English – Wanconnect Group

10 Key Insight on Malaysia’s Budget 2024

KevTan — Sun, 26 Nov 2023 05:10:08 +0000

Malaysia’s Budget 2024, tabled by Prime Minister Datuk Seri Anwar Ibrahim, is the country’s largest ever spending plan. Here are the 10 key points from the budget:

1. Economy and Fiscal Position

The GDP growth is projected at 4-5% in 2024. The inflation rate was at 2% in August 2023, and the unemployment rate was at 3.4%. The fiscal deficit is targeted at 4.3% of GDP in 2024.

2. Government Revenue and Expenditure

Government revenue is estimated at RM307.6 billion in 2024. The government operating expenditure is at RM303.8 billion, with development expenditure at RM90 billion.

3. Taxes and Subsidies

The sales and service tax (SST) is proposed to be increased. Diesel subsidies are to be restructured, and price controls for chicken and eggs are to be lifted.

4. Social Welfare and Assistance

Budget 2024 contains various measures to aid those in need and cut back on blanket subsidies. RM40 electricity bill rebate will be provided for the hardcore poor.

5. Healthcare

The Health Ministry will receive 10.46% of the budget’s total allocation.

6. Education and Human Capital

The Education Ministry will be the second biggest recipient of the budget, receiving 14.91% of the total allocation.

7. Infrastructure and Transportation

RM300 million has been allocated for the repair of roads and bridges.

8. Agriculture and Food Security

The Agriculture and Food Security Ministry saw a 14.8% rise in its allocation.

9. Trade and Industry

The Domestic Trade and Cost of Living Ministry saw its allocation going up by 46.2%, the biggest growth in allocation for Budget 2024 compared to Budget 2023. The Investment, Trade and Industry Ministry is second with an 18.7% increase.

10. Governance and Legal Reforms

RM18 million has been allocated for legislative reforms, and RM38 million for judicial efficiency.

In conclusion, Budget 2024 is aimed at reforming the economy and empowering the rakyat. It focuses on best governance for service agility, restructuring the economy to accelerate growth, and improving people’s living standards.

Copyright & Disclaimer:

Copyright: All content, including text, images, and other multimedia materials, posted on this platform is the intellectual property of Wanconnect Advisory PLT and CCL & Partners PLT. Unauthorized use or reproduction of any content without prior written permission is strictly prohibited.

Disclaimer: The information provided on this platform is for general informational purposes only. It does not constitute professional advice and should not be relied upon for making decisions. Wanconnect Advisory PLT and CCL & Partners PLT. is not responsible for any errors or omissions in the content or for any actions taken based on the information provided. We recommend seeking professional advice for specific situations. Wanconnect Advisory PLT and CCL & Partners PLT. reserves the right to modify, update, or remove any content without notice.

Can Wages Be Paid in Cash in Malaysia? A Comprehensive Guide

KevTan — Sun, 26 Nov 2023 04:52:16 +0000

The Legal Standpoint

According to the Employment Act 1955 , the payment of wages in cash is prohibited unless approved by both the employee and the Department of Labour Peninsular Malaysia (JTKSM) director-general123. This regulation is in place to avoid manipulation and ensure transparency in wage payment.

Recent Developments

In a recent operation held at Pasar Borong Kuala Lumpur, Human Resources Minister V. Sivakumar revealed that 34 employers were inspected and 19 of them paid wages in cash. Other offences included violations of working hours and non-compliance with the Minimum Wages Order.

Conclusion

In conclusion, cash payments of wages require the approval of both the employee and the JTKSM director-general. Employers are encouraged to pay wages through bank transfers to ensure compliance with the law and avoid hefty fines.

Remember, as an employer, it’s crucial to stay updated with the latest regulations to ensure a smooth and lawful operation of your business. Stay tuned for more updates and insights into the Malaysian labour laws.

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Top 10 Advantages of Forming a Sdn Bhd Company in Malaysia

KevTan — Sun, 26 Nov 2023 04:33:20 +0000

The Sdn Bhd is the most commonly utilized business entity by entrepreneurs in Malaysia. Incorporating a Sendirian Berhad (Sdn Bhd) in Malaysia offers numerous benefits for businesses and entrepreneurs. Here are the top 10 advantages:

1. Limited Liability

The most significant benefit of a Sdn Bhd is the limited liability protection it offers. Shareholders are only liable for the company’s debts up to the amount of share capital they have contributed. This means that personal assets of the shareholders are protected in the event of the company’s insolvency.

