LHDN launches MyInvois portal ahead of e-invoicing implementation on Aug 1
A free e-invoicing solution portal, called MyInvois, has been launched by the government ahead of the first phase of e-invoicing implementation on Aug 1.
In his opening speech during the launch of the portal on Wednesday (July 31), LHDN chief executive officer Datuk Dr Abu Tariq Jamaluddin said the platform would bring about greater tax transparency and compliance through its state-of-the-art capabilities which focused on security, smooth integration with existing systems and accurate real-time information.
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In his opening speech during the launch of the portal on Wednesday (July 31), LHDN chief executive officer Datuk Dr Abu Tariq Jamaluddin said the platform would bring about greater tax transparency and compliance through its state-of-the-art capabilities which focused on security, smooth integration with existing systems and accurate real-time information.
Read more at https://tinyurl.com/34a96pey
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00The introduction of MyInvoice is a testament to our commitment to fortify and refine our
00:15taxation system.
00:18It brings about greater tax transparency and is also a step towards promoting tax compliance
00:24to submission of real-time data to HSEM.
00:29This system further supports the implementation of Tax Identification Number, TIN, which serves
00:37to expand our taxpayer base and consequently increase our nation's tax revenue.
00:43The benefits of e-invoicing can also be translated into tangible cost saving and a decrease in
00:50the operational burden associated with tax administration.
00:54It is expected to simplify the process for businesses and ensure greater accuracy, transparency
01:03and efficiency.
01:05Digitalising the entire process, MyInvoice is tailored to optimise the time required
01:13to process invoices, eliminate delays, improve cash flow and reduce administrative overhead
01:22and manual operation.
01:25This digitalisation will also ease tax filing, tax declaration and auditing processes.
01:34Some of the key system capabilities that make MyInvoice a state-of-the-art solution include
01:401.
01:43Secured processing and storage, e-invoice, built with security at its core, ensuring
01:50all data is processed and stored with the highest level of integrity and confidentiality.
01:582.
02:00System integration and portal submission, seamlessly integrates with existing systems
02:07such as MyTax, allowing for smooth portal submission and interaction.
02:133.
02:15Validation and processing of documents, MyInvoice provides robust validation and processing
02:23capabilities to ensure all documents meet the requirements, standards and regulations.
02:314.
02:32Integrated identity, ensures all users are authenticated and that transactions are secured.
02:425.
02:43Monitoring and analysis, MyInvoice provides real-time insight into operations and helps
02:50prevent any irregularities.
02:58Effective 1st August 2024, which is just tomorrow, companies with a turnover exceeding RM100
03:05million will start issuing e-invoices.
03:10This marks a new era of digitalization, enhancing efficiency, transparency and accountability.
03:19E-invoicing combats fraud, improves tax compliances, reduces errors and aligns with environmental
03:26goals, boosting economic growth and global competitiveness.
03:32I am proud to highlight the launch of MyInvoice, a free platform designed to facilitate a seamless
03:39transition to e-invoicing for all taxpayers.
03:44This cutting-edge platform simplifies the e-invoicing process, making it easier for
03:50businesses to manage transactions and comply with regulatory requirements.
03:56With a focus of supporting micro, small and medium-sized enterprises, MSMEs, MyInvoice
04:03represents a significant advancement in our digitalization journey, empowering businesses
04:10of all sizes to embrace digital transformation without financial barriers.