During a parliamentary session on February 24th, Senior Minister of State Mr. Chee Hong Tat declared that InvoiceNow will become the default e-invoice submission channel for all government vendors within the next few years.
Implemented by the Singapore government in 2019, InvoiceNow is an extension of the Peppol E-Delivery Network, enabling direct transmission of invoices in a structured digital format from one financial system to another. Singapore was the first non-European country to use the European network to exchange e-invoices between private enterprises.
Both small and large enterprises stand to benefit from this system, which offers faster payment cycles, lower costs due to the elimination of paper-based invoicing transactions, improved efficiency and security by eliminating manual processes, and reduced complexity. In addition, the system allows for international transactions with other businesses connected to the network.
As of today, the nationwide e-invoicing initiative has gained significant momentum with over 50,000 businesses now connected. To further accelerate adoption and enable businesses on the network to maximize its benefits, IMDA has introduced a range of financial incentives for users.
If you wish to receive further information about InvoiceNow, the eligibility criteria and how Diacron can assist you, do not hesitate to contact us at c.santi@diacrongroup.com