Latest news with #einvoice
Free Malaysia Today
18 hours ago
- Business
- Free Malaysia Today
We postponed e-invoice system to support businesses, says Hui Ying
Deputy finance minister Lim Hui Ying said the government had initially planned to implement the e-invoice system from July 1 this year for companies with annual sales of RM500,000 and above. (Bernama pic) PETALING JAYA : The government has postponed the implementation of the e-invoice system after considering the concerns of business owners, particularly the micro, small and medium-sized enterprises (MSMEs), says deputy finance minister Lim Hui Ying. She said the government hopes that companies will have more time to adapt to the e-invoice system developed by the Inland Revenue Board (LHDN) with this postponement, Bernama reported. On June 5, LHDN said in a statement that taxpayers with income or annual sales below RM500,000 would be exempted from the e-invoice system for now. For those earning between RM1 million and RM5 million, it was postponed to Jan 1, 2026. Those with income of up to RM1 million will begin using the system from July 1, 2026. 'What we initially planned (was to implement the system) effective July 1 this year for companies with annual sales of RM500,000 and above. 'However, we understand their concerns, especially MSMEs, and have revised the plan for it to be implemented under three additional phases. 'The Madani government has taken note of the concerns of the business community,' she told reporters after launching the Lebuh Cecil Public Market's smart toilets in George Town, Penang, today. She also said the third phase of the e-invoice implementation, beginning July 1 this year, will involve taxpayers with income or annual sales exceeding RM5 million and up to RM25 million. On the stamping of employment contracts, starting Jan 1, 2026, Lim said LHDN had not enforced this requirement previously. 'Therefore, LHDN and the finance ministry have considered this and decided that employment contracts before Jan 1, 2025 will be exempted. (For) contracts starting on Jan 1, 2026, stamp duty will be required,' she said. She hopes that companies will comply with all the provisions under the Stamp Act 1949, particularly those related to stamping requirements.
Malay Mail
19 hours ago
- Business
- Malay Mail
Govt pushes back e-invoice rollout after MSME concerns, says deputy minister
GEORGE TOWN, June 8 — The government has postponed the implementation of the e-invoice system after weighing the concerns of business owners, particularly the micro, small, and medium enterprises (MSMEs), said Deputy Finance Minister Lim Hui Ying. She said with this postponement, the government hopes companies will have more time to adapt to the e-invoice system developed by the Inland Revenue Board (LHDN). On June 5, LHDN said in a statement that taxpayers with income or annual sales below RM500,000 would be exempted from the e-invoice system for now. It was postponed to Jan 1, 2026 for those earning between RM1 million and RM5 million, while those with income up to RM1 million will begin on July 1, 2026. 'What we initially planned (was to implement the system) effective July 1 (2025) for companies with annual sales of RM500,000 and above. However, we understand their concerns, especially the MSMEs, and have revised it into three additional phases. 'The Madani government has taken note of the concerns of our business community,' she told reporters after officiating at the launch of Lebuh Cecil Public Market's smart toilets here today. Lim also said the third phase of the e-invoice implementation, beginning this July 1, will involve taxpayers with income or annual sales exceeding RM5 million up to RM25 million. On the stamping of employment contracts between employers and employees starting Jan 1, 2026, she said LHDN had not enforced this requirement previously. 'Therefore, LHDN and the Finance Ministry have considered this and decided that employment contracts before Jan 1, 2025, will be exempted, but contracts starting on Jan 1, 2026, will be required to pay stamp duty,' she said. She hopes companies will comply with all provisions under the Stamp Act 1949, particularly those related to stamping requirements. — Bernama
Malay Mail
3 days ago
- Business
- Malay Mail
IRB: Malaysia exempts businesses below RM500,000 from e-invoicing, delays mandate for RM1m to RM5m group to 2026