2. Perpetual Succession

A Sdn Bhd has a separate legal entity distinct from its shareholders and directors. This means the company can continue to exist even if the shareholders or directors change. This provides stability and longevity to the business, ensuring that it can continue to operate and grow over time.

3. Credibility and Brand Image

Incorporating a Sdn Bhd enhances your business’s credibility. Customers, suppliers, and investors may perceive an incorporated company as a more stable and reliable entity compared to a sole proprietorship or partnership. This can lead to increased business opportunities and partnerships.

4. Access to Financing

Banks and financial institutions are more likely to extend credit facilities to Sdn Bhds as most of the Sdn Bhds will be audited by an independent auditor. Moreover, a Sdn Bhd can also raise capital by issuing shares to the public. This can provide the necessary funds for business expansion and growth.

5. Tax Benefits

A Sdn Bhd is taxed at a corporate tax rate, which can be lower than the personal income tax rate. Additionally, a Sdn Bhd can also enjoy various tax incentives, deductions, and exemptions. This can result in significant cost savings for the business.

6. Ownership Transfer

Shares in a Sdn Bhd can be easily transferred, making it simpler to sell the business or bring in new investors. This provides flexibility in terms of business ownership and can facilitate business expansion and succession planning.

7. Business Continuity

A Sdn Bhd has a perpetual existence. It continues to exist even if the shareholders or directors pass away or leave the business. This ensures business continuity and can provide peace of mind for stakeholders.

8. Ability to Enter Into Contracts

As a separate legal entity, a Sdn Bhd can enter into contracts in its own name. This includes contracts for employment, supply agreements, and more. This can provide greater legal protection for the business.

9. Professional Image

Incorporating a Sdn Bhd can enhance your business’s professional image. It can help attract high-quality clients, employees, and investors. This can contribute to the overall success and growth of the business.

10. Greater Control

Shareholders of a Sdn Bhd can exercise greater control over the business. They can influence business decisions through their voting rights at general meetings. This can ensure that the business is run in accordance with the shareholders’ vision and objectives.

Incorporating a Sdn Bhd in Malaysia can be a strategic move for entrepreneurs looking to grow their business. However, it’s important to seek professional advice to understand all the legal and regulatory requirements involved. A professional company secretarial can guide you through the process and ensure that your business complies with all relevant laws and regulations.

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How to Boost Profit with Ratio Analysis

KevTan — Sun, 26 Nov 2023 03:24:01 +0000

Introduction

In the world of business, profit margin is a key indicator of a company’s financial health. It’s a measure of profitability, calculated as net income divided by revenue. The higher the profit margin, the more profitable the company. But how can businesses boost their profit margin? One effective method is through ratio analysis.

What is Ratio Analysis?

Ratio analysis is a quantitative method of gaining insight into a company’s liquidity, operational efficiency, and profitability by comparing information contained in its financial statements.

The Role of Ratio Analysis in Boosting Profit Margin

Ratio analysis can help businesses boost their profit margin in several ways:

1. Identifying Areas of Strength and Weakness

By comparing the ratios of successful competitors or industry averages, businesses can identify their own strengths and weaknesses. This can guide strategic decisions, such as whether to focus on areas of strength or address areas of weakness.

2. Improving Operational Efficiency

Operational efficiency ratios, such as the inventory turnover ratio and the receivables turnover ratio, provide insight into a company’s operational efficiency. By improving these ratios, businesses can reduce costs and increase their profit margin.

3. Enhancing Financial Stability

Financial stability ratios, such as the current ratio and the quick ratio, provide information about a company’s ability to meet its short-term financial obligations. By improving these ratios, businesses can enhance their financial stability and increase their profit margin.

4. Evaluating Investment Opportunities

Investment evaluation ratios, such as the return on investment (ROI) and the return on equity (ROE), can help businesses identify profitable investment opportunities. By investing in high-return projects, businesses can increase their profit margin.

