Many small and medium-sized enterprises still rely on traditional cash registers or older POS systems that lack e-invoicing capabilities. These systems may not generate electronic invoices in the required format (such as XML or Json), making compliance with e-invoicing mandates a daunting task.
Solution:
Even if your business uses accounting software, older versions might lack e-invoicing features. Upgrading to the latest version can be costly and disruptive.
Solution:
As of Budget 2024, there are several measures aimed at assisting businesses, especially SMEs, in adopting e-invoicing:
Tax Deduction for E-Invoice Implementation:
Mandatory E-Invoicing Implementation:
Grants for SMEs:
Upskilling and E-Commerce Participation:
Note: Regulations may have evolved since our last update. Always consult official sources or legal advisors for the most up-to-date information.
Disclaimer: The information provided in this article is for general guidance purposes only. While we strive to keep the content accurate and up-to-date, it should not be considered professional advice or a substitute for legal, financial, or accounting consultation. Readers are encouraged to consult with qualified professionals regarding specific regulations, compliance requirements, and best practices applicable to their individual circumstances. The author and publisher disclaim any liability arising from reliance on the information presented herein.
© 2008-2024 – Webnacc Business Solution Sdn Bhd