Bernama- Local businesses that want to increase their global market presence are advised to be part of global e-invoicing solutions such as Pan-European Public Procurement On-Line (Peppol) when Malaysia is moving towards a digital economy. Head of AwanBiru Enterprise Solutions
Technology Bhd (Awantec) Faisal Poad stated that globally, more than 60 countries have used e-invoicing solutions to digitize their businesses.
“If you are a large-scale business, with a large volume of sales and trying to move towards better global trade, we would suggest you to use OpenPeppol (provider of Peppol), which is a document exchange solution for e-invoicing.
“By subscribing and using the Peppol network, you will enable connectivity to providers-other providers, which is more about how we should conduct our business in the future,” he told Bernama on the sidelines of the Financial Technology and Accounting Institute of Accounting Malaysia
(AFT MIA) 2024 today.
Malaysia has made it mandatory for companies with an income of over RM100 million to adopt e-invoicing solutions, which will be the first group involved in the implementation of e-invoicing from August 1, 2024.
In addition, companies with annual income or sales exceeding RM25 million and up to RM100 million will start use e-invoicing on Jan 1, 2025, and the e-invoicing system will be fully enforced from July 1, 2025.
Last month, the Inland Revenue Board (IRB) announced access to
Myinvois (Sandbox) testing environment from April 10 for companies pioneering e-invoicing systems.