IRB says No Postponement
Surprising to many, the IRB was very firm in its decision this round. They did not delay the date of implementation, but they did allow a special grace period. The infographic below provides a quick understanding of how it works.
Terms and Condition from IRB if Phase 1 Supplier decided to go for Consolidated e-Invoice
Here’s what you can expect to see if you supplier decide to use the benefit granted by this special 6 months e-invoicing grace period.
Capital Allowance on the ICT purchased
One key difference whether the Phase I supplier opts for consolidated e-invoicing or decides to proceed with full implementation is on their capital allowance. By still deciding to stick to full implementation the phase 1 companies will enjoy the accelerated capital allowance, while those who opt for the grace period will stick to claiming fulling within 3 years. Here’s the infographic to quickly illustrate this point.
Click the button below to download the full three page infographic.
The question now for companies in Phase 2 & 3 is surely “will the grace period be extended to Phase 2 & 3 too?” The quick answer is we will need to wait and see how it turns out nearer to the date.
The beauty of being in Phase 2 & 3 is that we can be on the fence to see how things turn out for Phase 1 companies. See the impact on the business and also has a more well-tested and hiccup-free minors system.
