Malaysia releases new and updated e-invoice guidelines
Malaysia’s Inland Revenue Board (IRBM or in Malaysian ‘LHDNM’) has released an updated e-Invoice guideline (Version 2.0), an e-Invoice specific guideline (Version 1.0) and a comprehensive data catalogue, before the introduction of the new e-invoicing mandate.
Timeline
E-invoicing will be introduced in phases, starting from June 1, 2024, for taxpayers with an annual turnover exceeding RM100 million (USD 22 million), with a target deadline to complete the rollout of all the phases by January 2027.
Impact
The guidelines cover various aspects of e-invoicing, including e-invoice transmission, self-billed e-invoices, cross-border transactions, e-commerce transactions, currency conversions, details on the API and data security and privacy. These guidelines aim to simplify e-invoice concepts, provide practical support, and assist taxpayers in transitioning to e-invoicing while addressing common concerns.
Businesses should proactively prepare for the upcoming e-invoicing mandate and assess their current IT systems, ERP systems, and tax compliance processes to ensure they are aligned with the new requirements.
Check out our previous blogs to learn more about the upcoming e-invoicing mandate in Malaysia.
