The Inland Revenue Board of Malaysia (IRBM) recently updated its Software Development Kit (SDK) and guidelines for e-Invoicing on 6 April 2024.

With important deadlines approaching for businesses of different sizes, it’s crucial for taxpayers to understand these changes and how they affect their operations.

Here’s a simple breakdown of the updates:

Self-billed e-Invoice for Imports: Businesses need to create a self-billed e-Invoice for importing goods and services, with over a month to do so after receiving Customs import declaration.

FOREX Clarification: The updates specify how to handle foreign exchange rates in transactions.

Non-monetary Transactions: Now, non-monetary transactions like incentive trips or gift vouchers must also be invoiced electronically.

Credit Notes for Multiple e-Invoices: It’s confirmed that a credit note can adjust the value of several e-Invoices without character limits.

Consolidated e-Invoices for Individuals: Businesses can issue consolidated e-Invoices for payments to individuals unless they act as agents or distributors, where transaction-specific e-Invoices are needed.

Interest Payments: The guidelines detail when and who should issue e-Invoices for interest payments to improve tax compliance.

Flexibility in e-Invoice Statements: Adjustments and rebates can now be included in e-Invoice statements.

Size Limitations: There are new limits on the size and number of e-Invoices that can be submitted to the IRBM.

Digital Signature: Businesses can use a service provider’s digital signature for e-Invoice submission to the IRBM.

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