KUALA LUMPUR, Aug 1 — The Inland Revenue Board (IRB) said it will start using e-invoices in the first half of 2024, in line with the government’s digitalisation agenda.
IRB chief executive Datuk Mohd Nizom Sairi said e-invoicing will streamline and enhance the country’s tax system, promote transparency, and provide more accurate compliance risk assessment.
“It will also address revenue leakage issues from the shadow economy,” he said at the National Tax Conference 2023 here today.
He said to accommodate tax certainty, the IRB has established the Tax Corporate Governance (TCG) programme.
“This initiative serves as a platform for tax administrations and taxpayers to collaborate in an open and honest manner to enhance organisations’ corporate tax compliance affairs,” he said.
He said the ongoing Special Voluntary Disclosure Programme 2.0 focuses more on getting new taxpayers to report their incomes to the IRB rather than to increase collection.
“It is hoped this programme will ultimately help taxpayers fulfil their tax obligations to the nation and support sustainability for future generations,” he said.
The two-day National Tax Conference 2023 theme, Taxation: Driving Force for Economic Sustainability, was coined based on the importance of this fiscal tool in nation building.
Nizom said economic sustainability is without a doubt a key pillar for the country’s recovery, resilience, and growth amid uncertainties in the global economic outlook.
“Had we not been sustainable in our revenue stream, it would have been next to impossible to bring the nation out of the crisis we were in,” he said.
The necessity of taxes cannot be emphasised enough, especially in the current volatile environment where the government is dependent on revenue from taxes, among others, for economic growth and nation development, he said.
— Bernama
