KUALA LUMPUR, Nov 30 ― The Inland Revenue Board of Malaysia (IRB) will conduct continuous engagement sessions with various parties to obtain industry feedback to ensure that the e-invoicing implementation considers every requirement.
Deputy Finance Minister II Steven Sim said the IRB has also prepared general and specific guidelines for businesses to consult in order to make changes or upgrades involving human resources, business processes and systems as a whole.
“If further clarification is needed to ensure the implementation follows the set timeline, taxpayers can contact the IRB for advice and assistance,” he said in the Dewan Negara.
He was responding to a question from Senator Tan Sri Low Kian Chuan, who wanted to know if the IRB would establish a one-stop centre to deal with potential technical problems during the transition to the e-invoicing system and if the government would provide incentives to facilitate the transition.
Sim said the IRB has provided several platforms to help taxpayers, namely the e-invoicing microsite, helpdesk e-mail at [email protected], a test environment via the application programming interface mechanism, and a pilot programme with stakeholders.
Regarding incentives to facilitate the e-invoicing transition, he said that based on the Budget 2024 announcement, the government would provide several incentives for digitalisation and e-invoicing implementation to the taxpayers.
He said the government had allocated RM100 million to provide digitalisation grants of up to RM5,000 for micro, small and medium enterprises (MSME) to upgrade sales, inventory and digital accounting systems.
Additionally, Sim said the government would trim the capital allowance claim period for the purchase and installation of information communication technology equipment, as well as computer software packages and consultation, license acquisition and ancillary fees related to computer software development to three years from four years, starting from the 2024 assessment year.
“Tax deductions for expenses related to environmental, social and governance items are limited to RM50,000 per year of assessment for consultancy cost expenses made by MSME companies to implement e-invoicing with effect from 2024 to 2027 assessment years,” he added.
Under Budget 2024, the government will enforce mandatory e-invoicing for taxpayers with annual income or sales exceeding RM100 million from Aug 1, 2024, while for taxpayers in other income categories, it will be done in phases with comprehensive implementation from July 1, 2025. ― Bernama
