The MyInvois system, currently under development, will be accessible to all businesses for free of charge starting from August 1, 2024.
“The government will implement the use of e-Invoicing in phases starting from August 2024 based on the threshold value of business sales. The implementation of e-Invoicing represents a new approach to enhance tax compliance levels while benefiting the Government, tax administrators, and businesses.
This approach aims to improve business efficiency, address shadow economies, and curb tax revenue leakage.
“Additionally, a pilot project involving selected companies representing various industries will be conducted from May 2024 onwards to prepare for more extensive implementation.” the Ministry of Finance (MoF) said in a written parliament reply today.
In a response towards Tan Sri Datuk Low Kian Chuan regarding government’s preparations for the implementation of the e-Invoicing system on August 1, 2024, Anwar said the implementation of e-Invoicing will be conducted gradually to allow businesses and companies involved to adapt to the system.
“The first phase will commence in August 2024 involving large companies with annual sales exceeding RM100 million.
Meanwhile, the second phase will involve companies with annual sales ranging from RM25 million to RM100 million, starting in January 2025.” MoF said.
“To ensure the smooth implementation of e-Invoicing according to the specified timeline, the Inland Revenue Board of Malaysia (IRB) has undertaken comprehensive efforts and initiatives.” they added.
Since July 2023, engaging sessions with industry players and professional bodies have been conducted across different zones, including the Central, Northern, Southern, Sabah, and Sarawak Zones. These sessions aimed to facilitate discussions and provide insights into the implementation process.
Additionally, over 90 engagement sessions and presentations have been organised since December 2023. These sessions targeted various trade associations and industrial unions, covering a wide range of sectors such as banking, financial services, insurance, professional services, healthcare, automotive, and telecommunications. The purpose was to disseminate information and gather feedback from stakeholders to ensure a well-informed implementation strategy.
Furthermore, the IRB has issued both Primary and Specific e-Invoicing Guidelines to elucidate the implementation process and mechanisms. These guidelines provide detailed explanations tailored to different transactions or activities, ensuring clarity and understanding among users.
Moreover, the release of the Software Development Kit (SDK) on February 9, 2024, marked a significant milestone in the technical aspect of implementation. The SDK serves as a crucial reference for integrating the Application Programming Interface (API) between tax payer systems and the LHDNM MyInvois System, enhancing interoperability and compatibility.
To address common queries and concerns, a compilation of general and specific frequently asked questions (FAQs) has been prepared. These FAQs cover various industries, including healthcare, construction, telecommunications, e-commerce, and petroleum operations, providing relevant information to users.
Additionally, engagement sessions with over 80 start-up companies have been conducted to prepare them for e-Invoicing implementation, ensuring inclusivity and support for emerging businesses.
Furthermore, briefing sessions on e-Invoicing implementation have been organised with tax payers both physically and online, fostering direct communication and understanding.
The establishment of a dedicated microsite for e-Invoicing serves as a centralised hub for information dissemination and guidance. This one-stop center on the LHDNM Official Portal facilitates easy access to resources related to e-Invoicing implementation.
Lastly, collaboration programs with various agencies such as SME Corporation, Companies Commission of Malaysia, National Entrepreneurial Corporation (PUNB), and others have been initiated for dissemination, education, and awareness on e-Invoicing. These collaborative efforts aim to reach a wider audience and ensure comprehensive support throughout the implementation process.
In addition to these efforts, communication and publicity through mass media and official IRB social media channels have been utilised to raise awareness and promote understanding of e-Invoicing among stakeholders and the public.
