The Singapore Peppol e-invoicing scheme is an electronic invoicing initiative launched by the Singaporean government to facilitate efficient, secure and seamless invoicing between businesses in the country. Peppol stands for Pan-European Public Procurement Online and is a framework developed by the European Committee for Standardization to support cross-border electronic procurement processes.
Under the Singapore Peppol e-invoicing scheme, businesses can use a common standard to exchange invoices electronically with their customers and suppliers. This allows for faster processing of invoices, reduces the risk of errors and discrepancies, and lowers administrative costs for businesses.
The scheme is open to all businesses in Singapore, regardless of size or industry, and is free to use. The Singaporean government has also introduced incentives to encourage businesses to adopt e-invoicing, including a one-time registration grant and a productivity solutions grant to cover the cost of implementing e-invoicing solutions.
Overall, the Singapore Peppol e-invoicing scheme is part of the government’s efforts to digitize and modernize the country’s economy and improve the competitiveness of Singaporean businesses in the global marketplace.