The Inland Revenue Board of Malaysia (IRBM) has issued a guideline regarding the implementation details of the upcoming e-invoicing mandate. According to the guideline, Malaysia will adopt a CTC clearance model, set to begin in June 2024, involving around 4000 companies that meet the specified threshold.
Under the new e-invoicing model, known as MyInvois, all taxpayers conducting commercial activities in Malaysia will be obligated to issue e-invoices for their B2B, B2G, and B2C transactions. To comply with this requirement, taxpayers have the option to utilize the MyInvois platform through the free solution offered by IRBM or by integrating through specific APIs. E-invoices must be issued in either XML or JSON format and then submitted to the MyInvois platform for validation.
Source: SOVOS
