Malaysia’s Inland Revenue Board (IRBM) has released updated e-Invoice guidelines and a comprehensive data catalogue ahead of the introduction of the new e-invoicing mandate. The implementation of e-invoicing will be done in phases, starting from June 1, 2024, for taxpayers with an annual turnover exceeding RM100 million (USD 22 million), with a target deadline to complete the rollout by January 2027. The guidelines cover various aspects of e-invoicing, including transmission, self-billed e-invoices, cross-border transactions, e-commerce transactions, currency conversions, API details, and data security and privacy. Businesses are advised to prepare for the mandate and ensure their IT systems, ERP systems, and tax compliance processes are aligned with the new requirements.
Source Fonoa
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