The IRB has announced key concessions on e-invoicing to support taxpayers. Highlights include:

✅Consolidated E-Invoicing Allowed: All industries can issue consolidated e-invoices, even for importation of goods and services.

✅Flexible Descriptions: Any description can be used in the product/service field.

✅Grace Period: No prosecution for non-compliance from August 2024 to January 2025 if consolidated e-invoicing is adopted.

✅Incentive: Early adopters without using concessions can claim accelerated capital allowance (3 years to 2 years) for YA 2024 and 2025 on ICT equipment and software.

Stay informed and leverage these benefits for a smooth transition!

Read the full content in our blog
https://www.ktp.com.my/blog/e-invoice-grace-period-for-6-months/29july2024