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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

ASIA PACIFIC

AUSTRIA

BAHRAIN/ EGYPT/ MIDDLE EAST/ OMAN/ SAUDI ARABIA/ UNITED ARAB EMIRATES

BARBADOS

BELGIUM

BELGIUM/ EUROPEAN UNION/ FRANCE/ GERMANY/ POLAND/ ROMANIA/ SERBIA/ SPAIN

CHILE

CHINA

DENMARK

EGYPT

EL SALVADOR

EUROPEAN UNION

EUROPEAN UNION/ UNITED STATES

EUROPEAN UNION/ WEBINARS / EVENTS

FRANCE

GERMANY

GREECE

INDIA

ISRAEL

ISRAEL/ MALAYSIA/ UNITED STATES

LAOS

MALAYSIA

MALAYSIA/ WEBINARS / EVENTS

MAURITIUS

MIDDLE EAST

NETHERLANDS

NEW ZEALAND/ SINGAPORE

NORTH AMERICA

PARAGUAY

PHILIPPINES

POLAND

ROMANIA

RWANDA

SERBIA

SINGAPORE

SLOVAKIA

UZBEKISTAN

VIETNAM

WEBINARS / EVENTS

WORLD

ZAMBIA


See also


 

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