THE Inland Revenue Board (LHDN) is targeting 4,000 businesses for the first stage of “e-invoice” implementation slated to commence in June 2024.
Tabled during the previous Budget 2023, the “e-invoice” is an aspiration toward a digital Malaysia, strengthening the digital tax service administration and collection.
LHDN CEO Datuk Mohd Nizom Sairi said “e-invoice” will ensure a seamless business infrastructure, and increase compliance and transparency in taxing and business productivity.
The implementation will be done in stages from June 2024, with the first being made mandatory for businesses with a yearly turnover of over RM100 million.
Subsequently, 2025 will be mandatory for businesses with turnover of more than RM50 million; 2026 for businesses with over RM25 million turnover and 2027 is targeted to be mandatory for all businesses.
LHDN will oversee this implementation with the Malaysian Digital Economy Corp (MDEC) to ensure an effective rollout.
