Adopting PEPPOL for mandatory e-invoicing
As stated in the 2023 Pre-Budget statement, the Malaysian Ministry of Finance confirmed to implement e-invoicing as a means of increasing tax revenues and enhancing tax administration. Recently, the Malaysian Digital Economy Corporation (MDEC) and Malaysian Inland Revenue Board (HASiL) signed a Memorandum of Understanding (MoU) as a sign of strategic collaboration for the implementation of the National eInvoice Initiative. The National e-Invoicing Initiative will adopt the PEPPOL framework as its e-invoicing structure. It is anticipated that a "Continuous Transaction Control (CTC)" model will also be introduced following e-invoicing adoption to enable real-time tax control. A tentative timeline has been set for Q3 2023, but this is yet to be confirmed.