lawyer module 1 flash card

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Mandatory if sales exceed RM25 million per year

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Implementation date: 1 January 2026

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Mandatory if sales exceed RM25 million per year

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1 August 2024

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New business commencement

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From year 2023 onwards

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E-Invoicing for Law Firms

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An essential tool for regulatory compliance, efficiency improvements, and financial accuracy.

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Purpose of E-Invoicing Mandates

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To improve tax compliance.

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Benefit of E Invoicing

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1. Reduce manual

   process and error

2. facilitate tax submission

3. increase Efficiency

4. Digitalize financial reporting for tax

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Trust Accounting

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Client funds held separately in trust accounts (IOLTA).

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Lawyers and law firms use Trust accounts.

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To hold client funds.

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Legal aid for low-income individuals is an example of a program funded by IOLTA interest.

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Specific guidelines on E-Invoices

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Refer to specific guidelines.