KUALA LUMPUR: Some 58 million e-invoices have been issued since the system’s rollout on Aug 1 this year, the Finance Ministry reports.
“A total of 7,400 companies have adopted the e-invoice system with 58 million e-invoices issued as of Oct 14 2024.
“This shows the good level of acceptance among companies in complying with e-invoicing following its implementation,” the ministry said in a written reply to Azil Yusof (PH-Shah Alam) in Dewan Rakyat on Wednesday (Oct 23).
On Aug 1, the Inland Revenue Board (LHDN) rolled out the first phase of the e-invoice system involving companies with an annual turnover of more than RM100mil.
The second phase will start on Jan 1, 2025 involving companies with an annual turnover of between RM25mil and RM100mil.
The full implementation of the e-invoice will be on July 1 next year involving all businesses including micro, small and medium enterprises. (MSMEs).
In July, Finance Minister II Datuk Seri Amir Hamzah Azizan announced that MSMEs earning less than RM150,000 annually will not be required to issue e-invoices when the system is fully implemented next year.
Meanwhile, the ministry acknowledged that implementation of the e-invoicing ran into teething problems when it was rolled out.
Among the issues were sellers’ difficulties in obtaining buyers’ Tax Identification Numbers (TIN) for the issuance of e-invoices.
Companies also faced challenges in accessing the MyInvois portal.
However, the ministry said that steps have since been taken by LHDN to address these issues.
Among them was to set up a platform to check the TIN and provide a Software Development Kit (SDK) to allow easier validation of files.
The ministry added that LHDN has improved communication through various channels, including user guides and educational videos for taxpayers to better grasp the use of the new e-invoice system.
The use of the e-invoice system will help curb tax leakages while addressing issues such as the shadow economy, said the ministry.
