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BUSINESS • 22/11/2024 02:03 PM

Over 90 Pct Of Entrepreneurs Have Yet To Adopt E-invoicing - Expert

By Abdul Hamid A Rahman

KUALA LUMPUR, Nov 22 (Bernama) -- It is estimated that over 90 per cent of entrepreneurs, especially those with an annual income of RM25 million or less, have yet to adopt the e-invoicing system introduced on Aug 1.

According to Mohd Rozlan Mohamed Ali, a member of the Malaysian Institute of Tax Accountants, data shows that most micro, small, and medium enterprises (MSMEs) are unprepared for the mandatory implementation on July 1, 2025.

He explained that the e-invoice system is designed to enhance the efficiency of business document management.

"The e-invoice platform ensures that all business transactions are properly recorded, minimising errors and ensuring compliance with tax regulations," he said.

He said this to Bernama after the pocket talk session -- Be a Knowledgeable Entrepreneur: Understand E-Invoicing during the Two-Year MADANI Program here today, organised by the Ministry of Entrepreneur and Cooperatives Development (KUSKOP).

Mohd Rozlan emphasised that the main challenge lies in creating awareness among entrepreneurs about the importance of early preparation for the system, as many remain unclear about its requirements.

"Many MSMEs are still confused about the necessary documents, how to obtain a customer tax number, and the system they need to use," he shared.

To address this, he urged entrepreneurs to take advantage of initiatives offered by KUSKOP, such as free training sessions in collaboration with the National Entrepreneurship Institute (INSKEN) and other agencies, so as not to be left behind.

"For example, a training session will be held in Putrajaya on Nov 28 for 200 participants, followed by an explanatory session in Kota Kinabalu on Dec 10," he said.

Mohd Rozlan also advised entrepreneurs to avoid last-minute implementation, warning that delays could disrupt business operations.

“Ensure you obtain your tax number, understand the system you need to use, and acquire adequate technical knowledge,” he added.

-- BERNAMA

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