Singapore, 19 Jun 2020 – More than 10,000 businesses have joined the nationwide e-invoicing network, a rapid growth from just 1,000 in March 2020. They are amongst the first to benefit from the Infocomm Media Development Authority’s (“IMDA”) E-invoicing Registration Grant (“ERG”)1.
IMDA implemented the nationwide e-invoicing network in 2019 to help businesses improve efficiency, reduce cost, receive payment faster, and reduce our impact on the environment through using less paper invoices. This network is an extension of the international Peppol E-Delivery Network which allows businesses to transact internationally with other companies on the network.
Businesses that join the nationwide e-invoicing network on or before 31 December 2020 can receive an ERG of $200, which will be paid out through PayNow Corporate2. The ERG was announced in March 2020 at the Resilience Budget and $10 million has been set aside for the Grant.
“E-invoicing will help businesses improve operational efficiency, reduce cost, enjoy faster payment cycles and strengthen their resilience to shocks such as COVID-19. It is encouraging to see more than 10,000 businesses adopting this important digital utility in less than three months, and I look forward to welcoming even more businesses to be part of our nationwide e-invoicing network,” said Ms Jane Lim, Assistant Chief Executive, IMDA.
Businesses who are interested to join the nationwide e-invoicing network can choose from more than 70 Peppol-ready accounting and ERP solutions3. Those already using Peppol-ready solutions can approach their solution providers to register on the network and be eligible for the ERG.
For more information on e-invoicing, please visit: https://www.imda.gov.sg/einvoice.
For more information on the ERG, please visit, https://www.imda.gov.sg/programme-listing/nationwide-e-invoicing-framework/e-invoicing-registration-grant.
This grant is applicable for businesses which are active and registered in Singapore on or before 25 March 2020. Payment will be disbursed by PayNow Corporate to the registered UEN (without suffix).
List of over 70 Peppol ready solutions providers - https://www.imda.gov.sg/programme-listing/nationwide-e-invoicing-framework/Peppol-Ready-Accounting-ERP-Solution-Providers
ISSUED BY THE INFO-COMMUNICATIONS MEDIA DEVELOPMENT AUTHORITY
About Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. This is in line with IMDA’s sectoral transformation efforts to use technology to drive productivity and innovation, unlock new opportunities and fuel growth in the digital economy, both locally and internationally. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore’s data protection regime through the Personal Data Protection Commission.
For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook IMDAsg and Twitter @IMDAsg.
For media clarifications, please contact:
(Mr) Aung Thi Ha
Manager, Communications and Marketing, IMDA
DID: (65) 9338 2594