Type: Legislation
Malaysia’s Inland Revenue Board has issued crucial updates for its forthcoming mandatory B2B VAT e-invoicing launch in June 2024. This initiative, governed by the Continuous Transaction Control (CTC) regime, offers compliance options via the MyInvois Portal or an API interface. B2C transactions will follow monthly e-Receipt reporting, with a software development kit expected soon.
Key Updates:
- Detailed API Information.
- E-Invoice Transmission Guidelines.
- Invoice Validation and Timing.
- Updated Software Kit.
- Self-Billing Procedures.
- Roles of E-Invoicing Agents and Dealers.
- Cross-Border and E-Commerce Transaction Implications.
Additionally, cyber-security, FX issues, and guidelines for B2C transactions are addressed. Further details on B2C transactions will be provided later. The guidance also covers in-scope transactions, mandatory data fields, MyInvois Portal usage, API submissions, FAQs, and data security.
Effective date: June 2024
