The Inland Revenue Board of Malaysia (IRB) is introducing e-invoicing as part of the governmentís efforts to enhance efficiency, transparency, and control over tax and financial management. An e-invoice is a digital document that records transactions between a seller and a buyer, replacing traditional paper formats with electronic versions in PDF, JPEG, or DOC formats. It contains all the essential information found in traditional invoices, including buyer details, item descriptions, quantities, taxes, prices (excluding taxes), and total amounts, ensuring seamless business operations.
The implementation of e-invoicing will occur in three phases. Phase one will begin in August 2024 for companies with an annual revenue of RM100 million and above. Phase two will follow in January 2025 for companies with an annual revenue between RM25 million to RM100 million. ByJuly 2025, all remaining companies in Malaysia will be required to comply with this system.
To support this government initiative, Prestige Alantic Asia will integrate MYINVOIS solution. This ensures full compliance with e-invoicing guidelines and facilitates smooth, uninterrupted business operations in the years ahead.
We are looking forward to hearing from you.
