The Inland Revenue Board of Malaysia (IRBM) has released updated versions of several e-Invoice documents:
e-Invoice guideline version 3.2, which replaces version 3.1 dated 19 July 2024
e-Invoice specific guideline version 3.0, which replaces version 2.2 dated 28 June 2024
General FAQs have also been updated.
Key updates include:
e-Invoice guideline version 3.2:
The exemption list for e-Invoices has been expanded to include taxpayers with an annual turnover of less than RM150,000.
e-Invoice specific guideline version 3.0:
If the buyer does not require an e-Invoice, the timeline for issuing a consolidated e-Invoice aligns with that for a supplier. This means the consolidated self-billed e-Invoice must be submitted to the IRBM on a monthly basis, within 7 calendar days after the end of the month.
When the buyer assumes the role of the supplier, specific details must be included in the consolidated self-billed e-Invoice.
Guidance is provided for issuing a consolidated e-Invoice during the 6 month grace period following the mandatory implementation of e Invoicing.
FAQs updated on 19 July 2024:
The business registration number validation requirement has been temporarily disabled as of 19 July 2024.
If the buyer does not request an e-Invoice for a transaction, the supplier is permitted to issue a consolidated e-Invoice for that transaction.
Guidance is offered on how to correct an e-Invoice if errors are discovered within 72 hours or after validation.
The threshold for micro, small, and medium enterprises to issue receipts for all transactions has been raised from RM100,000 to RM150,000.
Comments from StanleyCo:
The increase in the e-invoicing threshold from RM100,000 to RM150,000 is a much-needed relief for many micro, small, and medium enterprises. By recognizing the potential burden on these businesses, the government has taken a proactive step to ease compliance requirements, allowing them to focus on growth rather than getting caught up in administrative tasks.
For larger companies required to begin e-invoicing on 1 August 2024, the Inland Revenue Board of Malaysia (IRBM) has granted a 6-month grace period to issue consolidated e-Invoices. During this period, the IRBM will not pursue prosecution under Section 120 of the Income Tax Act 1967 for non-compliance, as long as the necessary consolidated e-Invoices are issued.
Additionally, throughout the grace period, restrictions have been relaxed, allowing all sectors and industries, including those using self-billed e-Invoices, to issue consolidated e-Invoices without the pressure of immediate compliance.
To further incentivize early compliance, taxpayers who fully implement e-Invoicing within the designated timeline, without using the grace period, will be rewarded. The claim period for capital allowances on ICT equipment and computer software packages will be reduced from 3 years to 2 years, specifically for the 2024 and 2025 assessment years. This presents a valuable opportunity for businesses to expedite their capital allowance claims while ensuring compliance.
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