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IRB to introduce e-invoicing next year

Publish date: Mon, 27 Mar 2023, 02:54 PM

PETALING JAYA: Tax payers will no longer be required to keep hard copies of their invoices, vouchers and receipts for seven years when the Inland Revenue Board (IRB) introduces the "e-invoicing" initiative early next year.

IRB chief executive officer Datuk Dr Mohd Nizom Sairi said the e-invoicing platform would enable taxpayers to keep their records online with them.

"Principally, when it is fully implemented, the e-invoicing initiative will reduce the burden of record keeping by taxpayers.

"(By then) A lot of (their) information would be with the IRB, already. E-invoicing will change everything.

"We hope to get the support (from the relevant parties) to enable it to be implemented perhaps early next year," he said after a corporate visit to Media Prima Berhad's Sri Pentas today.

Also present were Media Prima Berhad (MPB) group chairman Datuk Seri Dr Syed Hussian Aljunid, MPB group managing director Rafiq Razali and New Straits Times Press group managing editor Datuk Ahmad Zaini Kamaruzzaman.

Mohd Nizom said this when asked if there were any efforts by the IRB to amend the Income Tax Act 1967 to ease the requirement of record keeping as taxpayers were needed to keep the documents for seven years.

The IRB, under the retention of records, reads that taxpayers are required to keep sufficient records for a period of seven years.

It comes under Section 82A(1) and Section 82A(2) of the Act for duty to keep documents for ascertaining chargeable income and tax payable.

Among the documents needed for record keeping are such as the EA form and medical, books,donation, insurance receipts.

The IRB has a right to request for the documents to conduct audits.

Under Section 119A of the Act, one can be fined up to RM10,000 for failure to keep records.

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