: E-Invoices provide robust safeguards against data tampering, protecting the integrity of transaction records.
3. Regulatory Compliance: Since August 1, 2024, the implementation of E-Invoice has been mandatory for taxpayers with an annual turnover or revenue exceeding RM100 million, as stipulated by the LHDN.
3. Regulatory Compliance: Since August 1, 2024, the implementation of E-Invoice has been mandatory for taxpayers with an annual turnover or revenue exceeding RM100 million, as stipulated by the LHDN.
By adopting E-Invoice, businesses can streamline their invoicing processes, enhance security, and ensure compliance with regulatory requirements, ultimately contributing to more efficient and reliable business operations.
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