KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) believes that the implementation of electronic invoicing (e-invoice), scheduled to begin next month, will not impact the overall vehicle sales for this year.
Its Minister, Tengku Datuk Seri Zafrul Abdul Aziz said the e-invoice system will only apply to companies with annual revenue or sales exceeding RM100 million and is expected not to affect small vehicle sales companies.
"I have discussed with the Malaysia Automotive Robotics and IoT Institute (MARii) and we believe there will be no impact from implementing e-invoicing.
"However, there may be concerns among smaller companies because it will involve systems they need to have,” he told the media after launching the Halal Accreditation and Technology Improvement (HATI) initiative here today.
Tengku Zafrul said the Inland Revenue Board and the Ministry of Finance have informed that the initial implementation of e-invoice will only involve companies with revenue exceeding RM100 million.
"In theory, there should be no effect because car sellers... their companies are not that large.
"However, we know there are concerns because some offer full financing for car purchases, so with e-invoice, it makes transactions more transparent, and this practice (full financing) can no longer be done,” he added.
The minister said this in response to recent media reports stating that vehicle sales are expected to experience a decrease in demand in August due to the elimination of full financing for purchases following the implementation of e-invoice.
The government previously announced that 4,000 companies with incomes of more than RM100 million are targeted to be the first group involved in the implementation of e-invoice starting August 1, 2024.
Companies with annual revenue or sales exceeding RM25 million and up to RM100 million will start using e-invoice on Jan 1, 2025.
Full enforcement of the e-invoice system will be implemented on July 1, 2025. - Bernama
