The Inland Revenue Board of Malaysia (IRBM) released a press note today introducing a set of measures for the flexibilization of the upcoming e-invoicing obligation, as listed below.
Please note, however, that there has been no postponement of the mandatory go-live date, which remains as 1 August 2024.
1. Issuance of consolidated e-invoice for all transactions: during the first six (6) months from the mandatory go-live date, the IRBM will allow all activities/industries to issue a consolidated e-invoice for all transactions. This includes transactions where self-billing e-invoices are required and those for which the buyer has requested an e-invoice.
2. Grace Period: during the six-month period, no penalties will be applied to taxpayers, as long as they ensure compliance with the issuance of the consolidated e-Invoice, as per the tax authority’s guidelines.
3. Incentive for Compliant Taxpayers: taxpayers who comply with the e-invoicing mandate within the mandatory deadline of 1 August 2024, without recurring to the consolidated e-invoice flexibilization measure above, will receive an expedition of their capital allowance claim, to acquire equipment and software. They will be able claim it in two years, instead of three, effective from Year of Assessment 2024 to 2025.
