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Singapore to launch nationwide e-invoicing framework for businesses
BUSINESSES will soon be able to adopt a nationwide, interoperable electronic invoicing (e-invoicing) framework that could help them process payments more efficiently and increase productivity at work.
Minister for Communications & Information, Yaacob Ibrahim, announcing the national e-invoicing framework at the Committee of Supply debate on Tuesday, said that invoices are critical functions for businesses.
"Without an invoice, businesses do not get paid. But invoicing can be very tedious and manual, with many inherent errors. E-invoicing can change that."
Benefits of the framework include helping businesses cut costs, ensuring companies are paid faster, and opening up new financing options for them.
The Info-communications Media Development Authority (IMDA) is working with relevant government agencies, industry partners and business associations such as the Singapore Business Federation to explore various e-invoicing standards and a common framework for businesses to adopt here.
The IMDA will announce more details later in the year.
Dr Yaacob described the new framework as "common infrastructure that will raise business productivity", which will go a long way in accelerating sectoral digitalisation in Singapore.