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Kota Kinabalu: It is time to be prepared for the roll out of Malaysia’s e-invoicing tax regime for big firms and SMEs, a tax briefing session was told.

Consultant Derek Wong explained the background for the Inland Revenue Board of Malaysia to develop the e-invoice system. 

The audience was told that this development is a watershed moment that signifies the entry into an era of digitalization and all taxpayers have to adapt and adopt the requirements of the digital electronic transaction age.

The e-invoicing initiative is supported by the use of TIN (Tax Identification Number), which was introduced in Malaysia in 2022 by the tax authority.