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The Star
27 minutes ago
- Business
- The Star
E-invoicing on hold – but don't relax
PETALING JAYA: Small businesses earning RM500,000 and below annually in Malaysia can breathe a sigh of relief following the Inland Revenue Board (LHDN) granting them a full exemption from implementing e-invoicing. However, trade groups say that those still required to adopt the system must use the postponed deadlines wisely and ready themselves for the rollout. Associated Chinese Chambers of Commerce and Industry of Malaysia treasurer-general Datuk Koong Lin Loong said the exemptions are timely and a welcome relief. 'This is especially for micro-businesses like hawkers, petty traders and family-run businesses whose turnover is below RM500,000 annually,' he said, adding that the postponement for certain income brackets is also sufficient. 'Businesses will now have the time to familiarise themselves with the system. Upskill and find a way to work it out,' Koong said. On Thursday, the LHDN said taxpayers with an annual income or sales below RM500,000 are exempted from implementing the e-invoice system. It also said the implementation of e-invoicing for those earning between RM1mil and RM5mil has been postponed to Jan 1, 2026, while its implementation for those earning up to RM1mil is postponed to July 1, 2026. The e-invoicing initiative began in August 2024 for companies with an annual turnover or revenue of more than RM100mil. 'CLICK TO ENLARGE' The second phase started on Jan 1 this year for businesses with annual sales of between RM25mil and RM100mil. The third phase of the full implementation of e-invoicing was initially set to begin on July 1, involving all types of businesses. According to information from the LHDN's website, e-invoicing will enable near real-time validation and storage of transactions, catering to business-to-business, business-to-consumer and business-to-government transactions. Federation of Malaysian Business Associations vice-chairman Nivas Ragavan (pic) said many small businesses are still navigating digital transformation and the extension allows crucial breathing space. 'It allows small and medium enterprises (SMEs) to better understand compliance requirements, invest in suitable systems and train their staff without the pressure of a looming deadline. 'The revised timelines provide SMEs with a more realistic window for preparation,' he said. He said the additional time must be used effectively. 'It is important that the government, particularly the Inland Revenue Board and related agencies, work closely with SMEs to offer technical guidance and awareness programmes across the country,' he said. 'Dedicated grants or financial support schemes for micro and small and medium enterprises can be introduced to help them adopt the necessary systems and technologies for e-invoicing,' he added. Small and Medium Enterprises Association (Samenta) president Datuk William Ng said the exemption for those earning below RM500,000 annually will spare traders, hawkers and family-run shops from compliance burdens. 'The postponement of e-invoicing requirements for selected income brackets also gives SMEs the breathing space they need to prepare, upskill and adapt,' he said. Meanwhile, SME Association of Malaysia president Chin Chee Seong proposed for the e-invoicing exemption to also include those earning RM1mil annually and below. 'At least here, you can cover a bigger category of SMEs. If there is such a move, do inform us early,' he said, noting how some businesses, who are now exempted, had previously already prepared for the e-invoicing systems and features.
Barnama
05-05-2025
- Business
- Barnama
ACCIM SEES CORDIAL TALKS AS KEY TO FAIR, BALANCED MALAYSIA-US TRADE DEAL
BUSINESS KUALA LUMPUR, May 5 (Bernama) -- The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) believes that continued cordial negotiations between the Malaysian and United States (US) governments can lead to a fair and balanced trade deal. ACCCIM president Datuk Ng Yih Pyng said in a statement today that such a deal would deepen Malaysia-US bilateral trade and investment through enhanced market access and reduced tariffs. 'There is no reason to inflict severe economic damage on businesses from both countries, particularly those sectors and industries that have significant market presence in the US and vice versa,' he said. Ng also said the association suggested that the government increase the amount of Market Development Grant (MDG), which currently stands at RM5,000 for international fairs or exhibitions held in Malaysia and RM25,000 for those held overseas. He added that ACCCIM supports efforts to engage in more free trade agreements (FTAs), including resuming the FTA negotiations with South Korea and the European Union (EU). Ng said that with many countries now facing an extraordinary wall of tariffs, many micro, small and medium enterprises (MSMEs) have expressed concern that more products from Malaysia's trading partners may be dumped into the local market, weakening domestic industries. 'The flooding of foreign goods would nonetheless increase competitive pressure on domestic MSMEs, particularly in sectors such as trading, retailing, furniture, iron and steel, consumer durables, and e-commerce, where margins are already tight,' he said. Ng added that the association has proposed a multifaceted approach to curbing 'rebadged' products. Among the suggestions are enhanced customs inspections and enforcement using risk-based profiling and targeted checks, focusing on sectors or products with high tariff differentials. The approach includes mandating stricter verification and compliance of the Certificate of Origin and Rules of Origin to prevent 'renegade product' activities at ports.
The Star
02-05-2025
- Business
- The Star
Amended S'wak labour laws a boost for worker rights and talent retention, says biz group
KUCHING: Amendments to the Sarawak Labour Ordinance, which came into effect on Thursday (May 1), will enhance workers' rights as well as business competitiveness, says the Associated Chinese Chambers of Commerce and Industry of Sarawak (ACCCIS). It said the amendments were also a significant step forward in aligning Sarawak's labour laws with Peninsular Malaysia's Employment Act 1955 and internationally recognised labour standards. "These changes ensure that local employees are entitled to equal rights and benefits, contributing to the creation of a more equitable and secure workplace. "In addition, the reforms enhance business competitiveness in attracting and retaining talent, thereby injecting strong momentum into Sarawak's sustainable economic development," it said in a statement on Friday (May 2). ALSO READ: New amendments to Sabah and Sarawak labour ordinances take effect from May 1 ACCCIS urged its members to comply with the amendments while also encouraging employers to adjust their human resource management and operations accordingly. This would ensure that the rights and responsibilities of both employers and employees are properly safeguarded, it said. Key amendments include expanding the coverage of the Sarawak Labour Ordinance to all categories of employees, no longer limited to those earning RM2,500 and below; extending maternity leave from 60 to 98 days; introducing seven days' paternity leave; reducing the work week from 48 to 45 hours; and raising the salary cap for overtime and public holiday pay from RM2,000 to RM4,000. The amendments also introduce new provisions on flexible work arrangements, improved employee accommodation standards and the prohibition of workplace discrimination, forced labour and sexual harassment.
