E-invoicing and Opportunities in Tax Voluntary Disclosure Program

INTRODUCTION

Malaysia implements e-invoicing in phases August 2024 to July 2025. This entails obtaining IRBM’s validation prior to issuance of invoice to customers. As a result of e-invoice implementation, the size of undertaxed economy (often dubbed as shadow economy) is expected to reduce given that the tax authority would have real time access to transactional data. Businesses that discover shortcoming in past compliance should not wait until e-invoice implementation but instead take advantage of voluntary disclosure scheme which ends on 31st May 2024. Taxpayers who participate in the voluntary disclosure scheme benefit from full penalty waiver and obtain greater tax certainty for the past years. Hence, they can be better prepared for full compliance in the future years amid e-invoice implementation. This course combines the technicalities of two distinct initiatives of IRBM to provide tax practitioners with unique insights that enables proactive and holistic solutions to be offered to taxpayers.

COURSE OUTLINE

1. e-Invoicing

   a) Overview of e-invoicing

   b) Discussion on benefits and potential impact on tax gap

   c) Impact on various business functions

2. Tax Voluntary Disclosure Program

   a) Overview of Tax Voluntary Disclosure Program

   b) Discussion on Risk Analysis & impact for taxpayers participated other Tax Voluntary Disclosure Programs

   c) Documentation for future tax compliance/audits

PROFILE(s)

Thenesh Kannaa is an Executive Director of TRATAX Sdn Bhd (WTS Malaysia) who advises on both international tax and indirect tax matters to clients from diverse industries including manufacturing, services, distribution, retail, construction, property development, healthcare, financial services, shipping, automotive, telecommunications, societies, GLCs, and statutory bodies. Thenesh is a Council Member of CTIM, chair of the Technical Committee on Direct Tax I, and member of other technical committees. He is also a member of ACCA’s expert panel on taxation, a member of the Industry Advisory Panel for Taylor’s School of Professional Studies, and an exco member of the International Fiscal Association’s Malaysian branch. Thenesh is also the author of various books and articles on taxation.

Renganathan Kannan is an Executive Director at TRATAX Sdn Bhd (WTS Malaysia) who is a licensed tax agent specialising in tax advisory work. Renganathan regularly advises clients from diverse industries on the tax audit, investigation and appeal matters. He is appointed as Honorary Secretary of ASEAN-India Business Council (AIBC) in 2022. He has also served as an elected council member of the Malaysian Institute of Accountants (MIA), and presently a member of MIA’s Taxation Practice Committee. Renga is a fellow member of various local and international professional bodies and associations for the tax and chartered accountancy sector. A familiar face at various tax forums and seminars, Renganathan regularly speaks about tax matters.