PETALING JAYA: The Malaysia Retail Chain Association (MRCA) said there is a need for ongoing dialogue, education and collaboration between retailers and the Inland Revenue Board (IRB) to address the complexities associated with the transition to the electronic invoicing system (e-invoicing).
MRCA deputy president Datuk Ken Phua said it welcomes the government’s proposals on e-invoicing but noted the intricacies in the implementation of the system.
“There are quite a number of substantial processes that we need to embark before we talk about e-invoicing. We’re going to meet this structure that is proposed, and we welcome all this proposal by the government, but the intricacies and all those things and the processes we need to dialogue with the implementer,” he told reporters at the signing of a memorandum of understanding signing between Web Bytes Sdn Bhd and E3 Capital Sdn Bhd today.
Phua highlighted the importance in educating retailers to shift from manual to digital processes.
“E-invoicing is something that we have to educate all the retailers in the market on how we approach this so-called new way of how to digital transaction,” he said.
According to IRB, an e-invoice is a digital representation of a transaction between a supplier and a buyer.
E-invoice replaces paper or electronic documents. It contains the same essential information as traditional documents, for example, supplier’s and buyer’s details, item description, quantity, price and tax.
E-invoicing will be implemented in three phases, from August 2024 to July 2025.
