Singapore has adopted its own National e-Invoice System based on a widely used European Standard, as the Government continues to outfit local businesses here with the capabilities for the digital economy.
The authorities will use the PEPPOL (Pan-European Public Procurement On-Line) System for its Nationwide e-Invoice System, said Communications and Information Minister Mr. S. Iswaran on Monday, the 21st of May, 2018. This will help companies here speed up business transactions while minimising disputes, errors, and operating costs.
Speaking at the inaugural SG: Digital Industry Day held at the Suntec City Convention Centre, Mr. Iswaran also provided updates on a range of programmes. These are aimed at helping companies here pick up the pace in going digital and compete internationally through innovation, while also transforming the info-communications and media industries to meet the needs of a fast-paced digital world.
“We want to help all our companies to succeed in this transformation, and that’s why we are ramping up our efforts to accelerate the adoption of digital technologies.”
– Mr. S. Iswaran, Singapore Minister for Communications and Information
“While the digital economy holds much promise, going digital may be daunting for many enterprises, especially given the multiplicity of challenges in today’s complex and competitive economic landscape,” said Mr. Iswaran.
“We want to help all our companies to succeed in this transformation, and that’s why we are ramping up our efforts to accelerate the adoption of digital technologies.”
The implementation of a Nationwide e-Invoice System was first announced during the 2018 Budget in March 2018.
e-Invoicing is the automated creation, exchange, and processing of a request for payments between Suppliers and Buyers using a standardized digital format. It does away with existing digitized invoices, such as computer printouts, PDF documents, or scanned invoices which require some level of human input to process.
Singapore will be the first country outside Europe, and the first in Asia to adopt the PEPPOL System, which is already being used by 10 countries in Europe, such as Britain, Germany, and Norway. The system is interoperable, which lets any company on the network talk to others without any compatibility issues, including those overseas.
The Info-communications Media Development Authority (IMDA), which will oversee the system’s adoption, has received interest from 45 organizations, including Government Agencies, private-sector entities, associations, and technology solution providers.
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.