Malaysia

Type of Compliance: Post Audit, transitioning to Clearance
Document Storage Requirement: 7 years

Malaysia is implementing a CTC (continuous transaction control) clearance model via the government platform MyInvois starting in August 2024 for large taxpayers. The Inland Revenue Board of Malaysia (IRBM) has selected 50 companies to participate in the pilot set to start in May 2024, with the program open to any company interested in voluntary participation, and with all taxpayers expected to use the platform and e-invoices by July 2025. A valid e-invoice in Malaysia shall contain 53 mandatory fields and a QR code that will be embedded by the supplier.