e-Invoicing Update: New Tax Measures Announced

The Prime Minister YAB Dato’ Seri Anwar bin Ibrahim and the Inland Revenue Board of Malaysia (“IRBM”) have announced the following measures to support the e-Invoicing initiative:

• e-Invoicing Special Voluntary Disclosure Programme - Effective until 31 December 2027, taxpayers will be allowed to voluntarily review, update and rectify e-Invoice transactions without the imposition of penalties during the disclosure period. Further information is expected to be released via the IRBM e-Invoice microsite in due course.
• Accelerated Capital Allowance - Taxpayers may claim capital allowances within one year for qualifying expenditures incurred in relation to e-Invoicing.  

The above measures are subject to the issuance of the relevant legislation, gazette order(s) and/or guidelines.