In a recent article published by Malaysiakini titled “How to Navigate the E-Invoicing Era of IRB/LHDN’s MyInvois System – and whether PEPPOL is needed,” Wavelet Solutions Sdn Bhd finds itself at the forefront of discussions concerning Malaysia’s e-invoicing landscape.
The article highlights the imminent implementation of the Electronic Invoicing (e-invoicing) system in Malaysia, emphasizing the government’s commitment to bolstering the nation’s Digital Economy. With the introduction of the MyInvois Sandbox by the Inland Revenue Board (IRB or LHDN), businesses are urged to adapt to this transformative shift.
Vincent Lee, CEO of Wavelet Solutions, underscores the significance of e-invoicing for Malaysian businesses, citing benefits such as enhanced operational efficiency and compliance with local tax regulations. As the country prepares for the phased implementation of e-invoicing starting from August 2024, Wavelet Solutions stands poised to assist companies in navigating this digital transition.
The article delves into the functionality of the MyInvois system, delineating its role as a digital platform tailored to support e-invoicing for businesses in Malaysia. It elucidates the two transmission mechanisms within MyInvois: the MyInvois Portal and a secure Application Programming Interface (API), both of which facilitate seamless data exchange and real-time processing.
Additionally, the article discusses the pivotal role of the MyInvois Sandbox in testing and integrating businesses’ systems with the MyInvois platform. This critical tool, accessible since April 10, 2024, enables companies to align their operations with e-invoicing requirements.
In light of the impending e-invoicing mandate, the article explores the benefits of e-invoicing, ranging from cost reduction to enhanced compliance and transparency. It underscores the role of Wavelet Solutions’ flagship product, BigLedger, in transcending traditional ERP frameworks and facilitating seamless data exchange.
Furthermore, the article delves into the debate surrounding the adoption of the Pan-European Public Procurement On-Line (PEPPOL) framework alongside MyInvois. While MyInvois ensures compliance within Malaysian borders, PEPPOL offers interoperability across international e-invoicing systems, catering primarily to businesses engaged in global trade.
Wavelet Solutions’ recognition as Amazon Web Services’ ‘Software Partner of the Year for ASEAN 2023’ underscores its commitment to simplifying complex digital transformations for clients across Malaysia and the region.
As Malaysian businesses navigate the complexities of the e-invoicing era, Wavelet Solutions stands ready to provide guidance and support. Through leveraging technologies such as BigLedger, businesses can streamline their invoicing processes and focus on growth.
For those still grappling with e-invoicing intricacies, Wavelet Solutions invites inquiries via their website or contact details provided below.
Contact Wavelet Solutions: Website: Wavelet Solutions Phone: +6016-299 1588 Email: sales@wavelet.net
Note: This article was provided by Wavelet Solutions Sdn Bhd.
For more details, read the full article on Malaysiakini.
