Malaysia

Govt exempts MSMEs earning below RM150,000 annually from e-invoicing

Finance Ministry, however, encourages traders to participate.

Updated 2 years ago · Published on 02 Jul 2024 4:49PM

Govt exempts MSMEs earning below RM150,000 annually from e-invoicing
The Finance Ministry says that micro, small and medium enterprises that are earning less than RM150,000 annually are not required to issue e-invoices. – The Vibes file pic, July 2, 2024.

THE Finance Ministry today announced that micro, small and medium enterprises (MSMEs) that are earning less than RM150,000 annually are not required to issue e-invoices, The Star reported.

Finance Minister II Datuk Seri Amir Hamzah Azizan, however, encouraged the MSME traders to participate in the e-invoicing initiative.

“This is in line with the national aspiration of digitalising businesses,” Amir said during question time in parliament.

Amir said the government understood the challenges that MSMEs will face if they were to implement the e-invoicing mechanism.

Among the issues that the traders could face are higher operating costs, information technology system upgrade and lack of knowledge regarding e-invoicing.

“The government decided to allow MSMEs to issue consolidated e-invoices, which is a form of digital receipts that combines all sales transactions on a monthly basis.

“It (e-invoice) only has to be given to the Inland Revenue Board (LHDN) within the first seven days of the month,” he said.

He added that the traders could use the MyInvois portal for e-invoicing purposes without any extra charges. – July 2, 2024.

Related News

Malaysia / 2y

Spanco chairman pleads not guilty to charge of cheating Finance Ministry

Malaysia / 2y

Anwar won’t host Hari Raya open house to save money

Business / 2y

Tabung Haji to begin talks with MoF on return of assets

Business / 3y

Plantation ministry to moot replanting grants to MoF: Fadillah

Malaysia / 3y

RM100 e-cash to be rolled out fourth quarter this year: MoF

Malaysia / 3y

No such thing as ‘Madani allowance’ for civil servants: MoF

Spotlight

Malaysia

Puteri Umno distances itself from viral Threads post

By Alfian Z.M. Tahir

Malaysia

MACC drops orange detention attire for court remand cases after PM’s call

World

Man jailed six years for keeping Indonesian woman as slave in Melbourne home

Malaysia

Emergency declared in Serian as haze reaches hazardous levels (UPDATED)

Malaysia

Haze in Serian enters emergency phase

Malaysia

Death sentence for deaf, mute man who killed family of four upheld

Malaysia

Retired army officer with Datuk title charged with alleged sexual assault of golf caddie

Heritage

Penang first state to recognise Hungry Ghost Festival, cemeteries as heritage

You may be interested

Malaysia

Child malnutrition needs urgent action, says Charles Santiago

By Alfian Z.M. Tahir

Malaysia

Country used as transit hub for RM42.8m international drug haul

Malaysia

Sri Aman nears hazardous air mark as Sarawak haze intensifies

Malaysia

Felda Co-op members urge PM to intervene in RM400m share redemption crisis

Malaysia

12-year-old boy dies after motorcycle crashes into lorry in Gurun

Malaysia

Malaysians held abroad help crack cross-border drug networks - Home Minister

Malaysia

Second Malaysian held in Chennai in one month with RM520k cannabis haul

Malaysia

Former Tabung Haji COO’s charges put off after hospital admission

By Alfian Z.M. Tahir