KUALA LUMPUR, July 16 — Implementing electronic invoicing (e-invoice) should not significantly impact the auto loan market, said Malaysian Automotive Association president Mohd Shamsor Mohd Zain.
Instead, the initiative is expected to enhance efficiency and transparency in hire purchase loan applications.
“Bank Negara Malaysia has imposed strict regulations to ensure responsible banking practices under the Hire-Purchase Act.
“Although customers are required to pay a minimum down payment, some banks still offer 100 per cent loans," he said during a press conference today.
Shamsor was responding to queries about e-invoices' impact on full loans and vehicle sales.
“So I feel that basically, it should not have a big impact on the whole scenario of full loan situations,” he added.
Yesterday, Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the implementation of e-invoice, scheduled to begin next month, would not affect overall vehicle sales this year.
Recent news reports suggested that vehicle sales might decrease in August due to the elimination of full financing for purchases following the e-invoice implementation.
The government previously announced that 4,000 companies with incomes exceeding RM100 million would be the first group to implement e-invoices, starting on August 1.
Companies with annual revenue between RM25 million and RM100 million will start using e-invoice on January 1, 2025, with full enforcement of the system set for July 1, 2025.
— Bernama
