Malaysia

Type of Compliance: Clearance
Document Storage Requirement: 7 years

Malaysia implemented a CTC (continuous transaction control) clearance model via the government platform MyInvois which started in August 1st 2024 for large taxpayers.  The Inland Revenue Board of Malaysia (IRBM) also introduced a 6-months transition period in August 1st 2024 and starting January 1st 2025 businesses with an annual turnover between RM25 million and RM100 million become subject to the e-invoicing mandate, with all business taxpayers expected to use e-invoices and use a system that connects to MyInvois for clearance by July 1st 2025. A valid e-invoice in Malaysia shall contain 53  mandatory fields and a QR code that will be embedded by the supplier. Businesses using Tradeshift are fully compliant with the clearance mandate in Malaysia. The mandate is currently in phase 2 which commenced on January 1, 2025, with phase 3 postponed for January 1, 2026. The Tradeshift solution for e-invoicing compliance includes both inbound (receiving e-invoicing) and outbound (sending e-invoices) flows for all the document types required in Malaysia: invoices, credit notes, debit notes, refund notes, self-billed invoices, as well as the functionality for the 72h cancellation period. Tradeshift is available in 26 languages, including Malaysian, to ensure a seamless and localized user experience.