KUALA LUMPUR, October 24 – The Ministry of Finance (MoF) announced that 7,400 companies have adopted the e-invoice system, with 58 million e-invoices issued as of October 14, 2024. The system, introduced in August 2024, has seen positive adoption, especially among large companies with annual sales exceeding RM100 million, marking the first phase of its rollout.
The full implementation of the e-invoice system, aimed at curbing tax leakages and improving tax efficiency, will cover all businesses, including MSMEs, by July 2025. The system assigns unique identification numbers to verified e-invoices, allowing for better transaction tracking and reducing the risks of fraud. Challenges like obtaining Tax Identification Numbers (TIN) are being addressed by the Inland Revenue Board (IRB) through improved platforms and user resources.
