KUALA LUMPUR: The Inland Revenue Board (IRB) is urging the public to come forward voluntarily and declare any income that has not been reported before, whether individual, business, or additional.
Dr Rasyidah Che Rosli, Director of the Policy Operations Section at IRB, emphasized that the ongoing Special Voluntary Disclosure Programme (SVDP) 2.0 for the Year of Assessment 2022 and previous years of assessment still provides this opportunity.
She assured that those who voluntarily disclose their unreported income during the SVDP 2.0 period, running from June 6, 2023, to May 31, 2024, will not face legal penalties or audit examinations.
Dr Rosli stressed, “Don’t hesitate to declare your income because this is the last chance for the public to avoid legal actions.”
She also highlighted the upcoming implementation of the electronic invoicing (e-invoicing) system, which will begin on August 1, 2024, for taxpayers with annual income or sales exceeding RM100 million.
According to Prime Minister Datuk Seri Anwar Ibrahim, the e-invoicing system will be fully implemented for all taxpayers by July 1, 2025, as announced in the 2023 and 2024 national budgets.
The shift to e-invoicing aims to enhance the efficiency of tax administration, supporting the digital economic growth of the country.
Furthermore, the implementation aligns with the 12th Malaysia Plan (12MP) strategies to strengthen digital service infrastructure and tax administration digitalisation.
Dr Rosli explained that the transition from manual to electronic invoices will benefit taxpayers by improving digital capabilities and reducing record-keeping errors.
The system will streamline tax returns processing, and the IRB will develop two platforms for sending e-invoices to ensure real-time data verification.
In addition, the e-invoicing system will help individual taxpayers store receipts and related documents digitally, simplifying the process of e-filing without the need for physical receipts.
The second phase of e-invoicing implementation is set to begin on January 1, 2025, targeting taxpayers with annual income or sales between RM25 million and RM100 million, before being extended to all taxpayers on July 1, 2025. – Bernama
