Malaysia’s Inland Revenue Board recently released updated guidelines (version 2.0) and a data catalog in preparation for the mandatory implementation of B2B VAT e-invoicing in June 2024. This system will operate under a Continuous Transaction Control (CTC) regime and can be accessed through the new MyInvois Portal or API interface.
This e-Invoice Guideline (Version 2.0) replaces the e-Invoice Guideline (Version 1.0) issued on 21 July 2023.
The guideline covers various topic such as:
- Simplified Concepts: The aim is to present e-Invoice concepts in a clear and easily understandable manner for taxpayers.
- Step-by-Step Guidance: Taxpayers will receive comprehensive guidance on essential aspects of e-Invoice, covering implementation, compliance, and recordkeeping. This will help them follow a structured approach to fulfill their obligations.
- Practical Examples: Real-life scenarios will be used as practical examples to demonstrate how e-Invoice requirements can be applied in various business situations.
- Readiness Assessment: Taxpayers will be provided with guidance to assess their readiness for e-Invoice implementation and to monitor their compliance with the requirements.
An essential point in terms of transmission method is that Malaysia Digital Economy Corporation (MDEC) has been added to the Peppol authority list. Thanks to this advancement, taxpayers now have the Peppol option for their invoices. In that case, we would like to remind you that SNI is an approved Peppol access point.
It should be noted that additional technical/support documentation such as Software Development Kit (SDK), training materials and assistance from Inland Revenue Board of Malaysia (IRBM) to further aid stakeholders in understanding and implementing e-Invoice will be made available.