Positive response for MyInvois, even from non-mandatory companies - Lim
Bernama
12/08/2024
Deputy Finance Minister Lim Hui Ying said many companies have already tried the system, although it's initially aimed at those with annual revenue over RM100 mln. - BERNAMA/Filepic
JOHOR BAHRU: The implementation of the MyInvois system by the Inland Revenue Board (IRB) starting Aug 1 has received positive feedback, including from companies not yet required to participate.
Deputy Finance Minister Lim Hui Ying said many companies have already tried using the system, even though the first phase of its implementation targets only those with annual revenue or sales exceeding RM100 million.
"We frequently receive inquiries from small traders, especially those in the third category, about the system's full implementation involving all taxpayers in July 2025. They are concerned about how to issue e-invoices.
"Although Finance Minister II Datuk Seri Amir Hamzah Azizan has announced that small traders with annual sales below RM150,000 are not required to issue e-invoices, we have observed that many companies not yet in the mandatory category are already using the MyInvois Portal," she told reporters after officiating the MADANI Tour on e-invoicing, Budi MADANI and the Subsidised Diesel Control System 2.0 here yesterday.
She was asked to comment on the level of awareness and feedback following the system's rollout.
In this regard, Lim urged taxpayers to familiarise themselves with the system early for greater convenience in the future.
In a statement on July 31, the IRB said that e-invoicing will be implemented in stages, with the first phase involving 5,000 companies with recorded annual revenue or sales exceeding RM100 million starting Aug 1, 2024.
The second phase will start on Jan 1, 2025, and involve companies with annual revenue or sales of between RM25 million and RM100 million, with all taxpayers to be involved effective July 1, 2025.
Last Saturday, Lim said that over 3,500 companies had submitted 3.5 million invoices through the first phase of MyInvois implementation.
-- BERNAMA
