White paper: Electronic Invoicing in Italy, Agenzia delle Entrate, May 2021
Inland Revenue Board confirms phased introduction June 2024 to Jan 2027 mandatory CTC e-invoicing
Malaysia is to become the latest country to introduce mandatory electronic invoicing for Sales and Services Taxes from 1 June 2024 to 1 January 2027. This will cover B2C, B2B and B2G transactions, including imports and exports. It is only applicable to resident taxpayers.
It will be a phased mandatory introduction by the Inland Revenue Board of Malaysia (LHDNM).
- myTax portal adopted as free e-invoicing service
- January 2024 option to voluntarily adopt e-invoicing with LHDNM;
- June 2024 taxpayers with annual turnover of MYR 100 million and above;
- January 2025 annual turnover of MYR 50 million and above;
- January 2026 annual turnover of MYR 25 million and above; and
- January 2027 all other taxpayers.
- January 2027 B2C transactions via e-Receipt live digital reporting
Malaysia will operate a Continuous Transaction Control CTC model, requiring sales invoices (XML) to be first sent to the tax authorities for verification via the government’s API. Once approved, the invoice is given a unique digital Certification Serial Number. Once returned to the seller, only then can it be sent to their customer in any format. There will be a PEPPOL option for this exchange of invoices. A QR Code must be included with the invoice sent to the customer.
This is part of a broader digitisation of tax administration. A pilot will kick-off at the start of 2024 with a phased introduction for other taxpayers during the rest of the year.
E-invoicing has been permitted in Malaysian since 2015. Both parties, the vendor and customer, must be in agreement. Electronic invoices should be retained for at least seven years.
Malaysia had introduced a full VAT regime – termed Sales and Services Taxes – between 2015 and 2018. But it returned to the old sales tax, Goods and Services Taxes. It is likely that Malaysian GST will return.
Source: Malaysia mandatory B2B e-invoicing with B2C e-Receipt June 2024