Malaysia Phases Out Revenue Stamps and Franking Machines by 1st January 2023
The Inland Revenue Board of Malaysia (IRB) has announced that the use of revenue stamps and franking machines will be discontinued starting January 1 next year. This decision is part of the board’s ongoing efforts to modernize and streamline its operations.
Revenue stamps and franking machines have been used for decades in Malaysia to validate official documents. However, with the rise of digital technology and the need for more efficient processes, the IRB has decided to phase them out.
The IRB has assured the public that alternative methods for validating documents will be introduced. These new methods are expected to be more efficient and user-friendly, aligning with the board’s goal of simplifying tax-related processes for Malaysians.
Businesses and individuals who still possess unused revenue stamps are advised to use them before the end of this year. After January 1, these stamps will no longer be valid for official purposes.
For any unused Revenue Stamp, no refund claim is allowed or replaced with cash.
The IRB’s decision is in line with global trends, as many countries are moving towards digital solutions for tax and revenue-related matters. This move is expected to benefit both the government and the public by reducing administrative burdens and ensuring faster processing times.
You can apply for stamping and pay the stamp duty online via the STAMPS portal. Simply visit https://stamps.hasil.gov.my and avoid the need to visit the stamp duty counter, as mentioned in the official statement.