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On the 24th of February 2023, the Republic of Singapore’s Senior Minister of State for Finance, Chee Hong Tat, announced that Peppol will become the default invoicing channel between the government and its vendors (B2G) in the coming years. To watch the full speech, access the video here.
In Singapore, electronic invoicing (e-invoicing) has gained momentum in recent years as part of the government's push to digitalise businesses and their processes. Since the introduction of InvoiceNow (Singapore’s local brand for the Peppol network), more than 60,000 Singaporean businesses have a Peppol ID and are transacting on the InvoiceNow network. The government has proactively accelerated the momentum through various campaigns and e-invoicing grants - such as the InvoiceNow Transaction Bonus (ITB) for small businesses, and the LEAD Connect & Transact grant for large businesses worth up to 70,000 Singapore Dollars.
Singapore’s grants and the campaigns promoting e-invoicing as a more efficient invoicing solution, will only accelerate and encourage local businesses to adopt new ways of invoicing.
InvoiceNow will eventually replace the Vendors@Gov portal which is currently used for government procurement. Mandating InvoiceNow as the default channel for government vendors (a so-called ‘B2G mandate’) is the next step in Singapore's e-invoicing journey. Even though the detailed timelines remain to be confirmed, such a mandate will further drive e-invoicing in Singapore.
If you’re a Singaporean business, and interested in transitioning to an e-invoicing solution, contact a member of our local Singapore team today.