Goreng E-invoice stocks
https://www.thestar.com.my/news/nation/2024/03/28/gradual-rollout-of-e-invoiceTHE e-invoicing system, to be rolled out gradually this year, will enable more effective detection of tax evasion, says Deputy Finance Minister Lim Hui Ying.
The Finance Ministry will monitor the implementation of the system accordingly, she said.
While she acknowledged the potential impact of the system on taxpayers, especially those with higher tax obligations, Lim assured that assistance will be prioritised for vulnerable groups in the B40 and M40 segments.
“The government will give priority to the B40 group and part of the M40 group, if affected, by providing facilities such as cash assistance to reduce their tax burden,” she told the Dewan Rakyat yesterday.
Lim was responding to a supplementary question from Parit MP Muhammad Ismi Mat Taib regarding government measures to curb potential misuse of tax declarations under existing and new tax structures.
Prime Minister Datuk Seri Anwar Ibrahim had announced that the e-invoicing system will begin in August with taxpayers who earn an annual income exceeding RM100mil, with its phased implementation across income groups to be fully realised by July 1 next year.
The Inland Revenue Board (LHDN) said tax evaders and the shadow economy can be contained with the introduction of e-invoicing as it can reduce unreported sales and false invoicing.
