SMEs fear e-invoicing will be painful for them
The Small and Medium Enterprises Association says larger businesses are telling vendors to comply with the new system of risk being delisted.
Read More: https://www.freemalaysiatoday.com/category/nation/2024/07/12/smes-fear-e-invoicing-will-be-painful-for-them/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/07/12/bersediakah-peniaga-kecil-laksana-e-invois/
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Read More: https://www.freemalaysiatoday.com/category/nation/2024/07/12/smes-fear-e-invoicing-will-be-painful-for-them/
Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/07/12/bersediakah-peniaga-kecil-laksana-e-invois/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
Subscribe to our channel - http://bit.ly/2Qo08ry
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NewsTranscript
00:00Small and medium enterprises are concerned that the electronic invoicing system, the first phase of which will be implemented on August 1st, will have a negative impact on them.
00:12William Ng, chairman of the Small and Medium Enterprises Association, said larger businesses will expect SMEs to issue e-invoices to complete the continuous transaction control loop.
00:24Ng said large businesses have already begun to send out notices to their vendors, including SMEs, asking them to fulfill the new condition or be delisted.
00:34He proposed that small traders with revenue under RM300,000 per year be exempted from the e-invoicing regime.
00:41Meanwhile, the spokesman of an e-commerce enterprise warned that the new system might cause a domino effect and force some SMEs out of business due to their slow technology adoption rates.
00:52He said the government needs to consider those in rural areas who may not be ready to implement e-invoicing.
00:58He suggested postponing the implementation of the initiative for certain industries, adding that SMEs would be forced to invest in digital infrastructure and periodic maintenance.