Thursday, December 21, 2023

Smart - Where to change tax code setting?


Effective date from 01/03/2024, government will expand service tax to cover logistics, brokerage, underwriting and karaoke, and will increase the service tax rate to 8%, but will maintain the 6% rate for services such as food and beverages and telecommunications. Service tax rate at 6% would also be imposed for parking and logistics, the Finance Ministry had said.

For SmartSQL it can’t be change

Below is the location for set the tax code setting (Smart Dynamod):

For Smart Dynamod: SST Malaysia -> Service Tax -> Setup -> Service Tax Tax Code



If you have any questions, please do not hesitate to reply back to below information, I will be able to assist you further.


Vivid Solutions Sdn Bhd
Tel : 03-91722228
Mobile : 011-10161636

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Friday, September 8, 2023

SMART – MSME DIGITALISATION GRANT 2023

    


Get 50% or up to RM5,000 MSME grant with Smart
(* Limited quota only)

You are entitled to get 50% or up to RM 5,000 of the grant when you purchase new solutions from Smart.

Smart is one of the appointed Digitalisation Partner (DP) under the MSME Digitalisation Grant 2023 initiative for SMEs.

Eligible Products
  • Smart Dynamod
  • Smart POS

Applicant Eligibility

  • The company is at least 60% owned by Malaysian.
  • The company registered under SSM/PBT.
  • The co-operative registered under Suruhanjaya Koperasi Malaysia (SKM)/Lesen Professional.
  • Company/co-operative that has a minimum annual sales turnover of RM50,000.
  • Company/Co-operative that has operated at least six (6) months.
  • Not eligible for those who received Digitalisation Matching Grant before.

Document Required
> Complete application form.
> Copy of Identity Card or Passport of Director (s) / Partner (s) / Proprietor(s), Co-operative representative whichever is applicable.
> Copy of business registration licenses (SSM or other relevant forms) under the Companies Act 2016. SKM registration certificate for co-operative.
> Company’s bank statement for the last two (2) months OR audited financial report OR latest account statement.
> Invoice/billing from authorized Digitalisation Partner like Smart.

Application Workflow
1) MSMEs submit application online.
– Bank/financial statements.
– IC.
– Purchase invoice.
– etc.

2) Eligibility check & KYC.

3) MSMEs make payment to Digitalisation Partners (DPs).
– MSMEs required to make payment within 30 days.
– Digital payments (via platform) simplify reconciliation.
– Payments directed to BSN CASA account.

4) DPs deliver service & submit claims.
– DPs can submit claims post service delivery.

5) BSN disburses grant to DP.
– Grants disbursed to BSN CASA account.

If you have any questions, please do not hesitate to reply back to below information, I will be able to assist you further.


Vivid Solutions Sdn Bhd
Tel : 03-91722228
Mobile : 011-10161636

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Thursday, August 17, 2023

LHDN introduce e-Invoice in 2024

 Introduction

An e-Invoice is a digital representation of a transaction between a supplier and a buyer. e-Invoice replaces paper or electronic documents such as invoices, credit notes, and debit notes.

An e-Invoice contains the same essential information as traditional document, for example, supplier’s and buyer’s details, item description, quantity, price excluding tax, tax, and total amount, which records transaction data for daily business operations.

Benefits of e-Invoice
The implementation of e-Invoice not only provides seamless experience to taxpayers, but also improves business efficiency and increases tax compliance. Overall benefits include:

  • Untitled Invoicing process.
    – Streamlining of transaction document creation and submission, and automation of data entry for transaction made.
  • Facilitated tax return filling.
    – Seamless system integration for efficient and accurate tax reporting.
  • Enables streamlining of operations.
    – Enhanced efficiency and significant time and cost savings for larger business.
  • Digitalized financial reporting.
    Aligns financial reporting and processes to be digitalized with industry standard for micro, small and medium sized enterprises.
Overview of e-Invoice

e-Invoice Implementation Timeline.

Sample E-Invoice

Reference

  1. Seller’s & Buyer’s Tax Identification Number (TIN)
  2. Company / Business Registration Number
  3. E-Invoice Date
  4. E-Invoice Unique Serial Number
  5. Product Code (Barcode / QR)
  6. Product / Service Description
  7. Transaction status
  8. Details of product / service (Quantity, unit price)
  9. Discount offered
  10. Itemised amount payable excluding tax, tax amount, amount including tax and tax rate / tax relief
  11. Total amount payable including tax

根据内陆税收局（LHDN）最新的消息就指出，电子发票系统（e-invois）将会分阶段落实，明年将会是指定企业试点落实。一旦电子发票系统全面落实推行之后，民众就不需要保存发票长达 7 年了。

据悉，电子发票系统（e-invois） 将于 2024 年 1 月份开始对指定的企业进行试点推行。在 2024 年 6 月份时，则会对营业额超过 1 亿令吉的企业强制要求使用电子发票系统。

到了 2025 年 1 月份时，则会对营业额超过 5000 万令吉的企业强制使用，以及在 2026 年 1 月份时则对营业额超过 2500 万令吉的企业强制使用。最后到了 2027 年 1 月份时，所有企业都必须使用电子发票系统

If you have any questions, please do not hesitate to reply back to below information, I will be able to assist you further.

Vivid Solutions Sdn Bhd
Tel : 03-91722228
Mobile : 011-10161636

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