KUALA LUMPUR: The government is looking at ways to cut costs of implementing the e-invoicing system for small and medium enterprises (SMEs).
E-invoicing will be mandatory for all businesses on July 1, 2025.
Digital Minister Gobind Singh Deo was responding to concerns raised by the Small and Medium Enterprises Association of Malaysia (Samenta) on the increase in costs for small and medium enterprises (SMEs) with the system.
The costs include of e-invoicing consulting, IT system upgrade, training and additional employees.
Gobind said he received a few suggestions to assist SMEs in the process, which he will bring to the government for discussion.
"If there is any announcement, maybe it will be made in the next budget presentation.There are many aspects raised that need to be seen, not only this.We welcome suggestions and as a minister, I am open to opinions and views that can improve this new system," he said after officiating MDEC National E-Invoicing Open Day and Accreditation Ceremony here today.
At the same time, Gobind said the system offers a lot of benefits to businesses which in turn, will simplify invoicing processes and increase productivity.
"If we look at the impact broadly, it can simplify a business where the process will save money for us. Using this digital process will speed up our business process and also expedite all transactions that occur.From that point of view, we can definitely see an increase of income," he added.