Malaysia is set to introduce mandatory e-invoicing by 1 July 2025, with a phased rollout starting from 1 August 2024. The implementation will require taxpayers with an annual turnover of MYR 100 million or more to adopt the Continuous Transaction Control (CTC) e-invoicing model. The Inland Revenue Board of Malaysia (IRBM) oversees e-invoicing activities, and businesses can choose between using the MyInvois portal or an Application Programming Interface (API) for invoice transmission. The benefits of e-invoicing include streamlined operations, enhanced transparency, improved security, and better communication between buyers and suppliers. However, businesses may face challenges related to data security, technological transition, and resistance to change. To prepare for the e-invoicing mandate, businesses should choose reliable service providers, familiarize themselves with the IRBM’s portal, and ensure compliance with guidelines.
Source Storecove
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