Inland Revenue Board (LHDN)  Electronic invoice plan in 2024

 

Taxpayers are required to keep tax-related receipts for up to 7 years when filing their taxes to avoid penalties in case of inspection where relevant receipts cannot be produced.

Good news has arrived as the Inland Revenue Board (LHDN) is set to introduce an electronic invoice plan in 2024, eliminating the need for citizens to keep their consumption receipts for an extended period of 7 years.

The implementation of the electronic invoice plan will bring convenience and save time and effort for taxpayers. Through the electronic invoice, taxpayers can store and manage their invoices and receipts on the platform without worrying about losing or damaging them. Additionally, this will also help reduce the demand for paper invoices, thus minimizing the impact on the environment.

However, before the implementation of this plan, taxpayers still need to comply with the current regulations and keep their tax-related receipts for up to 7 years.

According to LHDN, the electronic invoice plan is expected to be launched in early 2024. Through the electronic invoice platform, taxpayers will be able to save their consumption receipts online.

The so-called electronic invoice means that taxpayers only need to upload relevant receipts to the LHDN’s electronic invoice platform when they opt for tax reductions, such as those for purchasing computers or mobile phones. This way, citizens no longer need to keep their consumption receipts specifically.

Non-business individuals are required to complete their tax filing before April 30th, while business persons need to do so before June 30th. Taxpayers who file electronically can enjoy an additional 15 days to file their taxes.