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Senior Minister of State, Chee Hong Tat, announced in early 2023 that “the Government will implement InvoiceNow as the default e-invoice submission channel for all Government vendors within the next few years”.
Singapore considers mandatory e-invoicing
Singapore became the first country outside of Europe to leverage the European network, Peppol, for enhancing e-invoices between private enterprises.
In 2019, Singapore launched its national e-invoicing network, which is built on the Peppol infrastructure. To encourage e-invoicing adoption, the Infocomm Media Development Authority (IMDA) introduced InvoiceNow, a comprehensive initiative that includes financial incentives for companies embracing e-invoicing.
Singapore is dedicated to reducing its reliance on paper invoices. During an announcement at the start of 2023, Senior Minister of State, Chee Hong Tat, stated that the government will make InvoiceNow the default e-invoice submission channel for all government vendors within the next few years. This means that InvoiceNow will replace the Vendors@Gov portal for registered businesses.
Streamlining government procurement
This is a significant move by the Singaporean government towards the complete adoption of e-invoicing as the default submission method. The ultimate goal of the initiative is to make e-invoicing a mandatory process as early as possible, aligning with the current trend in the APAC region.
Furthermore, thanks to InvoiceNow, businesses can improve efficiency, reduce costs, get paid faster, transact across borders and have access to new financial options. The initiative enables businesses to transition from paper based tasks to electronic processes, which streamline payment cycles and improve invoicing efficiency.
How can you benefit from Banqup?
Banqup is accredited by the Infocomm Media Development Authority (IMDA) as an Access Point for the Peppol network in Singapore.
To issue electronic invoices in Singapore, companies must possess an authorised access point and an e-invoicing system capable of transmitting invoices in the Peppol standard. Banqup is fully InvoiceNow ready and enables your business to send e-invoices to Singapore governmental agencies hassle-free.
If you previously needed to send invoices to the Accountant-General’s Department (AGD) via the Vendors@Gov platform, you can now simply create and send an InvoiceNow invoice to the government using Banqup, with no extra steps required.
To encourage more businesses to adopt e-invoicing and enjoy its benefits, IMDA has introduced several grants that businesses can easily make use of.
If you would like to start condensing electronic invoicing processes for your business, take a look at our solutions. Take advantage of this opportunity to transition to electronic processes and improve your invoicing efficiency!
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