KUALA LUMPUR: A total of 204,928 traders have issued more than one billion e-invoices since the implementation of e-invoicing began on Aug 1, 2024, says the finance ministry.
It said this indicated a positive level of acceptance of e-invoicing among traders, including small and medium enterprises (SMEs).
Based on data obtained from the first two phases of the e-invoicing implementation, a total of 17,188 taxpayers identified as non-compliant in submitting their income tax return forms have voluntarily come forward to submit the forms, the ministry said.
They involved income from previous years amounting to RM1.4 billion, which contributed an additional RM290 million in tax revenue.
The ministry said this in a written parliamentary reply to a question from Richard Rapu @ Aman anak Begri (GPS-Betong).
He had asked about the latest projections on the impact of e-invoices on tax collection efficiency and fiscal governance, as well as the fiscal justification for raising the exemption threshold to RM1 million starting in 2026.
The ministry said a post-implementation study on e-invoicing has not yet been conducted, as the initiative is still at an early and transitional stage.
It said the effectiveness and achievements of the e-invoicing initiative can only be determined once it is fully implemented by all traders involved.
