The Inland Revenue Department (IRD) says the revised Value Added Tax (VAT) invoice format will become mandatory from October 01, 2026.
The department has also issued an Extraordinary Gazette notification pertaining to the implementation of the revised invoice format.
The new invoice format was initially scheduled to be introduced from July 01, 2026.
However, the implementation was postponed to provide businesses and taxpayers with a grace period to prepare their systems.
The revised invoice format was introduced on March 27 with the aim of streamlining the digital tax collection process and enhancing transparency within the tax system.
The Inland Revenue Department said businesses had requested additional time to update their accounting and billing software systems to comply with the new requirements.
Considering these requests, businesses have been instructed to ensure that their accounting and invoicing systems are updated in accordance with the specified requirements before the new format becomes mandatory on October 01, 2026.
The department further stated that the new system aims to prevent the use of fraudulent invoices, enable timely monitoring of transactions, and minimize tax leakage.
