As fiscal constraints grow even tighter, right balance needed in Budget 2023
The Ministry of Finance's pre-budget statement said the nation would be moving into the reform stage from the recovery stage of Covid in the last two years. KPMG in Malaysia’s Head of Tax, Soh Lian Seng opines one reform the government will embark on is the introduction of e-invoicing, which is one way to increase tax revenue for the country.
"Such introduction should elevate the tax experience and reduce the administrative burden for companies, in particular, small and medium enterprises (SMEs). The question is the timing of this introduction. Should e-invoicing be introduced at the same time when the government reintroduces GST should this come to pass? Administratively, this would make logical sense, but its effectiveness lies in the implementation,” he says.
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