THE Inland Revenue Board (IRB) will introduce “e-invoicing” starting next year which will enable Malaysian taxpayers to no longer be forced to keep hard copies of their invoices, vouchers and receipts for seven years.
A business daily today reported IRB CEO 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 as quoted by the daily.
Currently, taxpayers are required to keep sufficient records for a period of seven years under Section 82A(1) and Section 82A(2) of the Income Tax Act 1967 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 and insurance receipts.
The IRB has a right to request for documents to conduct audits.
Under Section 119A of the Act, one can be fined up to RM10,000 for failure to keep records — TMR / pic TMR File
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