Simplified Guide to E-Invoicing for Insurance Companies - 0 views

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  #1 anusaar on 14 May 25

   

  The Inland Revenue Board of Malaysia (LHDN) has released an inclusive document made for the e-invoicing in insurance sector. This document, in the form of an FAQ answers common concerns regarding general topics such as consolidated e-invoices, annual premium statements, handling policyholder requests. It also includes underwriting and subscriptions, claims and benefits payment, payments to agents, dealers, distributors and inter-fund charges.
  
  A. General
  Issuing of Consolidated E-Invoices for Certain Transactions:
  Insurance companies can grant consolidated e-invoices for revenue from policyholders who do not require individual e-invoices.This method simplifies reporting and ensures compliance
  
  The consolidated e-invoices must be in compliance with the rules mentioned in section 3.6 of the e-invoice specific guideline released by IRBM.
  
  Role of Annual Premium Statements for Consolidated E-Invoices:
  Annual premium statements can be used for consolidated e-invoices if the policy holder does not request e-invoices, Insuch a case, they must continue to issue regular statements or bills as per current practices.
  
  Accumulated submission:
  Aggregate data from these statements or bills to create a consolidated e-invoice. Submit the consolidated e-invoice to the IRBM within seven calendar days after the month-end. Detailed guidance is provided in Section 4.3 of the e-Invoice Specific Guideline.
  
  Full-Year Premium Data Transmission If the first annual premium statement (for January to December 2024) is only available in February or March 2025, companies can:
  
  Include the entire year's data (January to December 2024) in the February/March 2025 submission.
  
  There is no requirement to separate data for the period from January to July 2024, although mandatory e-invoicing begins on August 1, 2024.
  
  Dealing with ad-hoc requests for valid e-invoices:
  When e-invoices usually follow the consistent issuance cycle, the insurance company must consider policyholder requests outside this cycle:
  Simple procedure: Establish a direct process to deal with such requests.
  
  Effective communication: Notify customers on how to request consolidated e-invoices during regular invoice cycles to evadepostponements or misunderstanding.
  
  Issuing E-Invoices for Products that do not have a tax-respite:
  Policyholders may ask for consolidated e-invoices for products are not in tax relief category. In sucha scenario:
  For e-invoicing purposes, the policyholder is assumed to be the buyer.
  
  Insurance companies are obliged to grant a consolidated e-invoice on request, despite the product's tax relief status.
  
  
  
  
  
  B. Underwriting and subscription
  
  
  
  
  
  C. Claims and Benefit Payments
  
  
  
  
  
  D. Other Considerations

   

  <div class="cArrow"> </div><div class="cContentInner">The Inland Revenue Board of Malaysia (LHDN) has released an inclusive document made for the e-invoicing in insurance sector. This document, in the form of an FAQ answers common concerns regarding general topics such as consolidated e-invoices, annual premium statements, handling policyholder requests. It also includes underwriting and subscriptions, claims and benefits payment, payments to agents, dealers, distributors and inter-fund charges. <br /> <br /> A. General <br /> Issuing of Consolidated E-Invoices for Certain Transactions: <br /> Insurance companies can grant consolidated e-invoices for revenue from policyholders who do not require individual e-invoices.This method simplifies reporting and ensures compliance <br /> <br /> The consolidated e-invoices must be in compliance with the rules mentioned in section 3.6 of the e-invoice specific guideline released by IRBM. <br /> <br /> Role of Annual Premium Statements for Consolidated E-Invoices: <br /> Annual premium statements can be used for consolidated e-invoices if the policy holder does not request e-invoices, Insuch a case, they must continue to issue regular statements or bills as per current practices. <br /> <br /> Accumulated submission: <br /> Aggregate data from these statements or bills to create a consolidated e-invoice. Submit the consolidated e-invoice to the IRBM within seven calendar days after the month-end. Detailed guidance is provided in Section 4.3 of the e-Invoice Specific Guideline. <br /> <br /> Full-Year Premium Data Transmission If the first annual premium statement (for January to December 2024) is only available in February or March 2025, companies can: <br /> <br /> Include the entire year's data (January to December 2024) in the February/March 2025 submission. <br /> <br /> There is no requirement to separate data for the period from January to July 2024, although mandatory e-invoicing begins on August 1, 2024. <br /> <br /> Dealing with ad-hoc requests for valid e-invoices: <br /> When e-invoices usually follow the consistent issuance cycle, the insurance company must consider policyholder requests outside this cycle: <br /> Simple procedure: Establish a direct process to deal with such requests. <br /> <br /> Effective communication: Notify customers on how to request consolidated e-invoices during regular invoice cycles to evadepostponements or misunderstanding. <br /> <br /> Issuing E-Invoices for Products that do not have a tax-respite: <br /> Policyholders may ask for consolidated e-invoices for products are not in tax relief category. In sucha scenario: <br /> For e-invoicing purposes, the policyholder is assumed to be the buyer. <br /> <br /> Insurance companies are obliged to grant a consolidated e-invoice on request, despite the product's tax relief status. <br /> <br /> <br /> <br /> <br /> <br /> B. Underwriting and subscription <br /> <br /> <br /> <br /> <br /> <br /> C. Claims and Benefit Payments <br /> <br /> <br /> <br /> <br /> <br /> D. Other Considerations</div>

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