KUALA LUMPUR: The Ministry of Communications and Digital, through Malaysia Digital Economy Corporation (MDEC), is implementing the National E-Invoicing Initiative, aimed at driving interoperable e-invoicing by digitalising how businesses exchange invoices.
This initiative will establish an interoperable e-invoicing framework tailored to Malaysia’s requirements, develop local service providers, and promote the adoption of e-invoicing by businesses.
It complements the e-invoice for tax implemented by the Inland Revenue Board of Malaysia (IRB).
“MDEC’s e-invoicing implementation for business digitalisation (B2B) will make it seamless for businesses to comply with the e-invoicing for tax compliance,” MDEC said in a statement today.
Businesses adopting interoperable e-invoicing will benefit from improved efficiency by eliminating manual data entry and paper handling, enhanced security through data transmission encryption, ease of cross-border data exchange in business transactions, and support for companies in environmental, social and governance by reducing paper use and carbon footprint.
MDEC also said that the government has mandated the corporation to implement e-invoicing for business digitalisation (B2B), using the Peppol framework.
The Peppol framework consists of technical specifications applicable to existing eProcurement solutions or Enterprise Resources Planning systems, enabling systematic interoperability between disparate systems across businesses and facilitating seamless e-invoice exchange.
Meanwhile, a panel session on ‘A Vision for Interoperability: E-invoicing and its Potential in Digital Trade’ will be held during MDEC’s Malaysia Digital Expo 2023 on Nov 6, 2023.
“Panel speakers include the representatives from OpenPeppol and Peppol Authorities from Japan, Singapore and Australia,” it added. – BERNAMA
