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Singapore InvoiceNow e-invoicing; pilot completes

InvoiceNow Peppol pilot completes

The Singaporean tax office, Inland Revenue Authority of Singapore (IRAS), has confirmed the successful completion of a trial of its InvoiceNow e-invoicing platform. This is based on Peppol exchange standard and network, which Singapore adopted in 2019.

One of the key successful aims of the pilot was to test if InvoiceNow could be updated from its exiting 4-corner model to a 5-corner with Peppol.

InvoiceNow will become the compulsory platform for B2G e-invoicing – today it is only mandatory.

The pilot trial has yielded positive findings. Besides productivity savings from digitalising invoicing, businesses can benefit from easier GST compliance, potentially fewer audits and faster GST refunds. IRAS now plans to work with IMDA, the Accountant-General’s Department, and businesses to increase the adoption of InvoiceNow for GST administration.

Besides domestic transactions, InvoiceNow also supports cross-border transactions with businesses in jurisdictions that are connected to the PEPPOL network.

Feb 2023: B2G e-invoicing to be mandatory on ‘InvoiceNow’ Peppol-based regime

The Singaporean government has announced plans to mandate B2G e-invoicing via its InvoiceNow platform. No clear deadline has been provided – all though almost all B2G transactions are already processed via InvoiceNow.

Singapore was the first country outside of Europe to adopt the Peppol standard in 2019.

InvoiceNow is currently a voluntary service provided by the government for businesses to use to facilitate the exchange of structured invoices. It operates as and interoperable e-invoicing framework on the open standard Peppol network. It is available to any business with Peppol-enabled invoicing systems. Any e-invoices are only exchanged between the parties – no information is sent to the Inland Revenue Authority. Invoices on InvoiceNow are considered a tax invoice, and are accepted by the Inland Revenue for the purposes of GST deductions.

B2C invoices are outside of the scope of InvoiceNow.

Our international live VAT invoice transaction and e-invoice tracker on real-time transaction-based tax reporting lists all the countries imposing transaction-based reporting.

Asia Pacific e-invoicing

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