After Australia, New Zealand, and Singapore, Malaysia became the newest Peppol authority outside the EU and achieved an important milestone in their e-Invoice process. Malaysia Digital Economy Corporation (MDEC) has been added to the Peppol authority list.
This was a significant step for new electronic invoice regulation. All taxpayers with B2G, B2B, and B2C transactions are included in the e-Invoicing Guidelines Version 1.0. Implementation is divided into phases according to the company’s annual turnover.
The rollout is as follows:
- January 2024: Pilot phase starts to increase the adaptation.
- June 2024: Businesses with an annual turnover of MYR 100 million or more.
- January 2025: Businesses with an annual turnover of MYR 50 million or more.
- January 2026: Businesses with an annual turnover of MYR 25 million or more.
- January 2027: All other taxpayers will be responsible for complying with electronic invoice regulation.