malaysiang
7,400 Companies Using E-invoice System; 58 Mln E-invoices Issued As At Oct 14 — MoF
23/10/2024 09:32 AM
KUALA LUMPUR, A total of 7,400 companies have adopted the e-invoice system, with 58 million e-invoices issued as of Oct 14, 2024, according to the Ministry of Finance (MoF).
This reflects the positive reception among companies in complying with the implementation of e-invoicing, the ministry said.
The first phase of the e-invoice rollout began on Aug 1, 2024, targeting large companies with annual sales exceeding RM100 million, while the second phase will commence on Jan 1, 2025, involving companies with annual revenues of between RM25 million and RM100 million.
‘The full implementation will begin on July 1, 2025, involving all businesses, including micro, small, and medium enterprises (MSMEs),’ the ministry said in a written reply published on Parliament’s website yesterday.
The MOF said this in reply to a question from Azli Yusof (PH-Shah Alam), who inquired about the policy and status of e-invoicin
g, its benefits and challenges encountered, and how it can enhance the efficiency of the tax system and address the shadow economy.
It said the system helps by curbing tax leakages and tackling the shadow economy, while real-time data minimises the chances for businesses to underreport sales or inflate their expenses.
‘A unique identification number will be assigned to each verified e-invoice, allowing the Inland Revenue Board of Malaysia (IRB) to track transactions during audits, ensuring no alterations, fraud, or forgery of the e-invoice.
‘This step improves overall tax collection efficiency and compliance, helping the government tackle issues related to the shadow economy,’ the ministry added.
The MoF noted that one of the challenges faced by sellers during the initial phase of e-invoicing was the difficulty in obtaining buyers’ Tax Identification Numbers (TIN) for the issuance of e-invoices.
‘To ease the process of obtaining the buyer’s TIN, the IRB is developing a platform to check TIN numbers,’ it
said, adding that accessing the MyInvois portal was also another challenge faced by users.
However, the IRB has improved communication through various mediums, including user guides and educational videos for taxpayers.
Moreover, to ensure smooth e-invoice management, the IRB has introduced the batch upload function, and the details are available on the user guidelines on the MyInvois portal.
Source: BERNAMA News Agency