5. Managing Debt Effectively

Debt management ratios, such as the debt ratio and the debt-to-equity ratio, provide information about a company’s level of indebtedness. By effectively managing debt, businesses can reduce interest costs and increase their profit margin.

6. Optimizing Pricing Strategies

Profit margin ratios, such as the gross profit margin and the net profit margin, can guide pricing strategies. By optimizing pricing, businesses can increase their revenue and profit margin.

7. Enhancing Cash Flow Management

Cash flow ratios, such as the operating cash flow ratio and the free cash flow ratio, provide insight into a company’s cash flow management. By improving cash flow management, businesses can ensure they have sufficient cash to cover expenses and invest in growth opportunities, thereby increasing their profit margin.

Conclusion

In conclusion, ratio analysis is a powerful tool for businesses seeking to boost their profit margin. By providing valuable insights into a company’s strengths and weaknesses, operational efficiency, and financial stability, ratio analysis can guide strategic decisions that increase profitability.

Remember, the key to successful ratio analysis is regular review. By regularly reviewing and acting on this information, businesses can continuously improve their operations and boost their profit margin.

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Key Insights from Recent Transfer Pricing Cases: A Must-Read for Businesses

KevTan — Sun, 26 Nov 2023 02:55:55 +0000

Introduction

Transfer pricing has been a hot topic in Malaysia’s tax sphere lately. Since the start of the year 2021, the government has made changes to the transfer pricing legislation such as the introduction of the Section 113B (penalty for a failure to furnish transfer pricing documentation on a timely basis) and Section 140A (3A) (surcharge of up to 5% on transfer pricing adjustments).

Most recently, the Inland Revenue Board (IRB) has expanded the transfer pricing disclosure section in the income tax return form (i.e., Form C) in requiring companies engaged in controlled transactions to declare their functional profile in the Form C. The slew of new measures significantly tightened the transfer pricing regime within Malaysia.

Amidst the backdrop of these changes, transfer pricing centric litigation is increasing in number as we march into the 15th anniversary since the introduction of Section 140A in 2009. The frequency of litigation is signaling that transfer pricing disputes are becoming more significant.

High Court decisions on Sandakan Edible Oils Sdn Bhd’s case and Procter & Gamble Malaysia Sdn Bhd’s case

The two most recent cases that have been widely discussed are:

SEO case: Ketua Pengarah Dalam Negeri v Sandakan Edible Oils Sdn Bhd decided at the High Court.
PGM case: Ketua Pengarah Hasil Dalam Negeri v Procter & Gamble (Malaysia) Sdn Bhd.

SEO Case

In the SEO case, the Special Commissioners of Income Tax (SCIT) held that the IRB had failed to support its decision to utilize the median point of a benchmarking analysis, done at the request of the IRB, as a basis for adjustment. The taxpayer had proved that the additional assessments imposed by the IRB were exaggerated or wrong, and such a decision was reaffirmed by the High Court on 17 May 2022.

This case is significant as it highlights the importance of a well-prepared and robust transfer pricing documentation. It also underscores the need for taxpayers to be proactive in managing their transfer pricing risks.

PGM Case

As for the PGM case, the taxpayer had defended the appeal filed by the IRB at the High Court which reaffirmed the decision made by the SCIT in a previous judgement. It was made clear in the judgement issued that the taxpayer did not attempt to evade or avoid tax, had sought professional advice concerning its transfer pricing policy and tax matters, and that the main issue of contention was a technical disagreement regarding transfer pricing policy.

This case demonstrates the importance of seeking professional advice when dealing with complex transfer pricing issues. It also shows that even when taxpayers have sought professional advice and have not attempted to evade tax, disagreements can still arise due to the technical nature of transfer pricing.

Conclusion

These recent court decisions have provided valuable insights into the interpretation of transfer pricing legislation. It is through the courts’ interpretation of transfer pricing legislation that we develop a more matured transfer pricing regime. As we continue to navigate the complexities of transfer pricing in Malaysia, it is crucial for taxpayers to stay informed and prepared for any possible challenges to their transfer pricing practices.

