Businesses in Malaysia are grappling with the complexities of self-billed e-invoices as the deadline for full e-invoicing compliance nears. They are calling for an extension on the relaxation period to allow for better understanding and implementation of this new requirement.
As the deadline for full e-invoicing compliance in Malaysia approaches, businesses are raising concerns about the complexities of self-billed e-invoices. These invoices, required for transactions with foreign sellers and non-invoicing local parties, are posing significant challenges for many companies.
Datuk Koong Lin Loong, treasurer-general of the Associated Chinese Chambers of Commerce and Industry of Malaysia, highlighted that many businesses are struggling to understand the process of issuing self-billed invoices. He explained that the requirement to issue invoices when buying goods, rather than just when selling, creates confusion and increases the risk of errors that could lead to non-compliance and penalties.Koong emphasized that the practice of issuing self-billed invoices is not common in many other countries, making it particularly burdensome for Malaysian businesses. He called on the Inland Revenue Board (LHDN) to extend the relaxation period by an additional six months specifically for self-billed e-invoices, stating that businesses need more time to adapt to this complex process. The current relaxation period allows companies with an annual turnover of over RM100 million to issue consolidated e-invoices monthly. While larger firms with robust IT systems and personnel are better equipped to handle the transition, Koong argued that the intricacies of self-billed invoicing present a major obstacle for smaller businesses. He expressed concern that these businesses, particularly SMEs, will face even greater difficulties once their compliance phase begins. Nivas Ragavan, vice-chairman of the Federation of Malaysian Business Associations, echoed these concerns, emphasizing the need for continued support from authorities to ensure a smooth transition to the new e-invoicing system. He stressed the importance of flexibility in implementation timelines for specific industries that might require more time to adapt
E-Invoicing Malaysia Businesses Self-Billed Invoices Compliance Deadline Extension Challenges LHDN
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