To improve the efficiency of Malaysia’s tax administration, the Inland Revenue Board of Malaysia (IRBM) is set to implement the e-Invoice initiative in stages – in support of the growth of the digital economy and in line with the 12th Malaysia Plan. The IRBM e-Invoice is among the government’s initiatives to improve efficiency, transparency and, tax and finance management control.
An e-invoice is a digital representation of transactions between seller and buyer, to replace the use of paper for electronic documents in PDF, JPEG or doc formats. It contains the same essential information as traditional documents which includes buyer’s details, item description, quantity, taxes, price excluding taxes, and total amounts that record transaction data for daily business operations.Since 2001, e-invoice has been introduced in several countries including Chile, Brazil, Mexico, Denmark, Italy, France, Saudi Arabia, Egypt, South Korea, Singapore and China, to name a fe