The Malaysian 2024 Budget, which is currently pending parliamentary approval, introduces changes to the implementation timeline of mandatory e-invoicing in the country. According to the new budget law, implementation will be delayed, and will follow the below schedule:
- For taxpayers with an annual turnover of revenue of more than RM100 million (appx. 20 million euros) implementation will start on August 1, 2024 (instead of June 2024);
- For the remaining taxpayer groups implementation will be phased out starting in July 2025 (instead of January 2025). Specific dates of this phased roll out of smaller taxpayer groups is still to be confirmed.
This proposal seems to offer more time for taxpayers to prepare for the new e-invoicing mandate, however, the postponements are not significant and taxpayers in the first implementation group should start preparing for this new system in order to comply by August of the new year. Currently, the IRBM is set to release a software development kit including the relevant technical documentation until the end of this year.
