Simplified Guide to E-Invoicing for Insurance Companies
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 po...