The lessons learnt from these cases will undoubtedly shape the future of transfer pricing in Malaysia. It is clear that transfer pricing is not just a tax issue, but a business issue that requires careful management and planning. As the transfer pricing landscape continues to evolve, taxpayers must remain vigilant and proactive in managing their transfer pricing risks.

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The Key Insights of CP204 that Entrepreneurs must understand

KevTan — Sun, 26 Nov 2023 02:37:53 +0000

In the realm of business and finance, understanding tax obligations is crucial. In Malaysia, one such obligation involves the submission of the CP204 form. This form, prescribed under the Income Tax Act 1967, serves as a tax instalment payment schedule and is used by businesses, including newly incorporated companies, to report their estimated tax payable in instalments throughout the basis period.

What is CP204?

CP204 is a form for submission of estimated tax payable. It is a critical component of the tax filing process for businesses in Malaysia. The form requires businesses to provide an estimate of their tax payable for the year. This estimate is then used to determine the amount of tax that the business needs to pay in instalments throughout the year. The purpose of this form is to ensure that businesses are paying their fair share of taxes and to prevent tax evasion.

What is CP204A?

In addition to the CP204 form, businesses may also need to submit the CP204A form. This is the adjustment form for CP204. This form is used when businesses need to make amendments to their estimated tax payable. For example, if a business realizes that it has overestimated or underestimated its tax payable for the year, it can submit the CP204A form to adjust its tax instalment payments accordingly.

When to Submit CP204?

The timing of the submission of the CP204 form is also important. Form CP204 for a year of assessment can be amended in the 6th ,9th or 11th month (Budget 2023 introduced) or in all 3 months in the basis period for a year of assessment. If the amendment is made within the 6th month, the instalment of the amendment in effect may be selected starting from the 5th or 6th instalment. This flexibility allows businesses to adjust their tax payments as needed throughout the year.

Who Needs to Submit CP204?

Not all entities are required to submit the CP204 form. Registered Companies, Limited Liability Partnerships, Trust Bodies and Cooperative Societies which are dormant and/or have not commenced business operation are not required to furnish tax estimate (Form CP204). This means that businesses that are not currently in operation or have not yet started their operations do not need to submit this form.

In conclusion, understanding and correctly filing CP204 is crucial for businesses in Malaysia. It helps businesses to plan their tax payments effectively and avoid penalties for non-compliance. Always consult with a tax professional if you are unsure about any aspect of your tax obligations. The tax landscape can be complex and ever-changing, but with the right knowledge and guidance, businesses can navigate it successfully.

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Why Property Developers Often Face Cash Flow Problems: An Accounting Perspective

KevTan — Fri, 24 Nov 2023 10:34:45 +0000

Property development is a complex and capital-intensive business. Despite the potential for high returns, property developers often face cash flow problems. This blog post will explore the reasons behind these issues from an accounting perspective.

1. High Upfront Costs

Property development requires significant upfront investment. Developers need to purchase land, pay for planning and permits, and cover construction costs. These expenses occur long before any revenue is generated from property sales, leading to substantial initial outflows of cash.

2. Revenue Recognition

Under the Percentage of Completion (POC) method of accounting, revenue is recognized proportionally with the degree of completion of the project. This means that although developers may receive down payments from buyers, they can only recognize this as revenue as and when the construction progresses. This mismatch between cash inflows and revenue recognition can lead to cash flow issues.

3. Project Delays

Delays are common in property development due to factors such as planning disputes, construction issues, or market downturns. Delays increase costs and push back the recognition of revenue, exacerbating cash flow problems.

4. Market Volatility

Property markets are subject to economic cycles. In a downturn, property sales may slow or prices may fall, impacting developers’ cash inflows. Developers need to manage their cash reserves carefully to navigate these market fluctuations.

5. Financing Costs

Developers often rely on external financing to fund their projects. Interest payments on these loans can be a significant cash outflow. If a project is delayed or sales are slower than expected, developers may struggle to meet these financial obligations.

6. Regulatory Changes

Changes in government regulations or tax laws can also impact developers’ cash flows. For example, changes in zoning laws or building codes can lead to unexpected costs. Similarly, changes in tax laws can affect developers’ after-tax cash flows.

