Malaysia to Introduce Electronic Invoicing Staged Implementation
Electronic invoicing will also become a reality in Malaysia, according to the Ministry of Finance’s Pre-Bugdet Statement 2023. The goal of this statement is to strenghten recovery and to facilitate reforms towards sustainable socio-economic resilience.
As the recovery momentum gains traction in the post-COVID-19 period, the Government is looking forward to focusing on reforms to improve the rakyat’s wellbeing particularly income and social protection, the competitiveness of Malaysian, and to strengthen the nation’s resilience against future shocks while consolidating the Government’s fiscal position.
The Government is committed to prioritise its digital transformation, in order to impact on society and economy. Efforts to increase digital technology utilisation will be intensified to improve the quality of service and productivity of government services.
eInvoicing Initiative in Malaysia
To support growth of the digital economy and enhance efficiency in the country’s tax administration management, e-Invoicing will be a relevant part of its digital transformation. As part of its strategies to increase tax revenue, the Government has announced a staged plan to implement electronic invoicing in the country.
The implementation of e-Invoicing will improve the quality of services and reduce compliance costs to taxpayers as well as increase the efficiency of business operations. This eInvoicing initiative will also support the use of TIN which will be implemented in Malaysia from year 2022 as a measure to expand the income tax net.
So far, no timeline has been set up for this implementation. EDICOM closely monitors any updates and new deadlines regarding eInvoicing and eReporting worldwide.