By DayakDaily Team
KUCHING, Dec 6: Companies with annual revenue below RM1 million will be exempt from e-invoicing.
According to the New Straits Times (NST), Prime Minister Datuk Seri Anwar Ibrahim said the decision followed a Cabinet meeting on Friday (Dec 5).
“Large Malaysian companies surely would not still complain or protest about e-invoicing. They have the capacity, and issuing invoices professionally would only improve their operations.
“But small companies currently feel that it adds to their burden and costs. Yesterday, during the Cabinet meeting, an initial decision was made, the current RM500,000 threshold will be cancelled and raised to RM1 million.
“This means small companies will no longer be forced into e-invoicing for now. What happens beyond RM1 million will be studied in detail, including the cost implications,” he said during a programme at the Sabah International Convention Centre (SICC) in Kota Kinabalu today.
Previously, the exemption applied only to firms with a revenue threshold of RM500,000.
Meanwhile, he also acknowledged complaints about inefficient refund processes by the Chinese community, particularly those running small businesses.
“They said that when it comes to tax collection, the government is efficient. But when there are overpayments on their side, getting refunds takes so long. This angers them,” he said.
Therefore, Anwar said that he had directed the Cabinet to settle outstanding refunds owed to affected businesses.
He added that he would increase the allocation from RM2 billion to RM4 billion so payments can be completed. — DayakDaily
