- Malaysia proposes new timeline for e-invoicing implementation
- E-invoicing will be mandatory for taxpayers with annual income or sales exceeding RM100 million starting from August 1, 2024
- E-invoicing for taxpayers in other income categories will be enforced in phases, with a comprehensive implementation target of July 1, 2025
- The Government proposed to expand the usage of Tax Identification Numbers (TIN) to strengthen e-invoicing implementation
- Invoicing requirements for Malaysian businesses will change significantly
- Businesses should proactively prepare for the upcoming e-invoicing mandate and assess their current IT systems, ERP systems, and tax compliance processes
- The Budget proposal offers more time for taxpayers to prepare, but the postponement is not significant.
Source: fonoa.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
