PUBLISHED ONJuly 31, 2024 5:56 PM
ClearTax launches comprehensive e-invoicing software in Malaysia, facilitating seamless integration with the IRBM' MyInvois system to ensure compliance with the new e-invoice mandate.
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ClearTax, a leading provider of digital solutions, announces the launch of its e-invoicing software in Malaysia. This software facilitates seamless integration with Malaysia's Inland Revenue Board (IRBM) e-invoicing system, ensuring businesses comply with the new e-invoice mandate starting August 1, 2024. The implementation of the e-invoice Malaysia initiative aims to modernize and streamline the invoicing process, enhancing tax administration, curbing tax evasion, and boosting economic efficiency.
ClearTax's e-invoicing software in Malaysia offers a reliable solution for businesses to meet these objectives. By automating the invoicing process, the software reduces paperwork, minimizes errors, and accelerates transaction processing. ClearTax's software integrates directly with the MyInvois system, the government’s e-invoicing platform. This integration ensures that e-invoices are generated, submitted, validated, and stored efficiently. The software supports the submission of e-invoices through both the MyInvois Portal for MSMEs and API integration for larger businesses, making it suitable for companies of all sizes.
The primary objective of the e-invoice Malaysia initiative is to enhance tax compliance. The real-time reporting of sales transactions, expenses, purchases, adjustments, and refunds to the IRBM reduces tax evasion and improves compliance. Accurate record-keeping is facilitated by the IRBM validating and storing updated records of all transactions, which also aids in better auditing and assessment. The efficiency of the invoicing process is significantly boosted by automating it, thereby reducing paperwork and minimizing human errors. This efficiency leads to faster transaction processing, benefiting businesses and the overall economy.
Another key aspect of the e-invoice Malaysia initiative is the increased transparency it brings to the invoicing process. The real-time validation and recording of sales transactions as proof of revenue and purchases as proof of expenses enhance transparency and reporting compliance. This transparency supports the digital economy by attracting more investments and boosting economic collaboration in the global market. ClearTax's e-invoicing software is designed to align with these goals, offering businesses a tool that supports compliance and operational efficiency.
The rollout of the e-invoice Malaysia initiative is being implemented in phases to ensure a smooth transition for businesses. Phase 1 begins on August 1, 2024, for businesses with an annual turnover exceeding RM 100 million. Phase 2, starting January 1, 2025, extends the mandate to businesses with turnovers between RM 25 million and RM 100 million. Phase 3, beginning July 1, 2025, makes e-invoicing mandatory for all remaining businesses, regardless of their turnover. ClearTax's e-invoicing software is equipped to support businesses through each phase, providing the necessary tools and integration capabilities to meet the mandate's requirements.
The challenges associated with the transition to e-invoicing, such as compliance, technological transition, resistance to change, and feasibility for smaller businesses, are addressed by ClearTax's comprehensive solutions. The e-invoicing software in Malaysia offered by ClearTax facilitates seamless integration with the IRBM system, ensuring that businesses can comply with the new regulations efficiently. ClearTax's commitment to providing training and support to businesses and their employees helps them adapt to the new e-invoicing system, ensuring a smooth technological transition.
As the phased rollout of the e-invoice Malaysia initiative begins, ClearTax's e-invoicing software is positioned to assist businesses in transitioning smoothly. The software aligns with Malaysia’s broader agenda of building a robust digital economy, promoting transparency, and improving tax compliance. ClearTax remains committed to supporting businesses in Malaysia with its comprehensive e-invoicing software, ensuring compliance and operational efficiency in line with the new e-invoice mandate. The launch of ClearTax's e-invoicing software marks a significant step towards digitalizing the economy and improving tax administration in Malaysia.
Contact Info:
Name: Paramesswary Shunmugam
Email: Send Email
Organization: ClearTax
Address: Level 6, Menara The Stride, BBCC, Jln Pudu, Bukit Bintang, 55100 Kuala Lumpur Malaysia
Phone: +60 12 4385863
Website: https://www.cleartax.com/my/en
Release ID: 89137209
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