KUALA LUMPUR: The Inland Revenue Board (LHDN) is calling on the public to take the opportunity to voluntarily come forward and declare their individual, business or additional income that has not been reported before.
Its Policy Operations Section Dr Rasyidah director Che Rosli said the opportunity is still available under the ongoing Special Voluntary Disclosure Programme (SVDP) 2.0 for the Year of Assessment 2022 and preceding years of assessment.
She said those who voluntarily come forward during the SVDP 2.0 period, from June 6, 2023, to May 31, 2024, will not face any legal actions such as penalties and audit examinations.
"Don’t hesitate to declare your income because this is the last chance for the public to be spared from any legal actions.
"The government is also actively implementing the electronic invoicing or e-invoicing system, starting with the first phase for taxpayers with annual income or sales exceeding RM100mil and above, from Aug 1, 2024. So, this is the best time for taxpayers to settle their tax matters before we start implementing the e-invoicing,” she told Bernama after appearing on Bernama TV’s ‘Apa Khabar Malaysia’ programme on Wednesday (Dec 27).
In the 2023 and 2024 national budgets, Prime Minister Datuk Seri Anwar Ibrahim announced that the implementation of the e-invoicing system would involve all taxpayers and full implementation would commence on July 1, 2025.
The implementation of the e-invoicing system aims to enhance the efficiency of the country's tax administration in supporting digital economic growth.
It is also in line with the strategies of the 12th Malaysia Plan (12MP), where the focus is on strengthening digital service infrastructure and tax administration digitalisation.
Rashidah said that the shift from manually issued invoices to electronic invoices (e-invoicing) would bring many benefits to taxpayers, including enhancing the digital capabilities of businesses by reducing errors in record-keeping.
It can also assist in the submission of tax returns as all information can be streamlined through e-invoicing, she said.
"IRB will develop two platforms or mechanisms for sending e-invoices, with the first being the MyInvois portal that can be accessed for free by all taxpayers, and the second, the Application Programming Interface (API), where data can be sent in real-time for business-to-business (B2B), business-to-consumer (B2C), and business-to-government (B2G) transactions.
"At the same time, IRB will verify the data submitted in real time. So, there is no business interruption for businesses to operate as usual,” she said.
For individual taxpayers, Rasyidah said that the e-invoicing system would help in storing records such as receipts and related documents digitally.
"For example, if you purchase a laptop and receive an e-invoice, the IRB can populate that purchase date in your tax statement form.
"So, when you do e-filing, the IRB already knows about the allowable expenses for tax relief (such as the stated laptop) because it will be recorded, and taxpayers no longer need to worry about keeping physical receipts,” she explained.
Rasyidah said that the second phase of e-invoicing implementation would begin on Jan 1, 2025, targeting taxpayers with annual income or sales between RM25mil and RM100mil, and subsequently, it would be implemented for all taxpayers on July 1, 2025. - Bernama
