Newsletters – Tax
WHAT IS e-INVOICING?
e-Invoice is NOT an invoice issued in PDF, HTML, JPG or other formats but a digital invoice created by the seller and transferred electronically to the buyer’s system.
WHAT ARE THE BENEFITS OF e-INVOICING?
- Greater transparency to the tax authorities and reduce administrative cost to both tax authorities and taxpayers especially during tax audits;
- Improve the tax compliance, more efficient financial and tax reporting;
- Will reduce the burden of record keeping by taxpayers, as taxpayers will no longer need to keep physical copies of their receipts, invoices, and vouchers for seven years as currently required under Section 82A(1) and Section 82A(2) of the Income Tax Act 1967.
- Savings of resources (time and salary costs) as businesses no longer to manually input data or scan invoices into their systems.
IMPLEMENTATION OF e-INVOICING:
Need More Info ?
Speak with our friendly team today!