JOHOR BAHRU: The government is prepared to review the implementation of the e-Invoice system by the Inland Revenue Board (IRB) to ensure it does not place an undue burden on small companies, says Prime Minister Datuk Seri Anwar Ibrahim.
"We will look into it because e-Invoicing is very important to prevent leakages and revenue loss
"But for small companies, it can be quite burdensome. So, God willing, we will make improvements so that it does not become a burden,” he said when winding up his policy speech at the PKR 2024/2025 National Congress, which concludes on Saturday (May 24).
The e-invoicing initiative began in August 2024 for companies with an annual turnover or revenue of more than RM100 million. The second phase started on Jan 1 this year for businesses with annual sales of between RM25mil and RM100mil.
The third phase of the full implementation of e-invoicing will begin on July 1, involving all types of businesses, including micro, small and medium enterprises (MSMEs).
Anwar, who is also Finance Minister, said Malaysia is among the countries that provide the highest amount of subsidies.
"For example, with the (adjustment of electricity tariffs), 85% of users are not affected, but our way of explaining it was weak and as for gas subsidies, that's valid. Some small companies and others are still facing difficulties, even though provisions are in place to cover their losses.
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