- Singapore’s Inland Revenue Authority (IRA) has confirmed the adoption of Peppol e-invoicing standard for B2G transactions.
- The successful pilot trial tested if InvoiceNow could be updated to a 5-corner model with Peppol.
- InvoiceNow will become the compulsory platform for B2G e-invoicing.
- The pilot trial resulted in productivity savings, easier GST compliance, potentially fewer audits, and faster GST refunds.
- IRAS plans to work with other departments and businesses to increase the adoption of InvoiceNow for GST administration.
- InvoiceNow also supports cross-border transactions with businesses connected to the PEPPOL network.
- The Singaporean government plans to mandate B2G e-invoicing via InvoiceNow, but no clear deadline has been provided.
Source: vatcalc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
