- Malaysia is moving towards mandatory electronic invoicing to improve tax administration and invoicing efficiency.
- The Malaysia Digital Economy Corporation (MDEC) conducted engagement sessions earlier this year with service providers to prepare for e-invoicing.
- The Inland Revenue Board Malaysia (MLHDN) recently published an e-invoice guideline that provides step-by-step guidance, practical examples, and taxpayer readiness guidance.
- Mandatory e-invoicing will begin in stages from 2024, led by MLHDN and covering taxpayers with an annual turnover or revenue of more than RM100 million, more than RM25 million and up to RM100 million, and all taxpayers by July 2025.
- The e-invoice system covers B2B, B2C, and B2G transactions and various types of invoices.
- The clearance model is the e-invoicing model of choice, with MLHDN validating invoices in real-time before they are sent to the end-recipient.
- MDEC recently became a Peppol Authority, responsible for accrediting Peppol service providers and advocating for widespread adoption of e-invoicing in Malaysia. Digital certificates issued by MLHDN aim to guarantee the origin, reliability, and trustworthiness of the signed content.
Source Unifiedpost
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