- Singapore’s Info-communications Media Development Authority (IMDA) became the first non-European governmental agency to become a Peppol Authority in May 2018.
- Peppol is part of Singapore’s eInvoicing framework, which aims to facilitate international trade, increase efficiency, and reduce costs.
- New Zealand and Australia have also joined Singapore in expanding Peppol in the ASEAN region.
- Businesses in Singapore benefit from Peppol by reducing invoicing processing costs, eliminating manual processes, speeding up payments, reducing errors, and improving compliance with laws and regulations.
- Peppol is at the center of Singapore’s nationwide eInvoicing network called InvoiceNow.
- The government has introduced grants and incentives to encourage adoption of Peppol.
- Peppol supports cross-border transactions and ensures legal compliance.
- However, it currently only covers business-to-business transactions and not consumer transactions in Singapore.
- IMDA has developed an extension to Peppol’s Business Interoperability Specifications (BIS) Billing 3.0 to help companies comply with Singapore tax laws.
Source Tickstar
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