MDEC to implement e-invoicing for business digitalisation

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 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 aspects by reducing paper use and carbon footprint.

  The National E-Invoicing initiative is a programme under the 12th Malaysia Plan (RMKe-12), with MDEC as the implementing agency.

  MDEC said that the government has mandated the corporation to implement e-invoicing for B2B using the Peppol framework.

  The Peppol framework consists of technical specifications applicable to existing e-procurement solutions or enterprise resource planning systems, enabling systematic interoperability between disparate systems across businesses and facilitating seamless e-invoice exchange.

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