KUALA LUMPUR, Oct 7 — The government is implementing two incentives to improve the efficiency of tax administration and ensure a sustainable source of revenue to finance the country’s expenditure.
At the tabling of Budget 2023 at parliament today, Minister of Finance Tengku Datuk Seri Zafrul Abdul Aziz said the Inland Revenue Board (IRB) would be implementing an e-invoice system in stages, starting from 2023, through a pilot project with selected taxpayers.
Meanwhile, he said the Tax Identification Number (TIN) has been implemented to expand the tax base.
“Beginning 2023, individual citizens and permanent residents who reach the age of 18 will be automatically given a TIN and the use of a TIN is mandatory for all instruments and documents to be stamped,” he added. — Bernama
