In May 2018, IMDA, the tax authority in Singapore, achieved a significant milestone by becoming the first Peppol authority outside the EU. This was a crucial step in the country’s e-invoicing landscape, demonstrating their commitment to digital transformation. In January 2019, IMDA launched a nationwide e-invoicing network as part of their initiative, which was later rebranded as InvoiceNow in September 2020.
IMDA’s primary goal has been to encourage the adoption of e-invoicing in both business-to-government (B2G) and business-to-business (B2B) environments. Although participation is currently voluntary, the government has recently announced intentions to make the usage of InvoiceNow mandatory for B2G transactions. However, the specific timeline for implementing this requirement is still uncertain.
The Peppol network facilitates document exchange through a widely used XML format called BIS Billing 3.0 UBL (Business Interoperability Specifications). This standardized format enables users to select their preferred accounting and ERP platforms while still being able to exchange invoices with their partners who may utilize different platforms. In other words, the common standard ensures compatibility and seamless communication between various systems, enabling businesses to collaborate efficiently regardless of their chosen software platforms.
