- Overview of E-Invoicing System: Malaysia’s e-invoicing system, effective from 2024, mandates all VAT-registered businesses to issue electronic invoices in XML or JSON format through the MyInvois portal or API, enhancing tax compliance and transparency while reducing administrative burdens.
- Implementation Timeline and Requirements: The phased implementation requires businesses to comply based on annual revenue thresholds, with specific deadlines for different revenue brackets. Taxpayers must ensure they have the necessary digital certificates and systems in place to meet compliance obligations.
- Support and Compliance Challenges: The IRBM offers support through engagement sessions and resources for businesses transitioning to e-invoicing. However, companies must navigate complex regulations and ensure proper training and documentation to avoid penalties for non-compliance.
Source gov.my
Briefing Document: Comprehensive Overview of E-Invoicing Compliance in Malaysia – VATupdate
