General subject related
Important Components:
- InvoiceNow: The national e-invoicing platform managed by IMDA, allowing businesses to submit e-invoices directly to IRAS.
- Peppol 5-corner model: Connects buyers, suppliers, access points, and tax authorities for seamless e-invoice exchange.
Role of E-Invoicing Solution Providers:
- Help with submission, formatting, and compliance with IRAS requirements.
- Ensure document security, proper structure, and automated transmission.
- Facilitate international trade by handling cross-border invoice formats and processes.
Must-Have Features:
- Certification: Providers must be IMDA-accredited to ensure Peppol compatibility and data security.
- Test Capability: Access to demos or test environments to evaluate functionality.
- System Integration: Compatibility with your existing ERP or invoicing systems.
- Reliable Support: Responsive customer service during and after implementation.
- Scalability: Ability to handle growing transaction volumes and regulatory changes.
With e-invoicing set to become mandatory for new GST registrants, Singaporean businesses should act now. Choosing a reliable, certified provider ensures compliance, reduces manual workload, and supports seamless cross-border transactions.
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