Phase I e-invoicing roll-out targets 4.000 businesses
Following our previous release on Malaysia's e-invoicing timeline, the Malaysian Inland Revenue Board (IRBM) has formally announced that 4,000 businesses will be included in the first phase of the implementation, where taxpayers with an annual revenue of RM100M are required to abide by the e-invoicing requirements. The first phase is scheduled to commence in June 2024. As part of the Continuous Transaction Controls (CTC) Clearance model, invoice files must be submitted to IRB's central platforms for real-time verification. IRB will assign a Certificate Serial Number to invoices and provide suppliers with an URL link containing a QR code as an output of verification. The QR code should be attached to the invoice before it is shared with the buyer. Small and medium businesses without an e-invoice system can use IRB's free web-based solutions that require manual input of data. The IRB are expected to issue detailed guidelines regarding the Malaysian e-invoicing systems for businesses that will join the first phase. Over the next few weeks.