KUALA LUMPUR: The implementation of e-invoicing from Aug 1 is not expected to impact the automotive industry or car sales, according to Investment, Trade, and Industry Minister Tengku Zafrul Tengku Abdul Aziz.
However, he said concerns may remain for smaller companies due to the system requirements needed for compliance.
“In my opinion, I have discussed this morning with the Marii (Malaysia Automotive, Robotics and IoT Institute), we feel that this e-invoicing will not have an impact on the automotive industry. The only concern might be for smaller companies because e-invoicing involves a system that they need to have,” he told reporters after the launch of the Halal Accreditation and Technology Improvement (Hati) initiative today.
He said the e-invoicing system will be mandatory from Aug 1, based on guidelines from the Inland Revenue Board and the Ministry of Finance.
“And this is only for companies with revenue or income of more than RM100 million. Therefore, car dealers whose companies are not that large should not be impacted. In theory, there should be no effect,” he said.
However, he acknowledged a potential issue for those taking out 100% loans. “With e-invoicing making transactions more transparent, they might not be able to do that anymore.”
