- The Inland Revenue Board of Malaysia announced a six-month transition period for the mandatory electronic invoicing regime starting August 1, 2024
- Businesses can issue monthly consolidated e-invoices for all transactions during this period
- Sellers can include any transaction description in the “Product or Service Description” field
- Penalties for non-compliance with e-invoice regulations will not be imposed during the transition period
- Taxpayers who successfully implement e-invoicing within the timeline will receive a reduction in the capital allowance claim period for the purchase of ICT until FY 2025
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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