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.
Govt exempts MSMEs earning below RM150,000 annually from e-invoicing
Finance Ministry, however, encourages traders to participate.
Updated 2 days ago · Published on 02 Jul 2024 4:49PM
