The Malaysian Inland Revenue Board has announced a 6-month grace period starting from 1 August 2024, allowing the issuance of consolidated e-invoices for all transactions and exempting taxpayers from applicable penalties. This flexibility is provided to taxpayers, including the allowance for all activities/industries to issue consolidated e-invoices and the exemption from penalties for non-compliance with e-invoicing rules. Additionally, taxpayers who implement e-invoicing within the stipulated timeline without using the grace period will benefit from a reduced capital allowance claim period for ICT equipment and software packages.
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