Overview of the e-Invoice Model
To facilitate transition to e-Invoice, taxpayers can select the most suitable mechanism to transmit e-Invoices to IRBM, based on their business requirements and specific situation.
There are two (2) options for the e-Invoice transmission mechanisms for taxpayers selection:
1. MyInvois Portal
- A portal hosted by IRBM
- Accessible to all taxpayers at no cost
- Also accessible to taxpayers who need to issue e-Invoice where Application Programming Interface (API) connection is unavailable
2. Application Programming Interface (API)
- An API is a set of programming code that enables direct data transmission between the taxpayers’ system and MyInvois system
- Requires upfront investment in technology and adjustments to taxpayers existing systems
- Ideal for large taxpayers or businesses with substantial transaction volumes
The figure below demonstrates an overview of the e-Invoice workflow from the point a sale is made or transaction is undertaken, and an e-Invoice is issued by the supplier via MyInvois Portal or API, up to the point of storing validated e-Invoices on IRBM’s database for taxpayers to view their respective historical e-Invoices.
Benefits of e-Invoice
Reduce manual efforts and human errors
Unified invoicing process through cretion and submission of transaction document & data electronicallt.
Facilitate efficient tax filing
Seamless system integration for efficient and accurate tax reporting
Streamline operational efficiency
Enhanced efficiency and significant time and cost savings
Digitalise tax and financial reporting
Aligns financial reporting and process to be digitalised with industry standards.
