- The Inland Revenue Board (IRB) of Malaysia has launched guidelines for electronic invoicing (e-invoicing), which will be implemented in phases.
- E-invoicing will be mandatory for the first group of taxpayers from June 1, 2024, and for all taxpayers, including for certain non-business transactions, from January 1, 2027.
- The guidelines aim to enhance taxpayers’ understanding of e-invoicing and the technicalities involved.
- E-invoicing involves a digital information exchange between a business’s systems and a third-party system that validates the data sent to verify its accuracy.
- The IRB is seeking to implement a third-party system controlled by the government or a tax authority.
- The guidelines provide definitions and salient points in respect of in-scope transactions, the timeline for implementation, and the steps for submission, validation, and issuance of e-invoices.
- All B2B, B2G, and B2C transactions will be subject to e-invoicing requirements. An e-invoice typically will be required to be issued in various scenarios.
Source Deloitte
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