- Malaysian government introduced mandatory e-invoicing guidelines to improve tax administration efficiency
- Aligns with the Twelfth Malaysia Plan’s focus on digitalizing services
- Implementation began in phases starting with businesses earning over RM100 million annually on August 1, 2024
- Businesses earning over RM25 million to comply by January 1, 2025
- All other taxpayers to comply by July 1, 2025
- Inland Revenue Board provided updated guidelines with practical examples and FAQs
- Guidelines support compliance across B2B, B2C, and B2G transactions
- Compliance deadline for SMEs with turnovers up to RM500,000 delayed to January 1, 2026
- Measures aim to enable near real-time transaction validation and storage
- Fosters a robust digital economy in Malaysia
Source: globalvatcompliance.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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