To support growth of the digital economy, the Government intends to implement e-Invoicing in stages in effort to enhance the efficiency of the country’s tax administration management. It is in line with the 12MP, where the focus is on strengthening the digital services infrastructure and digitalising tax administration.
The implementation of e-Invoicing will improve the quality of services and reduce compliance costs to taxpayers as well as increase the efficiency of business operations. Based on the studies made on international tax administrators, the e-Invoicing streamlines and strengthens the national tax system, increases tax transparency and provides a more accurate assessment of compliance risk. This e-Invoicing initiative will also support the use of TIN which will be implemented in Malaysia from year 2022 as a measure to expand the income tax net.
Source Orbitax
