MORE THAN ONE BILLION E-INVOICES ISSUED TO DATE - MOF

KUALA LUMPUR, March 2 (Bernama) --  Since the implementation of e-invoicing began on Aug 1, 2024, a total of 204,928 traders have submitted e-invoices, involving the issuance of more than one billion e-invoices overall to date, according to the Ministry of Finance (MOF).

The ministry said the performance indicated a positive level of acceptance of the e-invoicing implementation among traders, including small and medium enterprises (SMEs).

Based on data obtained from Phase 1 and Phase 2 of the e-invoicing implementation, a total of 17,188 taxpayers identified as non-compliant in submitting their income tax return forms have voluntarily come forward to submit the forms, involving income from previous years amounting to RM1.4 billion, which contributed to an additional RM290 million in tax revenue.

The ministry said this in a written reply in the Dewan Rakyat in response to a question from Richard Rapu @ Aman Anak Begri (GPS Betong). He had asked about the latest projections on the impact of e-ion tax collection efficiency and fiscal governance, as well as the fiscal justification for raising the exemption threshold to RM1 million starting in 2026.

Meanwhile, the MOF said that a post-implementation study on e-invoicing has not yet been conducted, as the initiative is still at an early stage and in a transition period. It added that the effectiveness and achievements of the e-Invoicing initiative can only be determined once it is fully implemented by all involved traders.

-- BERNAMA