- Malaysia’s Inland Revenue Board has issued guidelines for the implementation of e-invoicing in 2023, with a clear timeline for its mandatory adoption based on taxpayers’ income or annual sales.
- From June 1, 2024, taxpayers with income or annual sales exceeding 100 million Malaysian ringgits (US$22.1 million) must comply with e-invoicing.
- From January 1, 2025, the mandate extends to taxpayers with income or annual sales exceeding 50 million ringgits (US$11 million) up to 100 million ringgits.
- From January 1, 2026, taxpayers with income or annual sales exceeding 25 million ringgits (US$5.5 million) up to 50 million ringgits are included in the mandatory e-invoicing scheme.
- Finally, from January 1, 2027, all other taxpayers and covered non-business transactions will be required to adopt e-invoicing. The guidelines include practical examples and FAQs.
Source GVC
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