The Inland Revenue Board of Malaysia published a press release on 22 May 2023 and announced the implementation timeline of the upcoming e-invoicing mandate.
As per the announcement, the mandate will be rolled-out in a phased manner according to the following timeline:
- Pilot project launch: In January 2024, a pilot project will be initiated for selected businesses. Additionally, voluntary implementation of the e-invoicing system will be made available to other businesses during this period.
- Mandatory implementation for businesses with sales above 100 million MYR (appx. 20 million Euros) annual threshold, from June 2024. It is estimated that around 4,000 companies generating revenue above this threshold will become the initial group implementing the system.
- Mandatory implementation for businesses with sales above 50 million MYR annual threshold, from January 2025;
- Mandatory implementation for businesses with sales above 25 million MYR annual threshold, from January 2026;
- Mandatory implementation for all businesses as of January 2027.
Although the implementation timeline has been officially announced, the legal and technical documentation regarding the details of the upcoming system is yet to be published.