Singapore and e-Invoice
In 2018, Singapore government decided to develop e-invoice system using European standards and PEPPOL network to increase international trade. In this context, the Information Communication Media Development Authority (IMDA), PEPPOL Authority of country, is responsible for assignment of access points (AP). Moreover, it is authorized to define the technical specifications for e-invoice system. IMDA is working with various industries to implement the nationwide e-invoicing framework. Thus, IMDA helps businesses increase efficiency, reduce costs, access new financing options and create a strong foundation for digitalization.
By 2019, Singapore launched its national e-invoicing network based on the PEPPOL network. Sİngapore is first Asian country to use the European network to exchange e-invoices between companies. The linking of public institutions to PEPPOL in 2020 expanded e-invoicing in Singapore to B2G.
Companies wishing to issue e-invoices in Singapore must have an accredited AP and an e-invoice system that can send invoices to the PEPPOL standard.
IMDA and PEPPOL
IMDA attended as PEPPOL representative in Singapore in May 2018. Responsible for approving AP providers in Singapore. IMDA is authorized to set national rules and specifications that meet Singapore’s local requirements. On the other hand, there is no national extension of the PEPPOL BIS format. For this reason, BIS 3.0 will be used as the standard for Singapore.
SGNIC, a subsidiary of IMDA, is the Singapore appointed Service Metadata Publisher (SMP). Singapore APs must register the Singapore businesses PEPPOL ID with the Singapore SMP. The PEPPOL ID format is well known to Singapore APs. Companies connect to the network via an AP such as einvoice.sg. It can then send and receive e-invoices. Thus, APs direct your invoices to the recipient over the PEPPOL network. It also sends you the invoices of all your vendors.
IMDA works with relevant stakeholders, including government agencies, trade associations, APs, solution providers, large businesses, and Small and Medium Enterprises to create an effective e-invoicing scheme in Singapore. In addition, IMDA is leading the adoption of PEPPOL in the ASEAN region. IMDA will assist neighboring countries in ASEAN that want to introduce a local e-invoicing standard.