e-invoicing to bode well if GST reintroduced, says IRB

Mohd Nizom said the application of e-invoicing would require businesses to maintain a comprehensive record of their transactions and completely report it to the IRB.

KUALA LUMPUR: The implementation of the electronic invoicing system (e-invoicing) will bode well should the government opt to reinstate the goods and services tax (GST), and simultaneously, assist it in achieving its 2024 tax collection target of RM18bil, says Inland Revenue Board (IRB) chief executive officer Datuk Seri Mohd Nizom Sairi.

He emphasised that e-invoicing was designed to accommodate the GST mechanism and that the adoption of this system would certainly push the cash economy and shadow economy to disclose their financial transactions.