- In 2019, Singapore adopted Peppol for its eInvoicing specifications and network, operating in Singapore under the name InvoiceNow
- As the Peppol Authority in Singapore, the Infocomm Media Development Authority (IMDA) oversees InvoiceNow
- IRAS and IMDA, together with the Accountant-General’s department, will work together to increase the adoption of InvoiceNow for tax administration
- Expected benefits include productivity gains, easier GST compliance, fewer audits and faster GST refunds
- IRAS and IMDA, together with selected GST-registered businesses, have already undertaken a pilot using data from InvoiceNow for tax administration, yielding positive findings
At the 16th Plenary meeting of the Forum on Tax Administration (FTA) held in Singapore from 11th to 13th October 2023, the Inland Revenue Authority confirmed its intention to leverage InvoiceNow for Tax Administration.
The full media release from IRAS can be found here:
Geok Seong Wah, IMDA Director for eInvoicing, commented on this significant development, “We recognise the value of Peppol and its inherent attributes, and extensible and international friendly architecture, to solve new use cases such as tax administration. We look forward to layering more value on Peppol to bring further benefits to our businesses”.
André Hoddevik, OpenPeppol Secretary General said, “Peppol has developed a solution for tax administrations that extends the existing Peppol Interoperability Framework. IMDA was the first Peppol Authority outside Europe, and it is especially pleasing to see Singapore become the first jurisdiction worldwide to announce its intention to utilise Peppol to support tax administration”.
About Peppol
The Peppol Interoperability Framework enables organisations to electronically exchange key business and tax documents. Governments in 20 countries have established Peppol Authorities to oversee the adoption of Peppol in their jurisdictions, with several now evaluating Peppol to support indirect tax management.
About InvoiceNow
More than 55,000 Singapore businesses are connected to the Peppol Network over InvoiceNow through more than 200 solution and service providers. Earlier in 2023, the Singapore government announced its intention to make InvoiceNow the default channel for all government vendors, amplifying benefits from the network effect.
About the Forum on Tax Administration (FTA)
Facilitated by the OECD, the FTA brings together tax administration commissioners from over 50 countries, aiming to enhance the effectiveness, efficiency, and resilience of tax administration.
ENDS
For more information about Peppol, see https://peppol.org
For more information about IMDA, see http://www.imda.gov.sg/einvoice
For more information about the FTA, see https://www.oecd.org/tax/forum-on-tax-administration/