00:00A cornerstone of this transformative journey for Malaysia is the implementation of e-invoicing.
00:11It represents our commitment to leverage on technology to create a more robust and reliable
00:17tax system.
00:18E-invoicing will not only simplify the process for businesses, but will also ensure greater
00:24accuracy and compliance.
00:27This initiative aligns with our vision of a transparent, efficient and inclusive economy.
00:34At the Inland Revenue Board of Malaysia, in the last few months we have been rearing up
00:38for the rollout of e-invoicing for the first category of taxpayers, which are those with
00:44a turnover of more than 100 million.
00:47We acknowledge that there are challenges that need to be overcome and therefore we are committed
00:52to providing comprehensive support throughout this journey.
00:55With Tax Administration 3.0 guiding our strategies and e-invoicing enhancing our capabilities,
01:04we will also continue to focus on our enforcement activities through audit and investigation
01:10to ensure that there are no leakages to the government revenue.
01:14Our priority continues to be on high net worth individuals, shadow economy, aggressive tax
01:19planning, online activity, cross-border transactions and offshore financial assets.
01:26As at 30 June 2024, approximately 525,000 taxpayers have been audited and investigated
01:34for various non-compliant issues and an additional tax and penalty totalling RM3.7 billion will
01:41raise against these taxpayers.
01:44George Osborne, during his tenure as UK former Chancellor of Exchequer, when stating that
01:49UK was targeting tax evasion and offshore tax haven, said that everyone must pay their
01:55fair share.
01:57This also rings true for us.
02:00When the compliant pay their taxes and the non-compliant don't, it creates an unjust
02:05society.
02:07So I urge taxpayers that are in doubt of their tax treatment to come forward or seek guidance
02:12from HASIL to avoid being faced with penalties as a result of being audited or investigated.
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