E-Invoicing: No one taxpayer can escape!

Following the announcement of the budget, the Malaysian Inland Revenue Authority (IRBM) released the latest version of the e-Invoicing Guidelines v2.1 on October 28, 2023. The guide details the new timeline for the implementation of electronic invoicing and marks the government's firm determination to drive the transformation of the digital economy. From August 1, 2024, taxpayers with an annual turnover or revenue exceeding MYR 100 million will be required to use electronic invoices; from January 1, 2025, this requirement will be extended to taxpayers with annual turnover or income exceeding MYR 25 million; finally, by July 1, 2025, all remaining taxpayers will be included in this policy.

For businesses with a large number of transactions, direct API integration provides a convenient way to automatically submit electronic invoices from the ERP system to LHDN, greatly improving efficiency and automation. Additionally, LHDN has launched a web-based portal that allows businesses without an ERP system to manually submit electronic invoices.

On the stock market side, there are currently three companies actively participating in the electronic invoicing business, including IFCA MSC Berhad, Autocount Dotcom Berhad, and CENSOF. The stock prices of these companies have all risen today, showing strong market vitality. These companies have been integrating in the electronic invoicing sector for some time, and the recent rise in stock prices indicates that they are expected to benefit from it and show better financial results as the electronic invoicing business progresses.

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