Malaysia: Soft Landing Period for e-Invoicing Announced
The Inland Revenue Board of Malaysia (HASiL) has announced a postponement of its mandatory e-Invoicing implementation by six months, in an attempt to ensure smoother compliance with the mandate for businesses. HASiL noted that certain industries had a more challenging time in adhering to the timelines mandated.
This delay has been warmly welcomed as it will provide sufficient additional time to prepare for the upcoming mandate by ensuring system readiness and change management across businesses.
In addition to the 6 month grace-period, HASiL has confirmed the below in their announcement:
- No taxpayer will be prosecuted for non-compliance with e-invoicing regulations during the 6-month period
- For those taxpayers who do successfully abide by the original mandated timeline of August 2024, there will be a reduction in the capital allowance claim period. Purchases of ICT equipment and computer software packages effective from the 2024/2025 Year of Assessment will have a capital allowance claim of two years instead of three years.
Make sure your business utilizes this additional time by ensuring system readiness within your invoicing processes ahead of the legal mandate. Connect with us to proactively ensure continued compliance with e-invoicing. We're here to make the process eezi-er for you.
