No penalties for voluntary e-invoice corrections until end-2027

KUALA LUMPUR: Prime Minister Anwar Ibrahim has announced a voluntary disclosure programme for e-invoicing until Dec 31, 2027, under which businesses will not be penalised by the Inland Revenue Board for voluntarily updating, reviewing or correcting their e-invoices.

“This is a big decision because such an arrangement is not usually applied to income tax matters,” he said during Minister’s Question Time in the Dewan Rakyat today.

He added that businesses would be allowed to claim a full tax deduction within one year for eligible e-invoicing-related expenses, including software purchases and system upgrades.

Anwar also said the government had provided more than RM15 billion in financing facilities and guarantees to help micro, small and medium-sized enterprises (MSMEs), including RM5 billion earmarked for Bumiputera businesses.

Anwar was responding to Howard Lee (PH-Ipoh Timor), who asked what steps the government was taking to mitigate the challenges faced by businesses, particularly MSMEs.

Govt to look into petrol dealers’ diesel subsidy transition losses

Anwar said the government would also look into claims by petrol station operators of losses suffered during the transition to the new diesel subsidy system.

Lee told the Dewan Rakyat that some petrol station dealers had complained of losses of up to RM40,000 to RM50,000 per station during the transition from the old diesel pricing system to the current one, and asked whether the government would intervene.

Anwar said finance minister II Amir Hamzah Azizan would be tasked with looking into the matter.

“I will ask the second finance minister to obtain further details and hold discussions with the companies,” he said.

Anwar said petrol dealers had cooperated well with the government in implementing the diesel and RON95 subsidies, and that the government was open to discussing any weaknesses or gaps in the system with petrol station operators.

The government introduced the BUDI Diesel programme on July 1, under which eligible diesel vehicle owners throughout the country are entitled to 200 litres of subsidised diesel at RM2.10 per litre. Pick-up truck and SUV owners may apply for an additional 100 litres.

The price of diesel in Peninsular Malaysia stood at RM3.97 per litre the week before the BUDI Diesel programme was rolled out, while diesel was sold at a subsidised retail price of RM2.15 per litre at petrol stations in Sabah and Sarawak.