In conclusion, property developers often face cash flow problems due to the nature of their business and the accounting practices they must adhere to. By understanding these challenges, developers can better plan and manage their cash flows, ensuring the sustainability and success of their projects.

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Why Audit is Important for Companies

KevTan — Fri, 24 Nov 2023 09:41:17 +0000

Introduction

In the complex and rapidly evolving world of business, the importance of audit is paramount. Auditing is a critical function that provides an independent and objective assessment of a company’s financial health, operational efficiency, and compliance with laws and regulations. This blog post will delve deeper into the reasons why audit is important for companies, providing a comprehensive understanding of its significance.

Ensuring Financial Accuracy

One of the primary reasons companies conduct audits is to ensure the accuracy of their financial statements. Audits provide assurance that the financial information presented by a company is free from material misstatement, whether due to fraud or error. This increases the reliability and credibility of the financial statements, which is crucial for stakeholders such as investors, creditors, and regulators.

Inaccurate financial statements can lead to a myriad of problems, including misinformed decision-making, regulatory penalties, and loss of stakeholder trust. By conducting regular audits, companies can avoid these issues and ensure that their financial statements accurately reflect their financial position.

Enhancing Operational Efficiency

Audits also play a significant role in enhancing a company’s operational efficiency. By examining the company’s processes and systems, auditors can identify areas of inefficiency or waste. They can then recommend improvements to streamline operations, reduce costs, and increase productivity.

Operational audits can cover a wide range of areas, including procurement, production, sales, and human resources. By identifying bottlenecks, redundancies, and other inefficiencies, auditors can help companies optimize their operations and achieve their strategic objectives more effectively.

Compliance with Laws and Regulations

Companies operate in a complex regulatory environment, with numerous laws and regulations governing their activities. Non-compliance can result in hefty fines, legal action, and damage to the company’s reputation. Audits help ensure that a company is complying with all relevant laws and regulations, thereby mitigating these risks.

Compliance audits can cover a wide range of areas, including financial reporting, data protection, health and safety, and environmental regulations. By identifying areas of non-compliance, auditors can help companies address these issues proactively and avoid potential penalties and reputational damage.

Facilitating Decision Making

The insights gained from an audit can facilitate strategic decision making. By providing a clear picture of a company’s financial health and operational efficiency, audits enable management to make informed decisions about future investments, resource allocation, and strategic planning.

For example, an audit might reveal that a company’s cost of goods sold is higher than industry benchmarks, suggesting a need for procurement optimization. Alternatively, an audit might identify underutilized assets that could be sold or leased to generate additional revenue. These insights can inform strategic decisions and contribute to the company’s long-term success.

Building Trust and Confidence

Finally, audits build trust and confidence among stakeholders. An independent audit provides assurance that a company is being managed responsibly and that its financial statements are reliable. This can enhance the company’s reputation, attract investment, and foster long-term relationships with stakeholders.

In an era of increasing transparency and accountability, audits are more important than ever for building stakeholder trust. By demonstrating their commitment to financial accuracy, operational efficiency, and regulatory compliance, companies can differentiate themselves in the marketplace and build lasting relationships with their stakeholders.

Conclusion

In conclusion, auditing is a vital function that contributes to a company’s financial accuracy, operational efficiency, regulatory compliance, decision-making process, and stakeholder trust. By understanding the importance of audit, companies can leverage it as a strategic tool for growth and success.

Remember, an audit is not just about finding errors or fraud – it’s about improving your business and setting it up for long-term success. So, don’t wait until it’s too late. Start your audit process today and reap the benefits of a well-audited company. The value of an audit extends far beyond its cost, and the benefits can be substantial. Whether you’re a small business owner or the CEO of a multinational corporation, an audit can provide valuable insights, enhance operational efficiency, and help safeguard your company’s future. So, embrace the audit process, and let it guide your company towards greater success.

