New E-Invoicing Requirements for 2024 in Malaysia

Malaysia has updated its e-invoicing requirements, mandating compliance for businesses based on their annual turnover. According to the Income Tax (Issuance of Electronic Invoice) Rules 2024, companies with a turnover exceeding MYR 100 million must issue e-invoices by October 1, 2024. Those with turnover between MYR 25 million and MYR 100 million must comply by January 1, 2025, while smaller businesses have until July 1, 2025. Exemptions apply to foreign diplomatic offices and individuals not engaged in business, but suppliers to these entities still need to follow the e-invoicing timelines. Non-compliance could lead to penalties, emphasizing the importance for businesses to prepare for these changes.