Market Insights: Made Bitesize SME Malaysia & E-Invoice

Insight #1: Navigating Audit Exemption Updates Recently, SSM unveiled the ‘Proposed New Audit Exemption Criteria’ sparking buzz among small & medium audit practitioners (SMP). Now, the big question – how do these proposed changes factor in for Small & Medium Audit Practitioners (SMPs)? Let’s check it out!

Say goodbye to the old criteria! SSM aims to replace dormant, zero-revenue and threshold qualified companies with new turnover, assets and employee thresholds.

Proposed Increases Beyond this, the step-by-step rollout will also encompass: Table.1

Moving Up the Value Chain This ‘Audit Exemption’ isn't just about reducing financial burden, it's a game-changer for SMEs! It lifts regulatory weight, letting SMEs focus on what truly matters – their business!

Insight #2: Unlocking LHDN’s ImplementationTimeline

The Malaysian Budget 2024 has announced a revision to the implementation timeline of einvoices for all businesses. Wondering what the e-Invoice Implementation Update is all about? Let's solve the puzzle together!

Starting August 1, 2024, businesses with an annual income or sales exceeding RM100 million must implement e-invoicing. Other than that, the Gradual Implementation will also include: Table.2

Why do Businesses Need e-Invoices? e-Invoice, backed by the Inland Revenue Board of Malaysia (IRB), ensures digital efficiency, streamlined transactions and improved tax administration for businesses. Connect with PYT today and experience financial excellence like never before. Our blend of technology and human touch ensures your financial success.