Using Italian SdI live electronic invoicing, the Inland Revenue Board confirms a phased introduction. Beginning in early 2024, Malaysia will be the latest country to introduce mandatory electronic invoicing for Sales and Services Taxes. According to the Malaysian Inland Revenue Board, it would be implemented gradually and most likely follow the Italian SdI model.
The Ministry of Finance claimed it was planning to introduce e-invoicing in its most recent 2023 Budget on October 7th in order to increase revenues and reduce unreported transactions. This is a component of a larger effort to digitize tax administration. Beginning in 2024, a trial program will be implemented, followed by a staggered rollout for other taxpayers for the remainder of the year.
Source TPA
