Do you know that if LHDN (Lembaga Hasil Dalam Negeri Malaysia) finds out if the seller is evading tax or didn’t report goods that you bought from China, you will face 80% to 300% of the fine.
Most China importer panic because most China supplier is unable to give Malaysia SME importer’s invoice. That’s why most Malaysia importers are unable to do their company’s account and cause them unable to report the actual amount of tax return.
This led to another problem, which in the eyes of LHDN see them as someone who intentionally avoids tax, which means paying a huge amount of fine.
So, how do we solve the problem?
There is a solution to every problem, and the way to solve it is to use a billing agent. Read here for more info about the billing agent.
If you are using the billing agent, below are the three ways to do so:
The supplier wants me to pay first, then willing to ship the goods to me
This is the most common way, the importer needs to pay up first (RM + SST) to the billing agent, then the agent will transfer the money to the supplier. After the supplier got their payment, the agent will ship the goods to the importer. Next, the agent will give out the invoice billing and the date of the invoice can be the date of arrival of goods or date of money transfer.
Supplier willing to ship the goods, then I will pay
This situation is a rare situation. In this situation, the supplier will ship out the goods to the importer than give out an invoice. Then, the importer will transfer the money in later days.
Open a China bank account
Understanding both concepts that we have mentioned, there is a faster way to do this as well. That is to open a China bank account. This way, you can manage your own bank account. After opening a China bank account, you can transfer money to the billing agent and the agent will transfer it to your China account. You also can use Alipay, Wechat Pay, bank transfer, and more ways to transfer to your supplier. Find out more how to open a China bank account, click here.
In conclusion, all you need is to find a professional import agent to help you solve the invoice problem and not worry that you are unable to do the account anymore. We, CIEF provide you a system which able to do all the stuff mention above, which is Exchange System. Want to know more about the invoice click here.
Before that, if you haven’t registered an account. Please click – Register Account You can directly use our services in the future.💁