(Tax Update) E-Invoice : FAQ Part 1
(Tax Update) E-Invoice : FAQ Part 1
Welcome to KTP's definitive guide to e-invoicing! As your trusted auditors and tax agents, we're here to simplify the transition to e-invoices for everyone.
Whether you're a business owner, accountant, or just getting to grips with digital invoicing, this video is packed with essential information and answers to your most asked questions.
Dive into our FAQ Part 1 session to ensure your business stays compliant and ahead of the curve with e-invoicing.
Timestamps:
0:00 - Introduction to E-Invoicing
1:15 - Implementation Timelines Explained
3:50 - Understanding Mandatory Data Fields
6:30 - The Future of Handwritten Invoices
8:45 - Handling Staff Expenses and Claims with E-Invoices
11:10 - Conclusion and Additional Resources
FAQs on E-Invoice Implementation:
1. Implementation Timeline
Scenario 1
If your company’s e-invoice implementation date is set for 2025 but your client’s date is 1 August 2024, you might need to adopt e-invoicing earlier to accommodate your client's requirements. Adjusting your schedule can ensure seamless transactions and maintain good business relations.
Scenario 2
If facing a similar timeline with your supplier, it’s crucial to understand any specific requirements they might have. Early preparation can prevent disruptions in your supply chain.
2. Data Fields
With e-invoicing, there might be up to 55 required fields. While this sounds extensive, not all fields may be mandatory for every transaction.
It’s important to identify which fields are essential for your specific business context to ensure compliance without overburdening your processes.
3. Issuing Handwritten Invoices/Receipts
The shift to e-invoicing doesn't necessarily eliminate the possibility of using handwritten invoices or receipts. However, digital invoices are becoming a standard due to their efficiency and compliance benefits. Check if specific regulations apply to your industry.
4. Staff Expenses and Claims
Scenario 1
E-invoices for professional subscriptions under an employee’s name can typically be claimed, provided they align with company policies and are properly documented.
Scenario 2
Entertainment expenses billed under an employee’s name can also be claimed. Ensure that such expenses are justified, reasonable, and fall within company guidelines.
Scenario 3
For overseas business trips, accommodation expenses invoiced in an employee's name are generally reimbursable. It's crucial these expenses are pre-approved and within the company’s travel policy limits.
For more insights and personalized advice on e-invoicing, don’t forget to subscribe to our channel and check out our other resources.
KTP is here to help you navigate the complexities of modern business compliance with ease and confidence.
YouTube Video on E-Invoice FAQ
Watch the 25 minutes webinar on IRB Tax Audit in our YouTube https://youtu.be/swz1waKxHMs
Visit Us
Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
KTP (Audit, Tax, Advisory)
An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients
Website www.ktp.com.my
Instagram https://bit.ly/3Rko5kN
Linkedin https://bit.ly/3sapf4l
Telegram http://bit.ly/3ptmlpn
THK (Secretarial, Bookkeeping, Payroll, Advisory)
A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients
Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs
KTP Lifestyle
An internal community for our colleagues on work and leisure.
Tiktok http://bit.ly/3u9LR6Q
Youtube http://bit.ly/3ppmjyE
Facebook http://bit.ly/3ateoMz
Instagram https://bit.ly/3jZpKLo
KTP Career
An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.
Instagram https://bit.ly/3u2PxHg
Facebook http://bit.ly/3rPxz9o