What is E-Invoicing ?

E-invoicing is the process of issuing, receiving, and storing invoices electronically, replacing traditional paper-based methods

In today’s digital age, the adoption of electronic invoicing, or e-invoicing, is rapidly transforming how businesses operate worldwide. In Malaysia, the shift towards digitalize started from the announcement of the implementation of E-Invoicing from August.

Failure to implement or adhere to e-Invoice regulations could result in penalties ranging from RM200 to RM20,000 or imprisonment not exceeding 6 months or both – Section 120(1) of the ITA 1967

Who need to do E-invoicing ?

In Malaysia, the implementation of e-invoicing will be mandatory for all businesses, phased in according to their annual turnover. The Inland Revenue Board of Malaysia (IRBM) has outlined the following schedule:

  1. From 1 August 2024: Businesses with an annual turnover exceeding RM100 million.
  2. From 1 January 2025: Businesses with an annual turnover between RM25 million and RM100 million.
  3. From 1 July 2025: All other businesses, regardless of turnover.

Benefits of E-Invoicing

Cost Savings

  1. Reduced Paper and Printing Costs
  2. Lower Storage Costs
  3. Faster Payment Cycles

Increased Efficiency

  1. Automation
  2. Faster Processing
  3. Improved Workflow

Regulatory Compliance

  1. GST and Tax Compliance
  2. Audit Trail

Environmental Impact

  1. Sustainability

E-invoicing in Malaysia represents a significant step towards digital transformation for businesses, offering numerous benefits in terms of efficiency, cost savings, and regulatory compliance. By understanding the process and preparing for the transition, businesses can leverage e-invoicing to streamline their operations and stay competitive in the digital economy.

How to generate E-invoice with RinggitPay?

RinggitPay is the ultimate payment platform for Malaysia! With RinggitPay, you can easily deliver a simple payment experience for your customer and get paid promptly!

For now, you are able to generate a “click and pay invoices” and send across to your customer to get paid instantly!

Here’s some tips for you to enhance your E-Invoice generating with Ringgit Pay!

  1. Log in to RinggitPay Merchant Login Portal.
  2. Go to invoice batch and click invoice batch list.
  3. Fill in your payer’s details and generate an E-invoice.
  4. Save the details and copy the invoice’s link generated.
  5. Share the link to your payer via Email, WhatsApp or any other messaging platforms.

See?! It’s easy and simple with RinggitPay’s E-invoice service!

RinggitPay, the one affordable, the one easy for you!

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