- Malaysia’s Royal Malaysian Customs Department issued Public Ruling No. 1/2026, effective 31 March 2026, mandating specific exchange rate sources for sales and service tax invoices in foreign currencies.
- Approved exchange rate sources include Bank Negara Malaysia, commercial banks, certain international news agencies, and foreign central banks.
- Businesses must use their chosen exchange rate source consistently for at least one year and obtain approval for any unlisted sources.
- Noncompliance can result in invalid invoices and potential seizure of goods.
- The ruling aims to standardize foreign currency conversions for tax reporting and clarifies requirements for both service and sales tax invoices.
Source: regfollower.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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