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The Future of Financial Transactions: Adopting e-Invoicing in Malaysia

  • The Malaysian government is planning to introduce e-Invoicing to streamline tax administration processes.
  • While its implementation has been delayed, a gradual rollout is scheduled to begin from August 1, 2024.
  • Initially voluntary, e-Invoicing will eventually become mandatory for all tax-registered businesses in Malaysia, including government entities.
  • The adoption will be phased, starting with large taxpayers and gradually extending to all taxpayers by July 2025.
  • The benefits of e-Invoicing include reduced manual efforts, mitigated errors, efficient tax return filing, and cost savings.
  • The process involves generating e-Invoices, validation by the Inland Revenue Board of Malaysia (IRBM), notification to both suppliers and buyers, sharing of validated e-Invoices with a QR code, and the option for rejection or cancellation.
  • The MyInvois Portal and APIs facilitate the e-Invoicing system, and technical guidance and a Software Development Kit (SDK) will be provided for system integration.

Source RTCsuite

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