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Implementation of E-Invoice in Malaysia: 10 Things to Take Note

KevTan — Fri, 10 Nov 2023 02:30:44 +0000

Malaysia is set to implement the electronic invoice (e-invoice) policy starting in 2024. Here are some key points to note:

1. Implementation Timeline

The implementation of e-invoices will be done in phases as follows:

Phase	Date	Applicable Entities
Phase 1	August 2024	Companies with annual turnover exceeding RM 100 million
Phase 2	January 2025	Companies with annual turnover around RM 25 million
Phase 3	July 2025	All remaining companies

This phased implementation allows companies of all sizes to have sufficient time to adapt to the new e-invoice system.

2. E-Invoice Validation

After a transaction, businesses need to issue an E-invoice and submit it to LHDN for validation through MyInvois or API. This ensures the authenticity of the E-invoice and prevents forgery and tampering.

3. E-Invoice Retraction

If the buyer encounters any issues, they must notify the seller within 72 hours for the seller to retract the E-invoice. This provision protects consumer rights and allows sellers enough time to address the problem.

4. E-Invoice Viewing

Upon successful upload and validation of the complete E-invoice, the E-invoice information will be stored in the LHDN system. Both the seller and buyer can view the E-invoice anytime through their respective tax accounts (MyInvois) or accounting systems (API interface). This allows both parties to easily access and verify E-invoice information, eliminating the issues of lost or damaged physical invoices.

5. E-Invoice Format

E-invoices are different from the typical electronic documents (PDF) we receive via email. E-invoices have a special file format that can contain more information and can be better recognized and processed by electronic devices.

6. E-Invoice Transmission Mechanism

LHDN provides two electronic invoice transmission mechanisms: MyInvois web portal and application programming interface (API). Both options make it more convenient for businesses to upload and manage E-invoices.

7. MyInvois Platform

The MyInvois platform is a dedicated E-invoice system introduced by LHDN for taxpayers. It allows taxpayers to manually prepare individual E-invoices or upload multiple transaction E-invoices for LHDN’s authentication. This platform makes it easier for businesses to manage and track their E-invoices.

8. API Interface

The API interface enables businesses to link their own billing systems to LHDN, allowing them to upload E-invoices for authentication directly after generating them in their own billing systems. This streamlines the E-invoice management and tracking process for businesses.

9. Benefits of E-Invoices

E-invoices improve efficiency through automated processes, seamless data integration, and enhanced invoice management, resulting in time and cost savings for businesses. This method also provides businesses with a more convenient way to manage and track their E-invoices.

10. Digital Financial Reporting

For Micro, Small, and Medium Enterprises (MSMEs), the phased implementation of the E-invoice system provides a progressive and controlled transition, aligning their financial reporting and processes with industry-standard digitization. This ensures that MSMEs can adapt over time and mitigate potential risks.

This phased implementation approach allows companies of all types to have sufficient time to adapt to the new e-invoice system.

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Malaysia E-Invoice: Which Transmission Method Should You Choose?

KevTan — Fri, 10 Nov 2023 02:27:07 +0000

In 2024, the Inland Revenue Board of Malaysia (LHDNM) announced the implementation of the electronic invoice (e-invoice) policy, aimed at improving business efficiency and reducing tax evasion. To achieve this goal, LHDNM offers two electronic invoice transmission mechanisms: the MyInvois website and the Application Programming Interface (API).

MyInvois Website

The MyInvois website is an e-invoice system designed specifically for taxpayers and is suitable for small-scale transaction businesses. It allows taxpayers to manually prepare invoices or upload multiple transaction invoices in bulk for authentication by LHDNM. Invoices that are authenticated through MyInvois can be found and downloaded in the respective tax accounts of both the seller and the buyer.

The advantage of the MyInvois website is its simplicity and user-friendliness, as users only need to fill in the relevant information on the website to generate electronic invoices. Additionally, the MyInvois website provides additional features such as invoice search, viewing, and downloading.

However, the drawback of the MyInvois website is that for businesses with large transaction volumes, manually inputting each transaction’s information may be cumbersome.

API Interface

The API interface allows businesses to connect their own billing systems to LHDNM, enabling them to generate invoices through their own systems and subsequently upload them to LHDNM for authentication in one go. The API interface is suitable for businesses with large transaction volumes, but it comes with higher fees.

The advantage of the API interface is that it can automatically process a large number of transactions, greatly improving business efficiency. Additionally, the API interface can be integrated with other systems in the company, such as financial or inventory management systems, for unified data management.

