02-Aug-24 12:00

Thenesh Kannaa, Executive Director, Tratax

How much flexibility is LHDN providing for the first 6-Months? Does this mean I can delay my implementation? (No, it does not). What is a consolidated e-invoice? Enterprise Explores all this and more.

In the lead-up to Day 1, LHDN announced a six-month period of flexibility, allowing businesses to use consolidated e-invoices instead of individual transactional e-invoices. This period, which some have referred to as a grace period, is not a deferment of implementation but rather an adjustment phase to ease the transition.

We explore the scope of the flexibility offered during the transition period, address potential misconceptions, and provide guidance on how businesses can better manage this change. Joining us is Thenesh Kannaa, Executive Director at tax consultancy Tratax. We also discuss the penalty-free period (provided certain conditions are met), the implications for businesses that fail to comply, and initial reactions from businesses as they adapt to the new e-invoice regime.