KUALA LUMPUR: We are delighted to announce that Wavelet Solutions Sdn Bhd has been featured in BizVantage Malaysia for our comprehensive advice on the implementation of LHDN MyInvois. The article, titled LHDN MyInvois: Expert Advice from Wavelet, highlights the expertise of our Chief Executive Officer, Vincent Lee, on the new Inland Revenue Board (LHDN) e-invoicing regulations.
Vincent Lee elaborates that using the LHDN API enables companies to generate, send, and manage invoices electronically, thereby ensuring compliance with local tax regulations and boosting operational efficiency. As the MyInvois system implementation nears, businesses need to consider whether to integrate with the Pan-European Public Procurement On-Line (PEPPOL) framework.
Vincent Lee emphasizes the inclusive nature of MyInvois, which supports both business-to-business (B2B) and business-to-consumer (B2C) transactions, making it crucial for comprehensive tax compliance and facilitating a smoother tax return process for all parties involved.
PEPPOL, an international framework that facilitates e-procurement and e-invoicing across various systems and borders, is particularly beneficial for companies engaged in international trade. While MyInvois ensures compliance within Malaysia, PEPPOL offers interoperability, essential for businesses with regional and global operations.
The MyInvois system, which becomes mandatory in phases starting August 2024 for large companies and extending to smaller enterprises by January 2025, is designed to transform how local businesses handle financial transactions. It supports e-invoicing through a manual portal and a secure API for seamless data exchange.
Vincent Lee underscores that e-invoicing offers numerous benefits, such as improved business efficiency, transparency, reduced costs, and minimized errors. By automating billing processes, e-invoicing enhances cash flow, reduces the overhead associated with physical paperwork, and expedites dispute resolution with clear audit trails. Additionally, it promotes environmental sustainability by reducing paper waste and enhances security against data loss and fraud.
For businesses with international dealings, integrating both MyInvois and PEPPOL can provide greater flexibility and streamline processes across different e-invoicing systems. Adopting both frameworks equips Malaysian businesses to navigate the complexities of a digitalized economy effectively.
Wavelet Solutions, recognized by Amazon Web Services as its “Software Partner of the Year for ASEAN 2023,” offers top-tier guidance and support to ensure a smooth transition to digital invoicing. We are committed to helping businesses leverage these technologies to their fullest potential.
Read the full article on BizVantage Malaysia here.
For more information, visit our website at BigLedger.
