The Inland Revenue Board of Malaysia plans to introduce e-invoicing in 2024.
This move aims to increase efficiency in tax collection and reduce the risk of tax evasion.
Starting in June 2024, the e-invoicing system will be mandatory for companies with an annual sales turnover of RM100 million and above [Voluntary implementation for other businesses].
From January 2025, it will be mandatory for companies with an annual sales turnover of RM50 million and above.
From January 2026, it will be mandatory for companies with an annual sales turnover of RM25 million and above.
Finally, from January 2027, it will be mandatory for all companies to adopt the e-invoicing system.
Here is a summary of the timetable for e-invoicing implementation in Malaysia:
What is e-invoicing?
It is important to note that e-invoicing differs from sending invoices as PDFs via email or other commonly used methods.
E-invoicing. or Electronic Invoicing, refers to a digital process that enables the automated exchange of invoice data between a vendor and a customer's accounting system.
Instead of sending invoices via email or other traditional methods, the information is transmitted through a third-party network, which the government or tax authority may administer.
This invoicing method reduces the potential for errors and fraud.
Malaysia is not the first country to implement
Many countries around the world are implementing e-invoicing for tax purposes.
Some examples include:
Singapore: Singapore has implemented a voluntary e-invoicing system, with plans to make it mandatory.
These are just a few examples, as e-invoicing for tax purposes is becoming increasingly popular worldwide.
What are the likely challenges for Malaysian businesses?
Technological readiness: Some companies may need more technological infrastructure or expertise to implement and maintain an e-invoicing system.
Interoperability: E-invoicing systems must be compatible and interoperable with various accounting and financial systems used by different companies.
Cost: Implementation and maintenance costs associated with e-invoicing systems may be a significant barrier for small and medium-sized enterprises.
Security and privacy concerns: E-invoicing systems may be vulnerable to security breaches, which could compromise sensitive financial and personal information.
Compliance: Companies must comply with regulatory requirements related to e-invoicing, which may be complex and time-consuming.
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