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Malaysia: Updated Guidelines on 2024 E-Invoicing Requirements

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The Malaysian Inland Revenue Board released updated guidelines, regarding the country’s upcoming e-invoicing requirements. These updates include detailed information on the phased implementation of mandatory e-invoicing, applicable to various categories of taxpayers.

 

Key points from the guidelines are as follows:

  • Starting August 1, 2024, e-invoicing is mandatory for taxpayers with an annual turnover exceeding 100 million Malaysian ringgits (approximately US$23.3 million).
  • January 1, 2025: The e-invoicing requirement will apply to taxpayers with turnover between 25 million ringgits (approximately US$5.8 million) and 100 million ringgits.
  • July 1, 2025: All other taxpayers will be required to implement e-invoicing.

 

The guidelines also provide updated information on exemptions for certain taxpayers from the mandatory e-invoicing system.

These updates also include examples and frequently asked questions to help taxpayers navigate the new

 

 

 

 

Source: The Malaysian Inland Revenue

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VAT/GST rates 2024 in Asia

Country Standard VAT/GST Rate Reduced Rates
Armenia The standard VAT rate is 20%.
Azerbaijan The standard VAT rate is 18%.
Bahrain From January 1, 2022, the standard VAT rate is 10%.
Bangladesh The standard VAT rate is 15%. 10%, 7.5%, 5%, 2,4%, 2%
Brunei There is no VAT in Brunei.
China The standard VAT rate is 13%, 9%, 6% Reduced rates of 5%, 2%, 3%, 1.5% and 0.5%.
UAE VAT is charged at 5% in the United Arab Emirates (UAE)
Georgia The standard VAT rate is 18%
Hong Kong There is no VAT or sales tax in Hong Kong.
India The primary rates of Indian GST are 0.25%, 1.5%, 3%, 5%, 12%, 18% and 28%
Indonesia The standard VAT rate is 11%
Iraq There is no VAT in Iraq. (The standard sales tax ranges from 10% to 300% on alcohol & tobacco)
Israel The standard VAT rate is 17%
Japan The standard (Consumption Tax) rate is 10% 8%
Kazakhstan The standard rate of VAT is 12%
South Korea The standard VAT rate is 10%
Kuwait There is no VAT in Kuwait
Laos The standard VAT rate is 10%
Lebanon The standard VAT rate is 11%
Malaysia On September 1, 2018, the Government of Malaysia replaced the Goods and Services Tax (GST) with a 10% Sales Tax (The standard rate of service tax is 8%) 5% (Sales Tax), 6%
Oman the standard VAT rate in Oman is 5%
Pakistan Pakistan does not have VAT. The standard sales tax rate is 18% Pakistan has a large number of reduced sales tax rates, including 1%, 2%, 5%, 10% and 12% (among others).
Philippines The standard VAT rate is 12%
Qatar There is no VAT in Qatar
Russia The standard VAT rate is 20% 10%
Saudi Arabia VAT is charged at 15%
Singapore The standard Goods and Services Tax (GST) rate is 9%
Sri Lanka The standard VAT rate is 18%
Taiwan The standard VAT rate is 5%
Tajikistan The standard VAT rate is 14% 10%, 7%, 5%
Thailand The standard VAT rate is 7% (Reduced from the standard 10% until 30 September 2024)
Turkey The standard VAT rate is 20% 10%, 1%
Uzbekistan The standard VAT rate is 12%
Vietnam The standard VAT rate is 8% Reduced VAT rate is 5%
*These rates are only indicative. Please use at your own discretion. Last update: 26/08/2024

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