Type of Compliance: Post Audit, moving to clearance
Document Storage Requirement: 7 years

Malaysia’s Ministry of Finance reconfirmed plans in their 2023 Budget on 7th October 2022 to adopt a clearance model. The Inland Revenue Board of Malaysia has presented its preliminary plans for introducing a pre-clearance model from June 2024 which will be phased in depending on turnover. The proposed controls require suppliers to record domestic transactions before issuing them to customers. Invoices are to include a clearing reference number and QR Code on invoices.

Learn more about Tradeshift’s B2b E Procurement Marketplace

#shifthappens