The IRB recently released the updated e-invoicing guidelines and specific guidelines on 30 July 2024. The following are the key changes:
- IRB formally includes in the general guidelines that taxpayers with an annual turnover/revenue of less than RM150,000 will be exempted from e-Invoicing. Further conditions to be announced.
- The timing to issue consolidated self-billed e-invoice is similar to the timing of issuance of consolidated e-invoice i.e. within 7 days after month end on a monthly basis.
- There will be a six month interim relaxation period as below:
| No. | Taxpayer's annual turnover/ revenue categories | Interim relaxation period |
|---|---|---|
| 1. | > RM100 million | 1 August 2024 to 31 January 2025 |
| 2. | RM25 million to RM100 million | 1 January 2025 to 30 June 2025 |
| 3. | All other taxpayers | 1 July 2025 to 31 December 2025 |
Taxpayers are allowed to adopt the following during the relaxation period:
- issue consolidated e-Invoice for all activities and transactions
- issue consolidated self-billed e-invoice for all self-billed circumstances
- input any information / details in the “Description of Product or Service” field in the consolidated e-invoice or consolidated self-billed e-invoice
- not to issue individual e-invoice or self-billed e-invoice, even if the buyer has made a request
Further, the IRB also stated that there will be no prosecution action to be taken during the interim relaxation period on non-compliance of the e-invoice requirements.
Please refer to this link for our previous updates on e-Invoicing.
Please refer to the below for the updated summary of e-Invoicing:
