e-Invoice: Govt Proposing To Expedite Capital Allowance Claim For ICT Expenditure
KUALA LUMPUR, Oct 18 (Bernama) -- The government has proposed to shorten the full claim period for capital allowances on the purchase of information and communication technology (ICT) equipment, computer software packages, and consultancy fees from three years to two years.
In an appendix released alongside the Budget 2025 presentation, the Ministry of Finance said the proposal aims to encourage taxpayers to fully implement e-Invoicing by July 1, 2025, according to established guidelines.
According to the MoF, starting from the 2024 to 2025 assessment years, the initial allowance for the purchase of ICT equipment, computer software packages, and related consultancy fees, licensing, and incidental payments related to customised software development will be adjusted to 20 per cent from the current 40 per cent.
Additionally, it proposed that for the assessment years 2024 to 2025, the annual allowance for the purchase of ICT equipment, computer software packages, and related consultancy fees, licensing, and incidental payments for software development be adjusted to 40 per cent from the current 20 per cent.
-- BERNAMA