Are you ready for e-Invoicing?
The accelerating global focus on e-Invoicing as a key reporting lever by tax administrators, including the Inland Revenue Board of Malaysia (IRBM) means businesses will need to step-up on their review of end-to-end tax compliance systems and take heed of the targeted IRBM system roll-out dates.
With e-Invoicing becoming a tax obligation, businesses should fastidiously prepare their e-Invoicing systems to avert penalties and organizational risks. Businesses may consider undertaking a firm-wide collaborative approach involving key stakeholders in IT, tax, and finance, selecting the right technology solutions, leveraging on data analytics and ensuring data governance.
The IRBM aims to mandate the implementation of e-Invoicing for all businesses by January 2027, with plans to roll out e-Invoicing over a few phases based on the annual turnover of entities.
The current realities of digital inclusion have spurred Tax Administrations worldwide to hasten e-Invoicing as a key lever for end-to-end tax compliance and processing. With the onset of e-Invoicing, businesses can take the opportunity to re-review IT systems and processes and align them with e-Invoicing compliance requirements