However, using the API interface requires certain technical knowledge and may require hiring professional technical personnel for maintenance, accompanied by higher usage costs.

Which One to Choose?

The choice between the MyInvois website and the API interface mainly depends on the business’s needs and transaction volume. If the business has a smaller transaction volume, then the MyInvois website may be a better choice due to its lower cost. However, if the business has a larger transaction volume, then the API interface may be a better choice as it allows merchants to upload a large number of invoices at once.

Regardless of the chosen method, it is important to note that the implementation of e-invoices aims to improve business efficiency and reduce tax evasion. Therefore, businesses should choose the electronic invoice transmission mechanism that best suits their own needs.

Overall, the implementation of electronic invoices is an important step that plays a crucial role in improving business efficiency and reducing tax evasion. Businesses should actively participate in this process and select the electronic invoice transmission mechanism that is most suitable for them.

Copyright & Disclaimer:

Copyright: All content, including text, images, and other multimedia materials, published on this platform are the intellectual property of Wanconnect Advisory PLT and CCL Partners PLT. Unauthorized use or copying of any content is strictly prohibited without prior written permission.

Disclaimer: The information provided on this platform is for general informational purposes only. It does not constitute professional advice and should not be relied upon for making decisions. Wanconnect Advisory PLT and CCL Partners PLT are not responsible for any errors or omissions in the content or any actions taken based on the information provided. We recommend seeking professional advice for specific situations. Wanconnect Advisory PLT and CCL Partners PLT reserve the right to modify, update, or remove any content without prior notice.

English – Wanconnect Group

10 Key Insight on Malaysia’s Budget 2024

1. Economy and Fiscal Position

2. Government Revenue and Expenditure

3. Taxes and Subsidies

4. Social Welfare and Assistance

5. Healthcare

6. Education and Human Capital

7. Infrastructure and Transportation

8. Agriculture and Food Security

9. Trade and Industry

10. Governance and Legal Reforms

Recent Posts

Can Wages Be Paid in Cash in Malaysia? A Comprehensive Guide

The Legal Standpoint

Recent Developments

Conclusion

Recent Posts

Top 10 Advantages of Forming a Sdn Bhd Company in Malaysia

1. Limited Liability

2. Perpetual Succession

3. Credibility and Brand Image

4. Access to Financing

5. Tax Benefits

6. Ownership Transfer

7. Business Continuity

8. Ability to Enter Into Contracts

9. Professional Image

10. Greater Control

Recent Posts

How to Boost Profit with Ratio Analysis

Introduction

What is Ratio Analysis?

The Role of Ratio Analysis in Boosting Profit Margin

1. Identifying Areas of Strength and Weakness

2. Improving Operational Efficiency

3. Enhancing Financial Stability

4. Evaluating Investment Opportunities

5. Managing Debt Effectively

6. Optimizing Pricing Strategies

7. Enhancing Cash Flow Management

Conclusion

Recent Posts

Key Insights from Recent Transfer Pricing Cases: A Must-Read for Businesses

Introduction

High Court decisions on Sandakan Edible Oils Sdn Bhd’s case and Procter & Gamble Malaysia Sdn Bhd’s case

SEO Case

PGM Case

Conclusion

Recent Posts

The Key Insights of CP204 that Entrepreneurs must understand

What is CP204?

What is CP204A?

When to Submit CP204?

Who Needs to Submit CP204?

Recent Posts

Why Property Developers Often Face Cash Flow Problems: An Accounting Perspective

1. High Upfront Costs

2. Revenue Recognition

3. Project Delays

4. Market Volatility

5. Financing Costs

6. Regulatory Changes

Recent Posts

Why Audit is Important for Companies

Introduction

Ensuring Financial Accuracy

Enhancing Operational Efficiency

Compliance with Laws and Regulations

Facilitating Decision Making

Building Trust and Confidence

Conclusion

Recent Posts

Implementation of E-Invoice in Malaysia: 10 Things to Take Note

1. Implementation Timeline

2. E-Invoice Validation

3. E-Invoice Retraction

4. E-Invoice Viewing

5. E-Invoice Format

6. E-Invoice Transmission Mechanism