- Expansion of E-Invoicing Mandate: Following the first phase in August 2024, the Inland Revenue Board of Malaysia (IRBM) is expanding mandatory e-invoicing to businesses with annual turnovers between RM 25 million and RM 100 million starting 1 January 2025.
- Electronic Format Requirements: Under the second phase, e-invoices must be submitted in Universal Business Language (UBL2.1) using XML or JSON formats. This includes various types of e-invoices such as consolidated, self-billing, credit note, debit note, and refund e-invoices.
- Submission Methods: Taxpayers can submit e-invoices via the MyInvois Portal or the API-based MyInvois System. The portal is suitable for general use, while the system is recommended for high-volume transactions, necessitating potential technology investments.
- Grace Period: A 6-month grace period will be provided from 1 January 2025 to 30 June 2025, allowing taxpayers time to comply with the new e-invoicing requirements.
- Penalties for Non-Compliance: Penalties for non-compliance with the second phase of the e-invoicing mandate will be imposed starting 1 July 2025. For the first phase, penalties are effective from 1 October 2024.
Source Pagero
See also
- E-Invoicing/Real Time Reporting – What can you find on VATupdate.com
- Worldwide Upcoming E-Invoicing mandates, implementations and changes – Chronological
- Collection of E-Invoicing Guides – Worldwide – VATupdate
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