KUALA LUMPUR, June 6 — The Inland Revenue Board (LHDN) today announced 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. In a statement here, LHDN also announced that taxpayers with an annual income or sales below RM500,000 are exempted from the implementation of the e-Invoice system. 'The implementation phase for taxpayers with annual income or sales up to RM1 million has been postponed to July 1, 2026,' LHDN said. The board added that the decision was made after the government recognised the commitments of taxpayers, particularly Micro, Small, and Medium Enterprises (MSMEs), in meeting e-invoice legal requirements, which necessitate adequate preparation time and face numerous implementation challenges. The statement said that, in line with this decision, a new timeline for the e-invoice implementation phases has been established with Phase 3 targeting taxpayers with annual income or sales exceeding RM5 million but not exceeding RM25 million coming into effect on July 1, 2025. LHDN noted that Phase 4 will involve taxpayers with annual incomes or sales exceeding RM1 million up to RM5 million and will begin on Jan 1, 2026 while Phase 5 will cover the income group of up to RM1 million and will commence on July 1, 2026. The previously announced six-month grace period will also apply to these new phases, the agency said. It stressed that during this period, taxpayers will be permitted to issue consolidated e-invoices for all transactions, including self-billed e-invoices. Necessary details, it said, can be included in the 'Product or Service Description' field. 'If there is a request for an e-Invoice from the buyer, the seller is also allowed to issue only a consolidated e-Invoice without issuing one for each transaction,' the statement said. LHDN also said that during this grace period, no prosecution will be initiated under Section 120 of the Income Tax Act 1967 for non-compliance with e-Invoice regulations, provided taxpayers adhere to the consolidated e-Invoice requirements. 'Furthermore, starting Jan 1, 2026, taxpayers involved in e-Invoice implementation must issue an e-Invoice for every sale of goods or provision of services exceeding RM10,000, and consolidated e-Invoicing will no longer be permitted,' the statement added. For any inquiries regarding the system's implementation, the public may contact LHDN offices, the e-Invoice Help Desk at 03-8682 8000, MyInvois Live Chat, email [email protected], or submit a query through the MyInvois Customer Feedback Form at — Bernama
Malay Mail
3 days ago
- Business
- Malay Mail
IRB: Malaysia exempts businesses below RM500,000 from e-invoicing, delays mandate for RM1-5m group to 2026
KUALA LUMPUR, June 6 — The Inland Revenue Board (LHDN) today announced 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. In a statement here, LHDN also announced that taxpayers with an annual income or sales below RM500,000 are exempted from the implementation of the e-Invoice system. 'The implementation phase for taxpayers with annual income or sales up to RM1 million has been postponed to July 1, 2026,' LHDN said. The board added that the decision was made after the government recognised the commitments of taxpayers, particularly Micro, Small, and Medium Enterprises (MSMEs), in meeting e-invoice legal requirements, which necessitate adequate preparation time and face numerous implementation challenges. The statement said that, in line with this decision, a new timeline for the e-invoice implementation phases has been established with Phase 3 targeting taxpayers with annual income or sales exceeding RM5 million but not exceeding RM25 million coming into effect on July 1, 2025. LHDN noted that Phase 4 will involve taxpayers with annual incomes or sales exceeding RM1 million up to RM5 million and will begin on Jan 1, 2026 while Phase 5 will cover the income group of up to RM1 million and will commence on July 1, 2026. The previously announced six-month grace period will also apply to these new phases, the agency said. It stressed that during this period, taxpayers will be permitted to issue consolidated e-invoices for all transactions, including self-billed e-invoices. Necessary details, it said, can be included in the 'Product or Service Description' field. 'If there is a request for an e-Invoice from the buyer, the seller is also allowed to issue only a consolidated e-Invoice without issuing one for each transaction,' the statement said. LHDN also said that during this grace period, no prosecution will be initiated under Section 120 of the Income Tax Act 1967 for non-compliance with e-Invoice regulations, provided taxpayers adhere to the consolidated e-Invoice requirements. 'Furthermore, starting Jan 1, 2026, taxpayers involved in e-Invoice implementation must issue an e-Invoice for every sale of goods or provision of services exceeding RM10,000, and consolidated e-Invoicing will no longer be permitted,' the statement added. For any inquiries regarding the system's implementation, the public may contact LHDN offices, the e-Invoice Help Desk at 03-8682 8000, MyInvois Live Chat, email [email protected], or submit a query through the MyInvois Customer Feedback Form at — Bernama
