Singapore is the first non-European nation to adopt the PEPPOL e-invoicing network. As of 2020, already 11 Peppol Access Points are offering their services in Singapore.
In this article, you'll find more information about Peppol in Singapore, the $200 Peppol IMDA grant, and how you can send your first e-invoices to the Singaporean Government.
Peppol Singapore Developments
In May 2018, the Infocomm Media Development Authority (IMDA) became the first National Authority outside of Europe to join OpenPEPPOL as a PEPPOL Authority.
Already 11 Peppol Access Points are offering their services in Singapore. Among them is access point Storecove, a SaaS e-invoicing solution that has successfully established its Asia-Pacific presence.
As of 2020, the nation is in negotiation with Australia about facilitating digital trade through cross-border e-invoicing under the Australia and Singapore Digital Economy Agreement.
Ever since joining, certain efforts have been underway to implement the PEPPOL Business Interoperability Specifications (BIS) for e-invoicing and the PEPPOL eDelivery Network. These efforts have since been completed and the network is now live.
What is the IMDA?
The IMDA is responsible for the e-invoicing adoption in Singapore. The IMDA (Infocomm Media Development Authority) is a statutory board of the Singapore government, under the Ministry of Communications and Information (MCI).
The board aims to build a competitive and sustainable 'infocomm' media industry, developing Singapore as a nucleus for media content, services and applications, while growing the seed of technological innovation and fostering collaboration between local and multinational corporations in the sectors.
The Accountant-General’s Department (AGD) has prepared an E-invoice Submission Guide that explains how you may do so, and the requirements to comply with.
"With IMDA as the first PEPPOL Authority outside of Europe, the official launch of the PEPPOL eDelivery Network in Singapore is a big milestone for OpenPEPPOL. We appreciate that Singapore now serves as an example for other countries outside of Europe that are considering strategies to support domestic and cross-border E-invoicing.” - Mr. André Hoddevik, OpenPEPPOL Secretary General.
Peppol BIS Billing 3.0
To support the exchange of invoices within Singapore, IMDA has developed an extension on the PEPPOL BIS Billing 3.0.
The extension takes into consideration Singapore’s GST tax requirements, and helps companies comply with Singapore tax laws through PEPPOL easily.
CURRENTLY OUDATED: Peppol IMDA E-invoice Grant: Join peppol and receive $200
In collaboration with Enterprise Singapore, The IMDA administered an E-Invoicing Registration Grant of $200 for every company that registers on the Peppol network before 31 December 2020.
IMDA implemented this strategy to rapidly increase the adoption of the Peppol E-invoicing Network, and to:
- Help businesses improve efficiency;
- Reduce overall cost;
- Enjoy faster payment(s);
- Become and stay green in future endeavors.
Also, suppliers are encouraged to submit e-invoices to Government agencies via this network.
To become eligible for the Peppol $200 Grant you first have to sign up at a Peppol Access Point. We as a company offer this kind of service as well. If interested, feel free to sign up and create a free Peppol ID within our Access Point.
Once your Peppol ID has been validated (approximately 1 to 2 workdays) you can find all necessary information on IMDA's website for receiving your payment from PayNow Corporate.
How to send E-invoices to the Singaporean Government?
Want to learn how to submit e-invoices to Singapore government agencies via the PEPPOL Network? We'd recommend for you to download this Singaporean E-invoicing Guide.
To be able to send an e-invoice to the Singaporean government, you have to create a Peppol ID first. You can create one at a Certified Peppol Access Point
Read also: How to Become a Peppol Access Point Yourself?
About Storecove
Storecove helps thousands of companies with faster and more efficient invoicing. As a fully AS4 compliant Peppol Access Point, Storecove connects large companies and ERP systems to the Peppol network.
Companies choose Storecove for its unique global invoice format conversion and delivery: One connection, global connectivity.
More information about Peppol & Singapore?
Call us on +31 (0) 20 261 17 91 or send an e-mail to helpdesk@storecove.com.
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