The Malaysian 2024 Budget has been recently released by the government for pending parliamentary approval. It consists of various topics including a new e-Invoicing timeline. The updated schedule signifies a delay of two months compared to the previous timetable.
Budget has been approved by the government and new implementation timeline can be found below:
- August 1, 2024 Taxpayers with annual income or sales exceeding RM100 million (in lieu of June 2024)
- January 1, 2025 Taxpayers with annual income or sales exceeding RM25 million and up to RM100 million
- July 1, 2025 All taxpayers
Taxpayers will have access to extra technical and support resources, including a Software Development Kit (SDK), training materials, and guidance from the Inland Revenue Board of Malaysia (IRBM) to facilitate their comprehension and implementation of e-Invoice in Malaysia.
Last but not least, Malaysia Digital Economy Corporation (MDEC) has recently been included in the list of Peppol authorities. This marks a significant development in the realm of electronic invoice regulations, as Malaysia now joins the ranks of Peppol authorities outside the European Union, following the examples of Australia, New Zealand, and Singapore. This achievement represents a noteworthy milestone in Malaysia’s e-Invoice journey.