E-Invoicing & E-Reporting developments in the news in week 15 & 16/2024

Follow the latest updates on E-Invoicing and Real Time Reporting on www.vatupdate.com and the LinkedIn pages on E-Invoicing/Real Time Reporting and ViDA.

Highlights of week 15 & 16/2024

Malaysia
- The Inland Revenue Board (IRB) of Malaysia has recently taken significant steps to enhance e-invoicing practices. Here are the key updates:
  - e-Invoice Software Development Kit (SDK):
    - On April 6, 2024, the IRB released Version 1.0 of the e-Invoice Software Development Kit (SDK).
    - The SDK provides a collection of tools, libraries, and resources to assist businesses in integrating their existing systems with the MyInvois System via APIs.
    - Developers can use the SDK to connect seamlessly to the e-invoicing platform, streamlining invoice processing and compliance.
- Updated e-Invoicing Guidelines:
  - - Alongside the SDK release, the IRB also updated its e-Invoice Guideline and the e-Invoice Specific Guideline.
    - These guidelines offer detailed instructions and best practices for businesses to follow when implementing e-invoicing solutions.
    - By adhering to these guidelines, companies can ensure accurate invoicing, efficient reporting, and compliance with Malaysian tax regulations.
- The IRB’s proactive approach aims to enhance transparency, reduce administrative burdens, and promote digitalization in the invoicing process. Businesses should stay informed about these updates to optimize their e-invoicing practices.
Singapore: InvoiceNow Timeline
- InvoiceNow, based on the international Peppol standard, was introduced by the Infocomm Media Development Authority (IMDA) in 2019.
- It enables businesses to send and receive invoices in a structured digital format, reducing manual processing and errors.
- Over 60,000 businesses are already on the InvoiceNow network, utilizing various services offered by service providers.
- The phased adoption plan ensures businesses have sufficient lead time:
  - May 1, 2025: Voluntary early adoption.
  - November 1, 2025: Newly incorporated companies voluntarily registering for GST.
  - April 1, 2026: All new voluntary GST-registrants
European Union – VAT in the Digital Age (ViDA)
- During the VAT Expert Group meeting on March 18, 2024, the European Commission provided additional insights into ViDA’s progress.
- ViDA Package Approval:
  - The European Commission is optimistic about the approval of the ViDA package by all EU member states.
  - The upcoming ECOFIN meeting on May 14, 2024 is expected to finalize this approval.
  - Technical deliberations on e-invoicing and digital reporting are now closed, with the implementation date being the final area of discussion.
  - The original timeframe (1st January 2028) for implementation is likely to be delayed by at least a couple of years, potentially pushing it to 2030