DIGITAL MINISTRY READY TO ASSIST SMES TO IMPLEMENT E-INVOICING -- GOBIND

KUALA LUMPUR, July 16 (Bernama) -- The Digital Ministry is ready to assist small and medium enterprise (SME) traders and entrepreneurs in overcoming challenges in implementing the e-invoice system, which is scheduled to begin in August.

Digital Minister Gobind Singh Deo said several issues were raised, including the possibility of SME traders and entrepreneurs incurring additional expenses to obtain professional services to implement the e-invoice system.

He said the ministry would evaluate the issues raised to determine the measures needed to assist these SMEs.

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"We will discuss the type of aid to be given, and if there is any announcement, it will be made during the tabling of Budget 2025 in October," he told reporters after officiating the Malaysia Digital Economy Corporation's (MDEC) National E-Invoicing Open Day and Accreditation ceremony here today.

Gobind was commenting on the concerns raised by several parties, including the Small and Medium Enterprises Association of Malaysia (Samenta), over the possibility of SMEs incurring additional costs to implement the e-invoice system.

"If we look at the impact (of e-invoicing) broadly, we can simplify business processes to save money and expedite transactions. From that viewpoint, we can see an increase in revenue," the minister said.

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At today's event, 31 Malaysia Peppol Service Providers (SP) and four Peppol-Ready Solution Providers (PRSP) received accreditation as e-invoicing service providers, creating a pool of trusted partners for businesses that allows for the exploration of various e-invoicing solutions that streamline both system-to-system e-invoice exchange and ensure compliance with tax regulations.

MDEC was appointed the Pan-European Public Procurement On-Line (Peppol) Malaysia Authority to promote the use of e-invoicing in Malaysian businesses.

In a statement, MDEC said the adoption of e-invoicing is also projected to boost tax revenue contribution to between 14 per cent and 15 per cent of gross domestic product (GDP) once fully implemented across all businesses by July 1, 2025.

The National e-Invoicing Initiative to digitalise business operations using the Peppol framework is an initiative under several national-level blueprints, namely the 12th Malaysia Plan, the MyDigital Blueprint and the National eCommerce Strategic Roadmap (NESR) 2.0.

"As Malaysia advances towards a digital economy, the adoption of e-invoicing is a crucial step. This initiative helps businesses streamline operations and boost efficiency, driving economic growth and increasing tax revenue," said MDEC.

-- BERNAMA