Kota Kinabalu: This is the opportune time for businesses to prepare for Malaysia’s mandatory e-invoicing tax regime that will be starting 2024, first with big firms progressing to smaller companies and other taxpayers to curb tax evasion. The storage period for e-invoices are seven years.
This is in line with the 12th Malaysia Plan, where one of the key focuses is on strengthening the digital services infrastructure and digitalising the tax administration.
Ostensibly, the government says manual data entry and physical paper handling processes can be eliminated with the implementation of e-invoicing and as a result helps businesses transact invoices more efficiently and seamlessly with accurate traceability with no tax leakages.