KUALA LUMPUR, Oct 10 — The introduction of e-invoicing is set to streamline and enhance the country’s tax system, promote transparency and provide a more accurate compliance risk assessment, said the National Chamber of Commerce and Industry of Malaysia (NCCIM).
Its president Tan Sri Soh Thian Lai said e-invoicing will also address revenue leakage resulting from unreported transactions.
“E-invoicing has key advantages which will significantly benefit taxpayers as well. It reduces manual efforts and minimises human errors by providing a unified invoicing process via the creation and submission of transaction documents and data electronically.
“It also facilitates tax return filing through seamless system integration, ensuring efficient and accurate tax reporting for businesses,” he said in a statement today.
Moreover, Soh said e-invoicing enabled the streamlining of operations, resulting in enhanced efficiency and significant time and cost savings for organisations.
“Additionally, it promotes digitalised financial reporting by aligning financial reporting and processes with industry standards, making financial reporting more efficient and aligned with modern practices,” he said.
The phased implementation of e-invoicing from June 1, 2024, to January 1, 2027, allowed businesses and taxpayers ample time to prepare and adapt to the system effectively.
Soh said NCCIM encouraged the Malaysian business community to embrace technological advancements and adapt to evolving regulatory landscapes.
“This proactive approach is essential to remain competitive and to thrive in today’s dynamic business environment,” he said.
Meanwhile, NCCIM said it has proactively engaged with the Inland Revenue Board of Malaysia (IRB) to discuss the upcoming implementation of e-invoicing for Malaysian businesses and the Special Voluntary Disclosure Programme 2.0.
“The engagement session allowed attendees to interact directly with the IRB team, providing a platform to seek clarifications and address any doubts,” it said.
— Bernama
