KUALA LUMPUR: The Inland Revenue Board (IRB) is set to kick off its e-invoice pilot project in May to test the effectiveness of the system and ensure that the integration of the companies' and the IRB's systems run smoothly in time for its implementation in August this year.
Director of Policy Operations Section, Tax Operations Department, Dr Rasyidah Che Rosli said more than 50 companies have confirmed their participation in the pilot project.
"We welcome more companies and industry players to be involved in the e-invoice pilot project and represent their respective sectors, as they can highlight the issues they face so that we can address them together," he told Bernama after the 'Apa Khabar Malaysia' talk show.
According to Rasyidah, the engagement sessions for the pilot project have been held since December 2023.
A total of 4,000 companies with incomes of more than RM100 million are targeted to be the first group involved in the implementation of e-invoice which will be implemented starting Aug 1.
"Most of them are prepared to implement e-invoice. The challenge is to ensure that the existing system can be integrated with the IRB taxation system.
"e-invoice is not a new thing. Various countries have implemented e-invoice, it is a system based on the best practice of the international system in terms of format where we use JSON and XML to integrate," explained Rasyidah.
Companies with annual incomes or sales exceeding RM25 million and up to RM100 million will start using e-invoices on Jan 1, 2025.
The e-invoice system will be fully enforced starting July 1, 2025. -- Bernama