Extra time to get used to e-invoicing


PETALING JAYA: The government will give a six-month flexibility period in the implementation of the electronic invoicing regulations during the first phase that will commence on Aug 1, says the Inland Revenue Board (LHDN).

Its chief executive officer Datuk Dr Abu Tariq Jamaluddin (pic) said violators would not be penalised during this period.

“During the six months, businesses only need to submit a consolidated e-invoice for all transactions.

“This flexibility is extended to all industries and activities, allowing for the issuance of consolidated e-invoices, including self-billed e-invoices.

“If consumers request an electronic receipt, it’s not compulsory for businesses to issue an electronic invoice to them,” he said in a special e-invoicing press conference here yesterday, reported Sin Chew Daily.

The first phase of the e-invoicing implementation on Aug 1 is mandatory for companies with an annual revenue of RM100mil and above.

The second phase, beginning on Jan 1 next year, applies to companies with an annual revenue between RM25mil and RM100mil.

The third and final phase, to be effective from July 1 next year, will involve all remaining micro, small and medium enterprises, while those earning less than RM150,000 annually are not required to issue e-invoices.

Abu Tariq said consumers could still request a physical receipt.

He added that any transaction descriptions could be included in the “Product or Service Description” field.

“LHDN understands that taxpayers need ample time to get used to e-invoicing. Hence, we introduced this six-month flexibility period to ensure it runs smoothly.”

He also said the government would provide incentives for companies that successfully implement e-invoicing according to the set timeline.

Specifically, he said the capital allowance claim period would be reduced from three to two years for the purchase of equipment and computer software packages made from the assessment year 2024 to 2025.

He said this reduction in the capital allowance claim period is to encourage and reward businesses that adopt the e-invoicing system within the prescribed timeframe.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Nation

Scheduled water cuts to seven Penand Island areas Nov 28-29
Kyiv accuses Russia of launching intercontinental ballistic missile attack
Firemen rescue 40 people trapped by water surge in Kelantan
Over 40,000 illegal immigrants held as of Nov 13
Female engineer charged in court for using position to award tender
Over RM23mil in arrears owed by federal land development agencies, says Kelantan MB
Hassan Karim called up before PKR's disciplinary board over 5G network deal comments
Bus lanes in Penang lauded but some businesses cry foul
Traders acquitted of weapons possession, kidnapping charges
Not enough engagement with us on Gig Workers’ Economy Bill, says industry players

Others Also Read