Over 24,000 Taxpayers In Malaysia Have Used e-Invoicing System
TELUK INTAN, Feb 18 (Bernama) -- A total of 24,700 taxpayers have used the e-invoicing system, with about 173 million e-invoices having been issued as of Feb 13.
Deputy Finance Minister Lim Hui Ying said more than 11,600 Phase 2 taxpayers have used the system, while Phase 3, which is scheduled to start on July 1, 2025, has recorded 7,700 early voluntary participants as of Feb 13.
“The government is confident that this system is effective in reducing tax leakage to an optimum level for the good of the nation,” she said in her speech during the opening ceremony of Menara Hasil LHDN (Inland Revenue Board) in Teluk Intan today, which was officiated by the Sultan of Perak, Sultan Nazrin Shah.
Also in attendance were Perak Menteri Besar Datuk Seri Saarani Mohamad and LHDN chief executive officer Datuk Dr Abu Tariq Jamaluddin.
Lim said the Finance Ministry, under the MADANI Government, is always at the forefront of efforts to prosper the economy and protect the nation's well-being, especially through fiscal policy implementation and an efficient and sustainable tax governance system.
According to her, the shadow economy has long been identified as one of the major contributors to tax revenue leakage every year.
“It is estimated that the size of the shadow economy in Malaysia is around 21 per cent of the country's gross domestic product.
“One of the efforts to combat this shadow economy virus, which has spread across the country in various industries, is the introduction of the e-invoice, which was announced by the government in the 2023 Pre-Budget Statement on June 3, 2022, and has been rolled out in phases starting from Aug 1, 2024,” she said.
An e-invoice is a digital representation of a transaction between the supplier and buyer, including existing information such as item description, quantity, price, total amount due, and tax.
All taxpayers undertaking commercial activities in Malaysia are required to issue e-invoices, with different implementation phases depending on annual turnover or revenue threshold.
-- BERNAMA