IRB to use e-invoice to streamline new tax system from June 2024
MOHAMAD AMREEL IMAN ABD MALEK
SHAH ALAM – The Malaysia Inland Revenue Board (IRB) has announced that it will use e-invoices from June 2024 onwards as part of preparations for the new tax system.
IRB CEO Datuk Dr Mohd Nizom Sairi said he implementation of e-invoices aims to streamline and enhance the country's tax system, leading to more accurate risk assessment.
He further said that the move will indirectly contribute to increased compliance among voluntary taxpayers.
“It provides many benefits to taxpayers in terms of improving the efficiency of business operations, simplifying record keeping and reducing tax compliance costs.
“The e-invoice would create business transactions that are more transparent and help the government in overcoming the shadow economy,” he said in a statement on Monday.
Nizom said the e-invoice initiative was in line with rapid development in digital revolution with today’s business model that requires a simplified method of exchanging information and business transactions domestically and globally.
To ensure the efficiency of the national taxation administration management was in line with current technological developments, he said the government through Budget 2023 had introduced e-invoice system.
