Singapore Announces Adoption of Peppol CTC to Strengthen GST Administration
Singapore confirms adoption of the Peppol CTC framework to enhance GST administration, with InvoiceNow set to expand as the default e-invoicing channel for government vendors.
Ahead of hosting the Forum of Tax Administration (FTA) Plenary from October 11 to 13, 2023, Singapore has announced its decision to adopt the Peppol Continuous Transaction Controls (CTC) framework to support real-time digital tax controls and enhance GST administration.
For a more seamless and efficient tax experience, the Inland Revenue Authority of Singapore (IRAS), together with the Infocomm Media Development Authority (IMDA) and other key stakeholders, has confirmed the adoption of Peppol CTC as the foundation for improved GST data submission and oversight.
In Singapore, Peppol operates under the national brand InvoiceNow. As an initial step, InvoiceNow is expected to become the default e-invoicing channel for government vendors in the coming years, helping to accelerate adoption and strengthen network effects.
At the same time, IRAS will continue working closely with IMDA, the Accountant-General’s Department, and the business community to expand the use of InvoiceNow for GST reporting and compliance, laying the groundwork for more automated and data-driven tax administration.
