- Singapore is transitioning to a digital economy with an e-Invoicing initiative called InvoiceNow.
- The initiative requires strategic planning and technological solutions for compliance.
- The system is based on a five-corner model operated by IMDA and IRAS.
- Corner 1: Supplier issues an e-Invoice in PINT SG XML format for Peppol transmission.
- Corner 2: Supplier’s Peppol Access Point validates and forwards the invoice.
- Corner 3: Buyer’s Peppol Access Point receives and delivers the invoice.
- Corner 4: Buyer processes and archives the invoice for five years.
- Corner 5: IRAS receives real-time invoice data for compliance monitoring.
- The initiative aims to enhance tax transparency and reduce manual processing.
- The rollout is tied to businesses’ GST registration and is being implemented gradually.
Source: rtcsuite.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.
