Blog > Marketplace News > Effective Next Month! Shopee Malaysia's New Rules Spark Heated Discussions Among Sellers
Effective Next Month! Shopee Malaysia's New Rules Spark Heated Discussions Among Sellers
Jayson 16 Jul 2024 11:45
It is reported that on July 11, a notice issued by Shopee Malaysia made many sellers anxious and heatedly discussed on social media.
The notice stated that the Malaysian Inland Revenue Board (IRBM) announced a major move that from August 1, 2024, all business transactions will be required to use electronic invoices. This move aims to promote transparency and efficiency in transactions in the B2B, B2C and B2G sectors, and achieve near real-time invoice verification and storage.
To ensure a smooth transition, sellers on Shopee Malaysia must submit the necessary information and documents to IRBM by July 31, 2024, including identity documents (such as NRIC, MyPR/Red Card, MyTentera, passport and visa) to complete the verification.
Sellers who fail to submit the above information on time will face severe measures from the Shopee platform, including but not limited to restrictions or suspension of their account functions and freezing of seller balances.
Although Shopee specifically emphasized the filling of the tax number (TIN) in the notice, due to the lack of understanding of tax issues by individual sellers and the lack of guidance in the system, some sellers have been unable to submit after filling in the information, which has triggered discussions.
In this regard, sellers who run Shopee local stores in Malaysia are reminded to pay attention and update in time to avoid losses in stores and property caused by untimely updates.
The notice stated that the Malaysian Inland Revenue Board (IRBM) announced a major move that from August 1, 2024, all business transactions will be required to use electronic invoices. This move aims to promote transparency and efficiency in transactions in the B2B, B2C and B2G sectors, and achieve near real-time invoice verification and storage.
To ensure a smooth transition, sellers on Shopee Malaysia must submit the necessary information and documents to IRBM by July 31, 2024, including identity documents (such as NRIC, MyPR/Red Card, MyTentera, passport and visa) to complete the verification.
Sellers who fail to submit the above information on time will face severe measures from the Shopee platform, including but not limited to restrictions or suspension of their account functions and freezing of seller balances.
Although Shopee specifically emphasized the filling of the tax number (TIN) in the notice, due to the lack of understanding of tax issues by individual sellers and the lack of guidance in the system, some sellers have been unable to submit after filling in the information, which has triggered discussions.
In this regard, sellers who run Shopee local stores in Malaysia are reminded to pay attention and update in time to avoid losses in stores and property caused by untimely updates.
