The Inland Revenue Authority of Singapore (IRAS) has officially announced its adoption of the InvoiceNow (Peppol) e-invoicing network for GST administration. IRAS, in collaboration with Infocomm Media Development Authority (IMDA), conducted a pilot program involving selected Singaporean businesses to evaluate a 5-corner decentralized Continuous Transaction Control (CTC) model.
IMDA achieved the distinction of becoming the first Peppol Authority outside of Europe in May 2018. The nationwide E-invoicing network was launched in January 2019, with 11 Access Point providers ready to serve the market. In 2019, the accreditation for Peppol-ready solutions was introduced, and by January 2020, over 50 Peppol solution providers had successfully integrated into the network. Notably, in September 2020, the nationwide E-invoicing network was rebranded as InvoiceNow, reflecting its evolution and widespread adoption.
More comprehensive information will be forthcoming, and IMDA will collaborate with accredited Peppol service providers to facilitate the implementation of this initiative within Singapore’s business landscape.