MCCCI: E-invoicing the digital way forward for businesses
The use of electronicinvoicing (e-invoicing) technology in business could help reduce operational costs, as well as increase accuracy and efficiency, said Miri Chinese Chamber of Commerce and Industry (MCCCI) vice-chairman Vincent Lu.
Speaking at the launch of an ‘E-invoicing Course’, held in collaboration between MCCCI and Methodist Pilley Institute (MPI) at MCCCI chamber meeting room here last Saturday, Lu called upon local businesses to explore the e-invoicing system, that had been rapidly gaining global traction.
“The era of e-invoicing is here now, and one which will gradually replace the conventional paper and electronic document,” he said, emphasising the need for businesses to learn and adopt the technology.
“As we understand, the e-invoice system contains transaction information, comprehensive details of suppliers and buyers, projects’ descriptions, quantity details, untaxed product prices, and taxrelated items, among others.
“It has becoming an essential tool for recording day-to-day business operations, and it is worth to note that countries such as Singapore, China, South Korea, France, Denmark, Italy, Saudi Arabia, Egypt, and Chile have been implementing this einvoicing system over the past few years,” he said.
This trend, added Lu, was part of the global digitalisation of tax administration and business, especially with the adoption of the centralised transaction control (CTC) model – a technical mechanism of e-invoicing.
“The new system will not only help improve business operations but also helps reduce the cumbersome process of storing invoices and receipts, as well as providing tax payers with more efficient and convenient way of managing taxes,” he stressed.
“The first phase of e-invoicing will be implemented from Aug 1 this year on companies with annual revenue or turnover of RM100 million and above, whereas the second phase will be targeting companies with annual revenue of RM25 million to RM100 million from Jan 1, 2025 onwards; and for the third phase, it will start on July 1, 2025, applicable to all businesses,” he disclosed.
The course was attended by some 100 participants, and was conducted by MPI accounting lecturer Dr Dominic Hu Khie Yeen.