With the intention to digitalise government processes, the Infocomm Media Development Authority (IMDA) launched the local e-invoicing network, InvoiceNow, in January 2019. With InvoiceNow, businesses will be able to enhance their operational efficiencies with shorter payment cycles and lower costs.
InvoiceNow is also the extension of the International PEPPOL (Pan European Public Procurement On-Line) E-Delivery Network. Businesses that are already connected to PEPPOL will be able to perform transactions internationally with other connected businesses. There will be no more manual documentation required, thereby cutting down on the lead time for payments.
Grants for E-invoice
To promote digitalisation, the government is offering 80% funding support under the Productivity Solutions Grant (PSG) when businesses purchase the software. To top it up, there are 2 additional grants that will help to further defray the cost of purchase. Find out more about the Skills Future Enterprise Credit (SFEC) and E-Invoicing Registration Grant (ERG).
Businesses may be able to defray their full cost of purchase If they qualify for all the above mentioned grants and incentives. However, do note that the level of funding support may be reduced after 31 December 2020. Therefore, it is important to apply by the end of the year.
In order to submit e-invoices to government agencies, companies will need to fulfil the following conditions:
- Have a CorpPass account at CorpPass portal (corppass.gov.sg)
- Have an “Approved” vendor record at Vendors@Gov (vendors.gov.sg)
- Ensure that e-invoices are submitted based on the e-invoice requirements of different government agencie
Managing E-Invoices After Submission
E-invoices that have been successfully submitted can be viewed, edited or deleted at Vendors@Gov. The status of the e-invoices can also be monitored at Vendors@Gov.
|View E-invoice||Edit/Delete E-invoice|
|Can be viewed at Vendors@Gov for 180 days from the date of the e-invoice||Can be edited/deleted at Vendors@Gov on the same day of submission before 7pm|
For e-invoices that have been rejected, submissions of new/amended ones can also be done at Vendors@Gov.
Receiving Payments For E-Invoices
Payments for successful e-invoices submitted to the government agencies will be made to the bank account(s) registered at Vendor@Gov.