In today's digital age, streamlining business transactions is crucial for Malaysian businesses. The Malaysian Inland Revenue Board's (IRBM) MyInvois Portal empowers companies to seamlessly integrate e-invoicing into their operations, regardless of their existing infrastructure. This user-friendly platform offers a one-stop shop for managing e-invoices, fostering greater accuracy, transparency, and improved communication with trading partners.
Following a sale or transaction (including adjustments like debit/credit notes), taxpayers (Suppliers) can create e-Invoices in two ways:
1. Individual Creation: For one-off transactions or smaller volumes, taxpayers can manually complete a form with all required fields within the MyInvois Portal. This method is suitable for businesses with a lower transaction volume or those preferring a simpler approach.
2. Batch Generation: MyInvois Portal caters to businesses with high transaction volumes by offering a batch generation option. Taxpayers can upload a defined layout file containing necessary invoice information for bulk e-invoice creation. This feature significantly reduces manual data entry and streamlines the invoice creation process for high-volume businesses.
Upon submission, IRBM performs near real-time validation of the e-invoice. This efficient process ensures that e-invoices comply with the prescribed format and data requirements. A validated e-Invoice includes:
If any errors are identified during validation, MyInvois Portal provides clear error messages. Suppliers can then rectify the issues and resubmit the e-invoice promptly. This real-time feedback mechanism minimizes delays and ensures the accuracy of e-invoices within the system.
Once validated, IRBM leverages the MyInvois Portal to notify both the Supplier and Buyer of the e-invoice status. Additionally, email notifications are sent for further transparency and record-keeping purposes. These notifications can include clearance confirmation and Buyer rejection requests, keeping both parties informed throughout the process.
Following validation, the Supplier is obligated to share the validated e-invoice with the Buyer. This visual representation, generated from the MyInvois Portal, includes a QR code. This QR code empowers Buyers to verify the existence and status of the e-Invoice directly through the MyInvois Portal. This feature provides Buyers with instant access to the e-invoice details and reduces the risk of fraud or manipulation.
Enhanced Control with Rejection and Cancellation Functions
A significant improvement within the MyInvois Portal is the introduction of functionalities for rejection and cancellation:
Upon receiving a rejection request notification from IRBM, the Supplier can choose to accept the rejection if they acknowledge the validity of the reasons provided by the Buyer. In this scenario, the Supplier has 72 hours from the validation time to cancel the e-Invoice through the MyInvois Portal.
Time Constraints and Next Steps: If the Supplier does not accept the rejection request or fails to cancel the e-invoice within the designated 72-hour window, cancellation is no longer possible. Any subsequent adjustments necessitate the issuance of a new e-invoice, such as a credit note, debit note, or refund note. This time frame ensures prompt communication and timely issue resolution while maintaining a clear audit trail.
The introduction of rejection and cancellation functionalities within the MyInvois Portal offers several advantages for both buyers and suppliers:
All validated e-Invoices are securely stored within IRBM's database. However, it is crucial for taxpayers to maintain sufficient records and documentation related to each transaction for potential future reference or audits.
The MyInvois Portal offers a comprehensive reporting and dashboard section for both suppliers and buyers. This user-friendly interface allows taxpayers to:
The MyInvois Portal is revolutionizing e-invoicing in Malaysia, offering businesses a powerful tool to streamline their financial processes. Its user-friendly interface and comprehensive functionalities provide stakeholders with enhanced control, flexibility, and efficiency in managing e-invoices.
The portal's new rejection and cancellation features further boost its utility by enabling swift resolution of errors and discrepancies. By adopting the MyInvois Portal, businesses can ensure regulatory compliance, maintain data accuracy, achieve cost savings, and optimize cash flow management.
As Malaysia advances towards digital transformation, leveraging the MyInvois Portal is essential for businesses aiming to thrive in the modern financial landscape.
Marmin Technologies, a leader in e-invoicing and compliance solutions, is now operating in Malaysia as Marmin Technologies Sdn. Bhd. After achieving success in the Middle East, particularly Saudi Arabia, Marmin brings its government-compliant e-invoicing systems to support Malaysia's digital transformation. Trusted by global brands like Lenovo, Hitachi Veritas, Palo Alto Networks and Ethiopian Airlines, Marmin delivers reliable, secure solutions while building long-term relationships with local businesses, enhancing regulatory compliance and operational efficiency.
Want to know more about Marmin's e-Invoicing, reach out to us at my.support@marmin.ai