Type: Legislation
The Malaysia Revenue Board is introducing MyInvois, an e-invoicing mandate starting 1st August 2024, with a 6-month soft launch for taxpayers with annual turnover above MYR 100 million. During this period, taxpayers can submit invoices digitally by the 7th of the following month instead of pre-clearing. Voluntary adopters will benefit from accelerated capital allowances on related IT expenditures. Full compliance with live reporting will be enforced from 1st February 2025, with penalties for non-compliance. The e-invoicing regime will expand to other taxpayers in phases, ending with all businesses by 1st July 2025.
Effective date: August 1st, 2024
