Malaysia: New versions of e-invoicing technical guidelines
IRBM published new updated versions of the guidelines for implementing the electronic invoicing mandate
The Inland Revenue Board of Malaysia (IRBM) on July 30, 2024, released updated versions of the guidelines for implementing the electronic invoicing (e-invoicing) mandate in Malaysia.
The updated general e-invoicing guideline now lists all taxpayers earning less than RM150,000 annually as exempt from complying with the e-invoicing mandate, provided they meet some additional conditions established by the IRBM.
The updated e-invoicing specific guideline provides more details about a six-month transitional grace period starting August 1, 2024, which allows taxpayers to submit consolidated invoices for all their transactions to the IRB (read TaxNewsFlash). Key updates include new mandatory fields for consolidated business-to-business (B2B) e-invoices and self-billed invoices, further details about the application of the grace period for issuing consolidated invoices based on revenue brackets, and a specific mention of the exemption allowing taxpayers issuing consolidated e-invoices to avoid issuing individual e-invoices to their business partners during the grace period.
The IRBM confirmed it will not penalize taxpayers for non-compliance during this period, provided certain conditions are met.
Alongside these updates, the IRBM also amended the software development kit and e-invoice schema.
For further information, contact a KPMG tax professional:
Kathya Capote Peimbert | kcapotepeimbert@kpmg.com
Ramon Frias | ramonfrias@kpmg.com