The ministry of international trade and industry (MITI) has said it does not expect the implementation of the e-Invoicing system (beginning August 1, 2024) to impact overall total industry volume (TIV) or vehicle sales.
“I have discussed with the Malaysian Automotive Robotics and IoT Institute (MARii) and we think there will be no impact with the implementation of e-Invoicing. There may be some annoyance among small companies considering it will involve systems they need to have,” said MITI minister Tengku Datuk Seri Zafrul Abdul Aziz, as reported by Berita Harian.
“If we look at the timeline, the Inland Revenue Board of Malaysia (LHDN) and the ministry of finance (MoF) have informed we will start [with e-Invoicing] with companies with income or revenue exceeding RM100 million,” he added.
Zafrul pointed out that most vehicle dealership companies do not earn revenue exceeding that amount, so there is little impact to them. However, he did say there are a few dealerships who offer full loans for vehicles, which is a practice that is set to go away with e-Invoicing coming into effect.
We’ve covered the topic of e-Invoicing and how it can potentially impact full loans offered by dealers to car buyers. The new system is aimed at ensuring accuracy, in that the amount stated in all relevant invoices match with one other, thus preventing the practice from happening.
In a full loan scenario, buyers aren’t required to pay the usual 10% downpayment in a 90% hire purchase loan. Instead, the sales agent marks up the price in the invoice when submitting a loan request to the bank, so that the approved loan amount matches or exceeds the actual price of the car.
After this, the sales agent could submit an invoice with a different amount to the government – this is the omission of information that the e-Invoicing system is supposed to prevent. With e-Invoicing, all invoices must go through LHDN, so the SA can’t simply mark up an invoice as the numbers on all other invoices must tally.
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if you can’t afford 10% downpayment, better stop buy new car.
Apadehal? Bulih keluar kwsp account 3 bayar downpayment
Show off during raya more important
Basically the M40s are fast losing trust in this incompetent gomen. Time for UBAH now!
Those who take 10 year full loan are the usual culprits kena keta tarik.
Those who do their due diligence with 5 to 7 year loans,usually pay off their loans.
They have plan B or C,in case one spouse is suddenly jobless.
Those fulon dudes usually default when recession hits or kena laid off.
I may not like this menteri,but this time I have to agree with him.
Indeed. Then go and buy from used car (mostly owned by type You Know Who) and get ready to be sucked up unimaginable upront fees
Yeah, you got that right
we all know which type of people loves 0 downpayment
Yes, exactly. The type which assigns blame to everyone else for their misfortunes except themselves.
I remembered a T20 telling me that it wasn’t my fault I was born into a poor family but it’s clearly my fault if I chose to lazy and remain poor. Guess it’s in our blood and the vicious cycle continues
You’re right. Siapa yg dislike tu B40
Type M or kaum banyak anak?
Those who claimed Full Loan is for “cashflow” purpose, if you dont want to fork out that 10% downpayment, dont buy car then, dont bs so much
You are talking irresponsibly. There are some people who really cntafford and need a car badly. If you never had a hard life, kindly stay quiet
If you have a hard life, don’t make it harder by buying a new car with full loan. Get used cheap car.
Apadehal? Gaji 4000 beli Honda civic ketam 100k. Aku dapat subsidi ron95 korang dapat ke?
It was tougher to get a used car loan and the d/p can is much higher.
Yes then go to type C car dealer and ready to be sucked up for fees
Kita kaya sampai status T10 pun sebab rakyat maresya sapot. Xyah nak rasis2 kat sini. Kita sayang semua type
lol What makes you think there aren’t people taking full loan for used cheap cars?
The irony here is you believe taking full loan when buying a car is a financially responsible action.
how many potential car buyers cannot afford 10% down? mesti affect new car sales lah. 2+2=4.
Usual culprits are kaum banyak anak. New cars especially jenama H is a requisite set by future mother in law. Then kids popping out like no tomorrow. Where got money for 10% down?
Not forgetting the peer pressure of outdoing their sibling and relatives during raya. Eh kau bawak P2 je? Aku bawak jenama H! Then this cousin from Kelantan shows up in his vellfire recon. Another uncle appears with his merc
Siapa yg dislike tu dah kena tipu mak mertua ek?
designed to attract Makcik?
Coatation insurance MPV
Some type of people gamble and buy lotteries of course have more than enough money to pay not only 10% downpayment…
If you think those people accumulate their wealth from gambling and lotteries then you’re shallow minded. Stop being lazy and work harder
Saved the monthly payment to buy car in cash. Nowadays you can get good cheap used car. If people can pay the 10% down might as well save a little bit more & buy car cash with no monthly payment hassle. Life are hard now no need to show off with the brand H & the like.
No jenama H future mother in law tak bagi meminang anak dara dia. Bawah dah gatal how?
Buying a car with full loan isn’t a bad idea. Buying an expensive car with heavy depreciation using full loan is.