KUALA LUMPUR: The Inland Revenue Board of Malaysia (IRB) has launched the MyInvois portal, kicking off its implementation of e-invoicing effective Aug 1, 2024.
In a statement today, the IRB said the move will strengthen the country's taxation system, increase transparency, and provide a more accurate assessment of compliance risk.
The statement said e-invoicing will be implemented in stages, with the first phase involving 5,000 companies with recorded annual revenue or sales exceeding RM100 million starting Aug 1, 2024.
"The second phase will start on Jan 1, 2025, involving companies with annual revenue or sales of between RM25 million and RM100 million, with all taxpayers to be involved effective July 1, 2025," said the IRB.
To ensure its smooth and effective implementation, the IRB has provided two mechanisms for sending e-invoices, via the MyInvois portal and the application programming interface (API) for the convenience of users.
The testing and production environment for the API has been set up since April 2024, while the MyInvois portal has been in use since June 2024.
Deputy Finance Minister Lim Hui Ying said the ministry has exempted micro, small and medium enterprises (MSMEs) with annual income or sales below RM150,000 but they are encouraged to implement the system voluntarily.
Meanwhile, IRB chief executive officer Datuk Abu Tariq Jamalauddin said the launch of the MyInvois system is the starting point of taxation reforms to drive the country towards sustainable digital innovation.
"To ensure that the government's national agenda is realised, the IRB is optimistic and committed to ensuring that preparations to implement e-invoicing in the second and third phases will enable a larger network of taxpayers to make a smooth transition, and thus, make the MyInvois platform the main driver of the national taxation system," he said.
-- BERNAMA