KUALA LUMPUR: There will be no penalties on taxpayers who wish to review, update or correct e-invoice transactions voluntarily until Dec 31 next year, says Datuk Seri Anwar Ibrahim.
The Prime Minister said the move was part of the government’s new voluntary disclosure programme for e-invoicing, aimed at reducing compliance costs for companies.
“During this period, any updates, reviews or corrections submitted voluntarily by taxpayers will not be subject to penalties by the Inland Revenue Board.
“This is a big decision, as such an arrangement is typically not applied when dealing with income tax matters,” he said in the Dewan Rakyat yesterday.
Anwar was responding to Ipoh Timor MP Howard Lee who wanted to know if the government was aware of challenges faced by businesses amid the global environment and steps being taken to support them.
On another note, he said banks and financing institutions must accelerate loan approvals for entrepreneurs and micro, small and medium enterprises.
He said banks would not be allowed to take arbitrary action against entrepreneurs who apply for financing while assuring businesses that the issue had been clarified after a meeting with bank managers at Bank Negara a few months ago.
“While private banks manage themselves, Bank Negara’s role is to regulate and ensure their compliance with key policies. As such, Bank Negara will guarantee that private banks will not take actions arbitrarily,” he said.
However, Anwar said the government would not be able to prevent such action in cases of serious default that violate normal regulations.
