KUALA LUMPUR: The implementation of the MyInvois system by the Inland Revenue Board (LHDN) from Aug 1 has received positive feedback, including from companies not yet required to participate, says Lim Hui Ying.
The Deputy Finance Minister says many companies have already tried using the system, even though the first phase targets those with annual revenue or sales exceeding RM100mil.
"We frequently receive inquiries from small traders, especially those in the third category, about the system’s full implementation involving all taxpayers in July 2025. They are concerned about how to issue e-invoices.
"Although Finance Minister II Datuk Seri Amir Hamzah Azizan has announced that small traders with annual sales below RM150,000 are not required to issue einvoices, we have observed that many companies not yet in the mandatory category are already using the MyInvois Portal,” she told reporters after officiating the Madani Tour on einvoicing, Budi Madani and the Subsidised Diesel Control System 2.0 here on Monday (Aug 12).
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She was asked to comment on the level of awareness and feedback following the system’s rollout.
In this regard, Lim urged taxpayers to familiarise themselves with the system early for greater convenience in the future.
In a statement on July 31, the IRB says that einvoicing will be implemented in stages, with the first phase involving 5,000 companies with recorded annual revenue or sales exceeding RM100mil starting Aug 1, 2024.
The second phase will start on Jan 1, 2025, and involve companies with annual revenue or sales of between RM25mil and RM100mil, with all taxpayers to be involved effective July 1, 2025.
Last Saturday (Aug 10), Lim said that over 3,500 companies had submitted 3.5 million invoices through the first phase of MyInvois implementation. – Bernama
