The Government of Malaysia is introducing a mandatory e-invoicing system through the Inland Revenue Board (IRBM), effective in phases based on company revenue: for companies with annual turnover over RM 100 million August 1, 2024, for companies with turnover over RM 25 million January 1, 2025, and for all companies July 1, 2025. Suppliers must submit invoices via the MyInvois platform in XML or JSON format. Validated invoices will receive a Unique Identifier Number (UIN) and a QR code. A six-month grace period allows businesses to issue consolidated e-invoices monthly instead of individual ones. Exemptions apply to public sector entities and companies with annual revenue below RM 150,000 (~€30K). All invoices must be archived for seven years.
Read more
Countrywide E-invoicing mandate in Malaysia
Other countries
Author: Ivana Picajkić
Category:
Fiscal subject related
General information
Views:
14
Content accuracy validation date:
20.11.2024
Content accuracy validation time:
07:57h
Other news from Other countries
New document was uploaded: Recorded webinar: E-invoicing for Global Retailers
Public
All countries
Author: Kristina Dosen
If you are struggling with complex e-invoicing implementations across multiple countries, and if you are concerned about mounting costs, potential delays, or compliance risks, our webinar will help you to learn how global retailers can streamline e-invoicing efficiently! With countries worldwide mandating e-invoicing, international retailers face unique challenges adapting to new regulations acros... Read more
Resolving VAT discrepancies: Leveraging South Africa’s Voluntary Disclosure Program
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
The Voluntary Disclosure Program (VDP) allows taxpayers to correct VAT errors by voluntarily reporting them, which can help reduce penalties from SARS or prevent legal action if SARS discovers the mistake independently. Applicants must meet several criteria, and if approved, SARS will issue a written agreement detailing the relief granted and any outstanding liabilities. The VDP agreement is legal... Read more
South Africa: Exemptions from Tax Invoice Requirements under Sections 20(7) and 21(5) of Ruling 27
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
On 30 September 2024, SARS passed the Binding General Ruling (VAT) 27 (Issue 2). It outlines a binding general ruling regarding the Value-Added Tax (VAT) Act, specifically addressing when vendors are not required to issue tax invoices, credit notes, or debit notes. The VAT Act outlines specific requirements for tax invoices, credit notes, and debit notes. However, the Commissioner can approve exce... Read more
The Minister of Finance in South Africa intends to introduce the Tax Administration Law Amendment Bill, 2024, in the National Assembly in the near future
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
The Minister of Finance plans to introduce the Tax Administration Law Amendment Bill, 2024, in the National Assembly soon. This Bill aims to amend several key acts, including the Value-Added Tax Act, 1991. The Bill aims to amend several key acts including the Value-Added Tax Act, 1991. The proposed amendments to the Value-Added Tax Act, 1991, include: Extended Time for VAT Accounting: The perio... Read more
South Africa’s National Treasury is taking steps to enforce the legislative changes regarding the VAT treatment od Electronic Services Providers
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
South Africa's National Treasury is set to implement legislative changes regarding the VAT treatment of Electronic Services Providers, as announced in the 2024 Budget Speech. A consultation on a reverse charge mechanism for B2B digital services provided by non-residents took place on August 31, 2024, and this new system will come into effect on April 1, 2025. South Africa’s National Treasury... Read more
Apple's Tap to Pay software, which allows sellers to accept cashless transactions without a payment terminal, has just arrived in the Czech Republic
Public
Author: Ivana Picajkić
Tech company Apple has significantly simplified payment processes for small businesses and consumers across the country by making its Tap to Pay service available in several European nations, including Czechia. Launched in 2022, Tap to Pay now complements the Czech Cvak service as a modern solution for cashless transactions that does not require a traditional payment terminal. With Tap to Pay, iPh... Read more
Hong Kong Reduces Interest on Tax Reserve Certificates
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
The Hong Kong Inland Revenue Department has announced a reduction in the annual interest rate on Tax Reserve Certificates from 0.8000% to 0.7167%, effective November 4, 2024. These certificates earn simple interest calculated monthly from the purchase date until tax payment, with interest credited only when the certificates are used for tax payments. The new rate applies to certificates purchased... Read more