MOF: 7,900 COMPANIES USE E-INVOICES, 87 MILLION ISSUED AS OF NOV 19

KUALA LUMPUR, Nov 20 (Bernama) –  A total of 7,900 companies have used the e-invoicing system and 87 million e-invoices have been issued as of Nov 19, said Deputy Finance Minister Lim Hui Ying.

She explained that the issuance of this e-invoice involves tax-paying companies in the first phase, as well as voluntary participation by companies categorised in phase two and phase three.

Answering a question in parliament from Radzi Jidin (PN - Putrajaya) regarding the impact of the implementation of the e-invoicing system by the Inland Revenue Board (LHDN) on the micro, small and medium enterprises (MSMEs) sector, Lim said based on a study carried out by the ministry, the costs incurred for the use of the e-invoice system is between RM3,000 and RM30,000.

"(It is different) for companies categorised in phase one and phase two, where the cost involved is higher due to the size and complexity (of the company)," he said during an oral question and answer session in the Dewan Rakyat today.

Earlier, Radzi said a total of RM200,000 was required for traders to use the e-invoice system and RM50,000 was required for the system's maintenance costs.

Answering an additional question regarding the implementation period of the e-invoicing system, Lim said the government gave a transition period of six months to give flexibility to companies to issue consolidated e-invoices, as well as e-invoices that combine all transactions every month. "During this transition period, penalties will not be imposed on companies that issue at least a consolidated e-invoice," she said.

-- BERNAMA