- Revised E-Invoicing Rollout Timeline: The Inland Revenue Board of Malaysia (IRBM) announced an updated schedule for mandatory e-invoicing to accommodate small businesses. The new timeline specifies that e-invoicing will be mandatory for taxpayers with annual revenue between MYR 5M – 25M starting July 2025, followed by those with revenue between MYR 1M – 5M in January 2026, and finally for taxpayers below MYR 1M by July 2026.
- Implementation Details and Compliance: Beginning August 1, 2024, businesses with an annual turnover exceeding MYR 100 million must start using electronic invoicing. The system will require the submission of invoices to the IRBM for validation, with guidelines for both manual and automated submissions. This shift aims to streamline B2B, B2C, and B2G transactions and enhance tax compliance.
- Benefits and Objectives of E-Invoicing: The government’s initiative is part of a broader digital transformation strategy intended to improve operational efficiency, cash flow, and tax compliance while reducing manual processes. The implementation of a standardized electronic invoicing model is expected to facilitate easier tax reporting and improve the overall quality of services provided to taxpayers.
Source Edicom
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
