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Why is Malaysia’s Integration with Global E-Invoicing Networks a Game Changer?

  • Since 2015, issuing electronic invoices has been possible but optional for Malaysian taxpayers. However, buyers must provide written consent or authorization to receive an e-invoice.
  • Later, in 2022, the government introduced TIN (Tax Identification Number), an initiative to support electronic invoicing in the country further.
  • The Inland Revenue Board of Malaysia (IRBM) recently released guidelines for implementing mandatory e-invoicing. Malaysia is joining the growing list of nations adopting electronic invoicing for more effective tax processes.
  • The new system will not be limited to domestic transactions but will allow business owners to conduct business with foreigners seamlessly. Furthermore, the guidelines also state that taxpayers can use PEPPOL, a global e-invoicing network.

Source Storecove


  • Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE

 

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