INCOME TAX (ISSUANCE OF ELECTRONIC INVOICE) RULES 2024
⚓ On September 30, 2024, the Malaysian government officially gazetted the Income Tax (Issuance of Electronic Invoices) Rules 2024, providing a comprehensive set of guidelines for issuance of electronic e-invoice.
Key highlights include:
1️⃣ The threshold for mandatory electronic invoice will be determined based on the turnover reported in the 2022 financial statements.
2️⃣ The electronic invoice rules do not apply to:
• a foreign diplomatic office
• an individual who does not carry on business
• statutory body, statutory authority, or local authority for collections such as payment, fee, charge, statutory levy, summon, compound, and penalty in carrying out its functions under any written law, as well as transactions involving goods sold or services rendered before 1 July 2025.
• Transactions involving goods sold or services provided by international organization before 1 July 2025.
3️⃣ The rules specify 55 particulars and additional information required for e-invoices. Some are mandatory, while others are optional.
4️⃣ The effective date of the Electronic Invoice Rules 2024 is 1 October 2024.
For businesses under Phases 2 and 3, the effective dates remain unchanged: 1 January 2025, and 1 July 2025 respectively.
However, for businesses with a turnover of 100 million ringgit (Phase 1), the effective date for the issuance of electronic invoice is now 1 October 1 2024, instead of the previously announced 1 August 2024.
This change may reflect a concession by the Inland Revenue Board of Malaysia (IRBM) for Phase 1 due to challenges in implementation.
We will seek further clarification from the authorities.
⏬Gazette Order URL : https://ancgroup.biz/wp-content/uploads/2024/10/PUA-265-2024-1.pdf
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.
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