Write an article about Deputy finance minister Lim Hui Ying said the government had initially planned to implement the e-invoice system from July 1 this year for companies with annual sales of RM500,000 and above. (Bernama pic)
PETALING JAYA: The government has postponed the implementation of the e-invoice system after considering the concerns of business owners, particularly the micro, small and medium-sized enterprises (MSMEs), says deputy finance minister Lim Hui Ying.
She said the government hopes that companies will have more time to adapt to the e-invoice system developed by the Inland Revenue Board (LHDN) with this postponement, Bernama reported.
On June 5, LHDN said in a statement that taxpayers with income or annual sales below RM500,000 would be exempted from the e-invoice system for now.
For those earning between RM1 million and RM5 million, it was postponed to Jan 1, 2026. Those with income of up to RM1 million will begin using the system from July 1, 2026.
“What we initially planned (was to implement the system) effective July 1 this year for companies with annual sales of RM500,000 and above.
“However, we understand their concerns, especially MSMEs, and have revised the plan for it to be implemented under three additional phases.
“The Madani government has taken note of the concerns of the business community,” she told reporters after launching the Lebuh Cecil Public Market’s smart toilets in George Town, Penang, today.
She also said the third phase of the e-invoice implementation, beginning July 1 this year, will involve taxpayers with income or annual sales exceeding RM5 million and up to RM25 million.
On the stamping of employment contracts, starting Jan 1, 2026, Lim said LHDN had not enforced this requirement previously.
“Therefore, LHDN and the finance ministry have considered this and decided that employment contracts before Jan 1, 2025 will be exempted. (For) contracts starting on Jan 1, 2026, stamp duty will be required,” she said.
She hopes that companies will comply with all the provisions under the Stamp Act 1949, particularly those related to stamping requirements.
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Deputy finance minister Lim Hui Ying said the government had initially planned to implement the e-invoice system from July 1 this year for companies with annual sales of RM500,000 and above. (Bernama pic)
PETALING JAYA: The government has postponed the implementation of the e-invoice system after considering the concerns of business owners, particularly the micro, small and medium-sized enterprises (MSMEs), says deputy finance minister Lim Hui Ying.
She said the government hopes that companies will have more time to adapt to the e-invoice system developed by the Inland Revenue Board (LHDN) with this postponement, Bernama reported.
On June 5, LHDN said in a statement that taxpayers with income or annual sales below RM500,000 would be exempted from the e-invoice system for now.
For those earning between RM1 million and RM5 million, it was postponed to Jan 1, 2026. Those with income of up to RM1 million will begin using the system from July 1, 2026.
“What we initially planned (was to implement the system) effective July 1 this year for companies with annual sales of RM500,000 and above.
“However, we understand their concerns, especially MSMEs, and have revised the plan for it to be implemented under three additional phases.
“The Madani government has taken note of the concerns of the business community,” she told reporters after launching the Lebuh Cecil Public Market’s smart toilets in George Town, Penang, today.
She also said the third phase of the e-invoice implementation, beginning July 1 this year, will involve taxpayers with income or annual sales exceeding RM5 million and up to RM25 million.
On the stamping of employment contracts, starting Jan 1, 2026, Lim said LHDN had not enforced this requirement previously.
“Therefore, LHDN and the finance ministry have considered this and decided that employment contracts before Jan 1, 2025 will be exempted. (For) contracts starting on Jan 1, 2026, stamp duty will be required,” she said.
She hopes that companies will comply with all the provisions under the Stamp Act 1949, particularly those related to stamping requirements.
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