Relaxation Period for E-Invoice Malaysia: Latest Updates 2024
Relaxation Period for E-Invoice Malaysia: Latest Updates 2024
Relaxation Period for E-Invoice Malaysia: Latest Updates 2024
-
What is the E-Invoice Interim Relaxation Period in Malaysia?
The Government of Malaysia has introduced an interim relaxation period for businesses to smoothly transition to the mandatory adoption of e-Invoice. The relaxation is divided into three stages based on annual turnover.
No Taxpayers Implementation Date Relaxation Period 1 Taxpayers with an annual turnover or revenue of more than RM100 million 1 August 2024 1 August 2024 to
31 January 20252 Taxpayers with an annual turnover or revenue of more than RM25 million and up to RM100 million 1 January 2025 1 January 2025 to
30 June 20253 All other taxpayers who exceeds RM150,000 1 July 2025 1 July 2025 to
31 December 2025 -
What are the key points during the E-Invoice Interim Relaxation Period?
To ensure a smooth adoption process, the Government has outlined several important measures:
- Consolidated E-Invoices:
Taxpayers can issue consolidated e-Invoices for all activities and transactions, including those outlined under Section 3.7 of the e-Invoice Specific Guideline. - Consolidated Self-Billed E-Invoices:
Businesses are allowed to issue consolidated self-billed e-Invoices for the scenarios defined in Section 8.3 of the guidelines. - Description of Product or Service:
Information can be added in the “Description of Product or Service” field for both consolidated e-Invoices and self-billed e-Invoices, along with the required reference numbers under Sections 3 and 4 of the guidelines. - No Individual E-Invoices:
Even if a buyer (in the case of e-Invoices) or supplier (in the case of self-billed e-Invoices) requests an individual e-Invoice, businesses are not required to issue them during this period, as long as the guidelines mentioned above are followed.
- Consolidated E-Invoices:
-
Will there be any prosecution for non-compliance during the relaxation period?
No, the Inland Revenue Board of Malaysia (IRBM) will not pursue any prosecution under Section 120 of the Income Tax Act 1967 for non-compliance with the e-Invoice requirements during the interim relaxation period, as long as businesses adhere to the outlined guidelines.
-
Is there a way to better understand the mechanism, implementation, reimbursement and disbursement for e-Invoice?
Yes, you can gain further insights into the e-Invoice mechanism and workflow by referring to the official guidelines published by the Inland Revenue Board of Malaysia (IRBM).
-
-
- Download e-Invoice Guideline Version 4.0 (published on 04 October 2024)
- Download e-Invoice Specific Guideline Version 3.1 (published on 04 October 2024)
- View e-Invoice Illustration Guide (Updated on 11 September 2024)
-
You may also consider attending e-Invoice training courses for detailed guidance.
For more information or to register, please visit the contact link below: ANCGroup_E-Invoice Courses Contact.
ANC Group – Your Personal Tax Advisor
Tax consulting is the core service of ANC Group. Our tax professionals provide clients with comprehensive tax support and guidance. We offer tax consulting and compliance services for expatriates, entrepreneurs, and listed and non-listed companies.
Our tax consulting services include business tax, transaction tax, personal tax, and corporate income tax. We don’t just guide you in interpreting and applying complicated taxation rules, but to explore new opportunities and business trends.
ANC Group keep you abreast with Malaysia tax updates and any changes in the local regulations.
We work closely with industry specialists, authorities, and associated professionals within ANC Group to provide the best-in-class integrated tax planning solutions. ANC specialists coordinate the accounting and taxation services to bring your business to success.
