Make The Switch From Physical To e-invoicing With UOB SmartBusiness Make The Switch From Physical To e-invoicing With UOB SmartBusiness
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Make The Switch From Physical To e-invoicing With UOB SmartBusiness

  • Transform with Digital
  • 18 Jan 2024
  • 3 mins read

Make The Switch From Physical To e-invoicing With UOB SmartBusiness

Key Takeaways

  • The Malaysian government aims to streamline tax processes by digitising invoicing – making e-invoicing mandatory for taxpayers starting in 2024.
  • The transition will fully take place for all taxpayers by 1 July 2025.
  • Malaysian taxpayers will benefit from e-invoicing as they will no longer have to keep physical documentation for seven years.

In tabling the Budget 2024 earlier this year, the government announced that taxpayers will be required to adopt e-invoicing starting from 1 August 2024. The move is aimed at helping companies with record-keeping processes and help reduce tax compliance costs. With this, taxpayers will no longer need to keep physical copies of their receipts, invoices, and vouchers for seven years – as is currently required.

Read on to find out how companies can make the switch:

Make the switch from physical to e-invoicing with UOB How can I make the switch Let UOB SmartBusiness help you make the switch Subscribe to UOB SmartBusiness today

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