As part of the Nationwide e-Invoicing Framework that was announced by Singapore’s Info-communications Media Development Authority (IMDA) in May 2018, Singapore will become the first Asian country, and the first country outside of Europe, to implement an e-Invoicing standard based on a system utilized in Europe.
To further raise productivity and efficiency in Singapore’s business ecosystem, including Small and Medium-Sized Enterprises (SME’s), the National e-Invoicing Framework will enable companies to send and receive e-invoices based on the Pan-European Public Procurement On-Line (PEPPOL) Standard. This allows companies to better track their invoices, reduce operating costs, and improve payment collection cycles.
“We decided the best way forward that would help companies plug into an international global marketplace is by adopting a global standard, and PEPPOL has a proper standard.”
– Mr. Tan Kiat How, IMDA Chief Executive
Announced in the 2018 Budget, further details were provided by Communications and Information Minister, Mr. S. Iswaran, at the inaugural SG: Digital Industry Day held at the Suntec City Convention Centre. “Through this interoperable and low-cost standard, Singapore companies can more easily adopt e-Invoicing on a larger scale. In addition, this will help our companies transact internationally, with businesses from many other countries that are also in the PEPPOL Network,” said Mr. Iswaran.
“We carefully reviewed the various e-Invoicing standards around the world, including the option of whether we should design our own Singapore Standard, but we decided the best way forward that would help companies plug into an international global marketplace is by adopting a global standard, and PEPPOL has a proper standard,” said IMDA Chief Executive, Mr. Tan Kiat How.
IMDA will be working with Government Agencies, Trade Associations, and Chambers such as Enterprise Singapore and the Singapore Business Federation, to implement the PEPPOL e-Invoicing Standard, and collectively drive a common framework for businesses.
Mr. Mervyn Koh, Managing Director and Country Head of Business Banking Singapore at United Overseas Bank (UOB) explained, “We will also work with our customers, including SME’s, in their adoption of e-Invoicing, so that they can improve their cash-flow management, productivity, and see greater connectivity across their supply chain.”
Did You Know?
ivi e-Invoicing Services Pte Ltd is one of the world’s largest e-Invoicing Solutions Providers and a Singapore IMDA Approved and Certified PEPPOL Access Point (AP) Operator and Solution Provider.