- Malaysia will implement mandatory e-Invoicing starting August 2024, with full coverage by July 2025.
- The initiative aims to enhance tax compliance, reduce fraud, and enable real-time reporting.
- Businesses must use MyInvois for e-invoice submission, digital certificates for verification, and archive records for seven years.
- Peppol PINT Malaysia standards apply for cross-border transactions.
- Validated e-invoices will include a QR code and allow 72 hours for rejection.
- B2C sales can be consolidated monthly.
- Phased rollout begins August 2024 for businesses with turnover above MYR 100 million, January 2025 for MYR 25–100 million, and July 2025 for all others.
- Invoices must be submitted electronically via MyInvois Portal or API.
- Digital certificates linked to Tax ID are required for identity verification.
- Systems must be compatible with MyInvois and support integration.
- Self-billed e-invoices are needed for purchases from non-registered suppliers.
- E-invoices must be archived for seven years.
- Suppliers submit e-invoices for real-time validation, with QR-coded invoices shared upon approval.
- B2C sales can be consolidated into a single monthly e-invoice.
- Penalties for non-compliance include fines and imprisonment.
- Early preparation is crucial to avoid issues and ensure compliance.
- Businesses must upgrade systems and align with MyInvois requirements.
- The mandate reflects a global trend toward digital tax enforcement.
Source: fiscal-requirements.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.
