Singapore to launch nationwide e-invoicing framework for businesses

March 7, 2018  |  Asia, Electronic Invoicing, Government

Singapore businesses will soon be able to adopt a nationwide, interoperable electronic invoicing framework that could help them process payments more efficiently and increase productivity at work.

Minister for Communications and Information Yaacob Ibrahim, in announcing the national e-invoicing framework during the debate on his ministry’s budget on Tuesday (March 6), said that invoices are critical functions for businesses: “Without an invoice, businesses do not get paid. But invoicing can be very tedious and manual, with many inherent errors. E-invoicing can change that.”

Benefits of the framework include helping businesses cut costs, ensuring companies are paid faster, and opening up new financing options for them.

The Info-communications Media Development Authority (IMDA) is working with relevant government agencies, industry partners and business associations, such as the Singapore Business Federation, to explore various e-invoicing standards and a common framework for businesses to adopt here. The IMDA will announce more details later in the year.

 


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