Koh Teck Peng Blog

KTP & Company PLT

Trusted audit and accounting firm established in 1999, specializing in providing tailored financial services to small and medium enterprises (SMEs) across Malaysia.

(Tax Update) E-Invoicing: Grace Period for 6 Months

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Koh Teck Peng

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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

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Hello,

I’m Koh Teck Peng

Welcome to my blog, I’m the founder and principal of KTP & Company PLT. My journey in the accounting profession has been driven by a passion for numbers and a dedication to helping businesses succeed. With over 25 years of experience, I’ve had the privilege of working with a wide range of clients, from small startups to large corporations, providing them with the financial insight and strategic guidance they need to thrive.

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