Singapore

• Led by IMDA through the Invoice. Now network (based on Peppol framework).
• Benefits: Secure, real-time processing, reduced manual work, enhanced business interoperability.
• Standard Format: BIS Billing 3.0 UBL XML ensures seamless integration with accounting and ERP systems.

Implementation of mandatory e-invoicing in Singapore

• January 2019: Singapore officially adopted the PEPPOL e-invoicing framework, becoming the first country in Asia to implement it at the national level. The initiative was led by the Infocomm Media Development Authority (IMDA), designating IMDA as the PEPPOL Authority for Singapore.
• 2020: The government launched the InvoiceNow network, a local implementation of the PEPPOL system, allowing businesses to exchange invoices directly between ERP systems using a standardized format. The Singapore government provided grants and adoption incentives, including integration funding and technical support, to accelerate uptake among SMEs and large enterprises.
• Currently voluntary: As of now, e-invoicing is not mandatory. However, all vendors dealing with government agencies are strongly encouraged to use InvoiceNow, and the IMDA has signaled that progressive mandates are under consideration, particularly for B2G and large B2B suppliers. Businesses are urged to adopt the system early to stay aligned with future requirements.

Who needs e-invoices in Singapore?

• B2B Transactions: Recommended for seamless operations and tax compliance.
• B2C Transactions: Enhances efficiency in retail and receipt management.
• Government Vendors: Mandatory for invoices to public agencies.
• MSMEs: Streamlines operations and reduces administrative workload.

E-Invoicing vs. E-Billing

Key features of Singapore’s e-invoicing system

• Real-Time Validation: Automatic compliance checks through Peppol.
• Standardized Format: Ensures interoperability across systems using BIS Billing 3.0 UBL XML.
• Integration: Compatible with major accounting and ERP platforms

E-Invoicing dataset

• Taxpayer IDs: Identification numbers for buyers and sellers.
• Goods and Services Info: Detailed descriptions, quantities, and pricing.
• Applicable Taxes: GST details and other levies as applicable.
• Standardized XML Format: Ensures uniformity and interoperability across all platforms.

E-invoicing across transaction types

• Mandatory for taxable supplies.
• Enhances cross-border interoperability and GST compliance.

• Encouraged for GST-compliant digital receipts and accurate tax reporting.

• Mandatory for public procurement, ensuring transparency and compliance.

E-Invoicing penalties

• Operational Challenges: Increased manual workload and inefficiencies.
• Lost Opportunities: Loss of government grants and delays in payment.
• Competitive Disadvantage: Falling behind digitally adapted businesses.