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📍👀 The government will be implementing e-invoices for businesses earning up to RM1 million in revenue starting 1 July 2026. Are you ready for it?
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Transcript
I think Malaysians are super creative. They worse just think of all sorts of different ways to actually evade tax. But I think having a a I was best making it harder bad in 2015. I still remember one of the worst I got from a business owner was, Jay, can you actually build a software that can help me to maintain two sets of account? One is to submit to the government. Another is a complete one where I can, be more aware of how my business is doing. Of of course, we can do that. So think about it. If today you bad the good guy, if you are making, like, 1,000,000, per year, and let's say the tax rate is 20%, essentially, you're paying 200,000. And at the same time, you have a competitor making about a cent, but they are, like, reporting half of it. So we are paying 100,000. And the other 100,000, you know what rank happen to it? It could be them passing on to the director and then buying some luxury. And I think the reason for e invoice is actually to, promote fairness and to actually reduce, tech leakage. Okay. Say the government was supposed to cap collect 400,000 from From both businesses. From best two businesses. Right? Yeah. But because of one of the guys only, like, reporting half, and end of the day, government was only getting 100,000 in. So in total, it was, like, 300,000. Correct. And the government needs 400,000 to actually break even, and there's a shortage of that 100,000. So in order to to actually, best this 100,000. Get this 100,000, government have to actually increase the tax rate to 27%. That doesn't sound fair. Right?