Is your company ready for E-invoicing?

Sin Chew Daily: E-Invoicing Press Release

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Kuantan, 21st May – The “Navigating E-Invoicing Compliance” seminar, co-organised by the E-Commerce and Multimedia Division of Kuantan Chinese Chamber of Commerce & Industry (KCCCI), the Real Estate and Housing Developers’ Association (REHDA) Pahang and IFCA MSC Bhd, attracted around 200 attendees eager to learn about the latest developments in e-Invoicing.

Keynote speaker Lim Ai Chen, a partner at accounting firm PKF Malaysia, shared insights on e-Invoicing requirements, the e-Invoicing procedures for specific industries (such as manufacturing, trade and services, construction, real estate development, and hospitality), the challenges of implementing e-Invoicing, and its impact on businesses. She also assessed the preparation needed and the steps businesses must take.

She mentioned that businesses generally need at least 5 to 6 months to prepare for the transition to e-Invoicing, to build a complete system that complies with the requirements of the Inland Revenue Board (LHDN).

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Photo Caption: “Navigating E-Invoicing Compliance” seminar attracted 200 business participants. Front row from left to right: Danny Soon Woon Fu, Lim Ai Chen, Yong Teck Hui, and Yong Siew Woon.

“The development time depends on factors such as the scale of the company and the number of users. Even for smaller companies, their system might require more time to develop if they have a wide and complicated product range.”

She noted that e-Invoicing systems are customised according to each company, resulting in varied costs.

“For small businesses opting for simpler systems, the cost generally ranges from RM10,000 to RM15,000, including training and guidance.”

She reminded that goods and services eligible for tax reliefs must be accompanied by e-Invoices; otherwise, they will not qualify for tax reliefs.

Failure to implement e-Invoicing on time is a violation. If prosecuted, businesses could face fines ranging from RM200 to RM20,000, imprisonment for up to six months, or both.


Photo Caption: Many businesses and entrepreneurs enthusiastically attended the seminar. Second from the right: Danny Soon Woon Fu.

She also mentioned that businesses face various challenges in e-Invoicing, including lack of time and resources for preparation, budgeting for system upgrades and IT infrastructure, uncertainties in e-Invoicing guidelines, insufficient knowledge about e-Invoicing, and cybersecurity risks when adopting solutions.

On the other hand, Kevin Lim, Vice President of Infra365, highlighted that sharing data with the tax authorities as required by the e-Invoicing system poses a risk of commercial information leakage.

He stated that the previously private internal systems of businesses face cybersecurity threats once the e-Invoicing system is established, necessitating the implementation of network and security monitoring measures.

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Photo Caption: Representatives of the organising committee.

Danny Soon Woon Fu, Director of the E-Commerce and Multimedia Division of the Kuantan Chinese Chamber of Commerce & Industry (KCCCI), noted that the seminar not only attracted members but also numerous participants from REHDA and local SMEs, hoping to clarify various implementation details.

He mentioned that KCCCI plans to hold another seminar in Chinese to benefit more local entrepreneurs.

Among the speakers was Wan Jun Fai, Client Manager of IFCA; Yong Siew Woon, Vice President of IFCA Software, and Yong Teck Hui, Senior Tax Manager at PKF Malaysia. Pang Kwei Seen, Chairman of REHDA Pahang, attended the event too.