The Malaysian government has announced that it will start the mandatory e-Invoice implementation in 2023, but there is no detailed schedule announced yet. The decision became official with the Pre-Budget Statement 2023.
Main goal of the new e-Invoice system is to improve the service quality and reduce compliance costs to taxpayers, besides increasing the efficiency of business transactions. The process is managed and monitored by the Inland Revenue Board of Malaysia (IRB).
It is expected that the process will be continued by expanding the scope in stages. It will begin first for certain taxpayers identified in the pilot phase. It is said that the Italian SDI will be taken as an example in the e-Invoice implementation process.
In fact, e-Invoice has been continuing voluntarily in Malaysia since 2015. There must be a signed agreement between the buyer and the seller. Electronic invoices should be archived in 7 years. Although not certain, there are options such as adopting Peppol standards and using the Peppol framework.