Malaysia’s e-invoicing system supports GST reintroduction and aids tax collection target

• The implementation of e-invoicing in Malaysia could benefit the government if the goods and services tax (GST) is reintroduced.
• E-invoicing would help the government achieve its 2024 tax collection target of RM18bil.
• The Inland Revenue Board (IRB) CEO, Datuk Seri Mohd Nizom Sairi, stated that e-invoicing is designed to accommodate the GST mechanism.
• E-invoicing would encourage the cash economy and shadow economy to disclose their financial transactions.
• Businesses would need to maintain a comprehensive record of their transactions and report them to the IRB if e-invoicing is implemented.

Source: thestar.com.my

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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