In a move to enhance the administration of Goods and Services Tax (GST), Singapore has officially declared its adoption of the Peppol Continuous Tax Controls (CTC) framework. The announcement was made during the Forum of Tax Administration (FTA) Plenary, which is currently being hosted in the city-state from October 11 to 13, 2023.
The Inland Revenue Authority of Singapore (IRAS), in collaboration with the Infocomm Media Development Authority (IMDA) and various other relevant stakeholders, has reached a consensus to implement the Peppol CTC framework. This decision aims to provide taxpayers with a more seamless and convenient experience, ensuring real-time digital tax controls.
In Singapore, the Peppol framework is recognized under the name "InvoiceNow." As a pivotal first step, it is planned to become the default e-invoice submission channel for all government vendors (B2G e-invoicing) within the coming years. This strategic move is intended to boost the framework’s usage and its network effect. Concurrently, IRAS will work in partnership with IMDA, the Accountant-General's Department, and businesses to promote the adoption of Peppol CTC for GST administration throughout the nation.
Pagero in Singapore
Pagero has been locally present in the Singapore for 4 years since the inception of the InvoiceNow framework and has been an accredited Peppol Access Point for over ten years. The company remains ready to serve both local and international clients in adopting the new as well as future e-invoicing frameworks in the country.
“The adoption of Peppol CTC, under the name InvoiceNow, is set to revolutionize GST administration in Singapore, offering enhanced efficiency and convenience for taxpayers and businesses alike,” says Raymond Lam, Managing Director ASEAN. “This strategic decision reflects Singapore's commitment to leveraging cutting-edge technology to streamline its tax administration processes.”