Malaysia’s tax office, the Inland Revenue Board of Malaysia (IRBM), mandated e-invoicing in March 2023 to digitize and streamline tax administration operations. The government aimed to ensure benefits such as fraud prevention, improved tax collection, reduced business operation costs, increased ease of business, better transparency, and accurate financial transactions. The implementation date was postponed to October 2023 to give businesses time to adopt e-invoicing. Malaysian businesses need to understand the concept of e-invoicing and prepare for the transition. An electronic invoice, or e-invoice, is a document electronically exchanged between a supplier and buyer through specialized software. In Malaysia, a valid invoice contains 53 mandatory fields specified by IRBM. The government will use a Continuous Transaction Control (CTC) model for verifying sales invoices via the government’s API, powered by a Tax Identification Number (TIN) introduced in 2022.
Source GST Hero
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
