- Updated E-Invoicing Guidelines: The Inland Revenue Board of Malaysia (IRBM) released updated e-invoicing guidelines on October 4, 2024, in conjunction with the Income Tax (Issuance of Electronic Invoice) Rules 2024.
- Implementation Dates: E-invoicing requirements will be enforced based on annual turnover: from October 1, 2024, for businesses exceeding MYR 100 million; from January 1, 2025, for those between MYR 25 million and MYR 100 million; and from July 1, 2025, for all other taxpayers.
- Penalty Enforcement: The specified implementation dates indicate when enforcement actions for non-compliance will begin, with penalties starting from October 1, 2024, for high-turnover taxpayers, while prior implementation dates still apply.
- Exemptions from E-Invoicing: Certain entities are exempt from e-invoicing rules, including foreign diplomatic offices, non-business individuals, statutory bodies, and organizations with annual revenues below MYR 150,000, particularly for transactions before July 1, 2025.
- Supplier Responsibilities: Suppliers providing goods or services to exempt entities must still issue e-invoices according to the established implementation timeline, ensuring compliance with the new regulations.
Source Orbitax
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