Sim said that during a visit to the Inland Revenue Board (LHDN) headquarters in Cyberjaya, he was informed that the tax collection had reached RM104.94 billion as of July 31.

“I believe LHDN is poised to establish a record for the country’s revenue collection by the end of this year, based on its remarkable current performance,” he said in a statement.

Sim also said 13,109 companies and individuals had taken part in the Special Voluntary Disclosure Programme (SVDP) 2.0 since its commencement on June 6.

“As of July 31, an approximate sum of RM94.469 million in new tax estimates had been generated,” he said.

The SVDP, which allows taxpayers to come forward voluntarily to report their income and tax computations, ends on May 31 next year.

He also confirmed that the e-invoicing service will begin as early as January 2024 as a pilot project. Taxpayers with annual sales exceeding RM100 million will be required to utilise the service by June 2024.

LHDN CEO Nizom Sairi had previously said the e-invoicing initiative, which is slated to start with 4,000 businesses, will help to stem leakages in taxes arising out of the shadow economy.