: The Inland Revenue Board has and is examining several proposed solutions to make it easier for micro, small and medium enterprises to carry out transactions through the e-Invoice system, said Deputy Finance Minister Lim Hui YingShe said the IRB also upgraded the features of the MyTax and MyInvois portals to ensure the implementation of e-Invoice is easier for MSMEs and also to encourage them to adopt digital payment platforms.
Lim was responding to an additional question from Senator Tan Sri Low Kian Chuan who wanted to know about the challenges faced by MSMEs to implement the e-Invoice system despite the government having provided incentives to facilitate the process. Meanwhile, she said the government will implement the use of e-Invoice in stages from August 2024 based on the threshold value of business sales revenue.
“The first phase will start in August 2024 involving large companies with annual turnover exceeding RM100 million. The second phase will start in January 2025 and involves companies with an annual turnover of RM25 million to RM100 million,” she said.
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