Kuala lumpur: The Inland Revenue Board of Malaysia (IRB) is urging micro, small, and medium enterprises (MSMEs) to voluntarily adopt e-Invoicing to leverage its benefits for business operations and to gear up for the digital economy.

According to BERNAMA News Agency, Dr. Rasyidah Che Rosli, director of the IRB Tax Operations Sector, e-Invoicing Division, highlighted that the move to e-Invoicing signifies a shift from manual to digital business document management, adding value to businesses. She emphasized that e-Invoicing replaces traditional practices dependent on physical records like receipts and manual logbooks, which are susceptible to risks such as loss, damage, incorrect recording, and require storage space.

Dr. Rasyidah pointed out that physical records are vulnerable to external threats such as floods, fires, and theft, potentially disrupting business continuity. With e-Invoicing, transaction information is stored digitally and accessible anytime, addressing common MSME challenges like inconsistent records, disorganized data, transaction errors, and financial report preparation difficulties.

She addressed concerns about costs and digital adoption among small traders, noting that IRB offers a free e-Invoicing platform. Traders can implement e-Invoicing without incurring costs, and LHDN supports operational expenses through the My e-Invois e-POS system, facilitating digital business management and e-Invoicing.

Dr. Rasyidah stated that even without e-Invoicing, a digital system is essential for business management, thus avoiding additional cost burdens on small enterprises. The IRB acknowledges the time needed for digital adaptation and provides direct support, including hands-on assistance from IRB officers for My e-Invois activation and implementation.

Furthermore, the government has extended the e-Invoicing implementation period for small traders from six to 12 months, considering their capacity and readiness.