Anwar: No e-invoicing penalties for voluntary corrections until Dec 31, 2027

 

Prime Minister Datuk Seri Anwar Ibrahim said the government also agreed to accelerate tax incentives by allowing full capital allowance claims within one year for eligible expenses related to e-invoicing. FILE PIC

KUALA LUMPUR: Businesses will not face penalties for voluntary updates, reviews or corrections related to e-invoicing until Dec 31, 2027, under a new government initiative aimed at reducing compliance costs.

Prime Minister Datuk Seri Anwar Ibrahim said the government also agreed to accelerate tax incentives by allowing full capital allowance claims within one year for eligible expenses related to e-invoicing.

"I would like to take this opportunity to announce additional measures to reduce business compliance costs.

-Advertisement-

"First, we are introducing a voluntary e-invoice disclosure programme until Dec 31, 2027.

"Any updates, reviews or corrections submitted voluntarily during this period will not be subject to penalties by the Inland Revenue Board (LHDN).

"This is a big decision because such an arrangement is not usually applied to income tax matters," he said during the Minister's Question Time in the Dewan Rakyat today. - NST

MORE TO COME