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IRB urges businesses to adopt e-Invoicing ahead of deadline
IRB urges businesses to adopt e-Invoicing ahead of deadline

New Straits Times

time2 days ago

  • Business
  • New Straits Times

IRB urges businesses to adopt e-Invoicing ahead of deadline

KUALA LUMPUR: Businesses ready to adopt the e-Invoice system are encouraged to begin the transition immediately, even if their mandatory implementation phase has not yet started. Inland Revenue Board (IRB) chief executive officer Datuk Dr Abu Tariq Jamaluddin said the agency welcomes early adoption from businesses, stressing that there is no need to wait for the official rollout timeline. "We encourage all traders who are ready to participate in the e-Invoice system to do so. They are actually welcome to join without waiting for the designated timeline," he told reporters after visiting Media Prima News and Current Affairs Division facilities in Balai Berita, Jalan Riong, Bangsar today. IRB on last Thursday said that the implementation phase for e-invoices for taxpayers with annual income or sales exceeding RM1 million but not exceeding RM5 million has been postponed to Jan 1, 2026. Meanwhile, the implementation phase for taxpayers with annual income or sales up to RM1 million has been postponed to July 1, 2026 Taxpayers with an annual income or sales below RM500,000 are exempted from the implementation of the e-Invoice system. The board said the decision was made after the government acknowledged the efforts of taxpayers, particularly micro, small and medium enterprises (MSMEs), to comply with e-invoicing legal requirements, which demand sufficient preparation time and pose numerous implementation challenges. E-invoicing has been implemented in phases since last year, with the first phase starting on August 1 for businesses with annual revenue over RM100 million. The second phase began on January 1 this year, extending the requirement to businesses with annual revenue between RM25 million and RM100 million. Abu Tariq said both phases have received a positive response, with more than 300 million e-invoices successfully submitted to date. He added that although there is no specific revenue target for the initiative, improved record-keeping is expected to lead to an overall increase in tax collection over time. "Our aim is not only to improve tax compliance but also to help businesses maintain more accurate and organised records. This will support better reporting and ultimately contribute to more effective tax administration. "We don't have a specific target for this initiative but we expect that with better record-keeping, tax collection should also continue to increase," he added.

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