The IRBM of Malaysia has granted a six-month grace period for taxpayers to comply with new e-invoicing requirements, given the complexity of business environments. During this time, businesses can issue consolidated e-invoices and add detailed descriptions of transactions. Sellers can also issue consolidated e-invoices upon buyer request without generating individual invoices. Non-compliance will not result in prosecutions under Section 120 of the Income Tax Act 1967 during this grace period, as long as taxpayers follow the consolidated e-invoicing rules. This relaxation aims to provide businesses with sufficient time to effectively implement e-invoicing and ensure smooth operations and change management.
Source SNI
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
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