In line with the Twelfth Malaysia Plan, e-Invoicing has been introduced to strengthen the digital services infrastructure and digitalise tax administration enabling real-time reporting of transactions under Continuous Transaction Control (“CTC”) Model with businesses, consumers and the Government.
Malaysia will start enforcing mandatory electronic invoicing regulations in June 2024 for businesses based on their annual revenue of more than RM100 million. By 2027, the plan is for all companies to implement the new system. The e-invoicing rules apply to all domestic and cross-border transactions.
With the e-Invoicing initiative facilitating a mutually beneficial situation for taxpayers and the authorities, businesses are urged to be mindful of the implementation timeline and investigate the specific needs and business requirements where e-Invoicing transmission mechanisms are concerned.
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