Overview: The Rise of e-Invoicing in Singapore Singapore has been at the forefront of adopting digital invoicing, marking significant milestones in its technological transformation. In May 2018, the Infocomm Media Development Authority (“IMDA”) became the first Peppol Authority, outside of Europe, adopting the Peppol framework utilising Peppol access point providers.
General: The New Bookkeeping Act and E-Invoicing The concept of e-Invoicing is not new to Denmark. The Danish Parliament has been implementing Danish tax legislation to regulate the exchange of electronic invoices as early as 2005. In November of 2024, Denmark released an executive order that requires Danish companies to
Background: E-invoicing in France On 15 October 2024, the Ministère Chargé du Budget et des Comptes Publics, with the direction Générale des finances publiques (‘DGFiP’) of the French tax authority, did a press release in which the DGFiP stated that there will be a reform in the development of the
What is Peppol? Peppol, the brand’s name, is an acronym which stands for Pan-European Public Procurement Online. The purpose of the creation of the “Peppol”-platform, is to establish a channel that is utilised to send and receive electronic invoices. This will include sending electronic invoices to recipients, such
What is a CTC model? What does CTC stand for? Continuous Transaction Control (CTC) models refer to the mandatory transaction data reporting and verification procedure to be followed in order to submit e-invoice data to the relevant tax authority. This allows the relevant tax authority to collect data on-line and
ViDA Estonia has been the predetermining factor in the adoption of ViDA (VAT in the Digital Age). As previously, Estonia held a ‘veto’ to one of the Pillar's of ViDA. As of 5 November 2024, Estonia has removed their ‘veto’ as a compromise was reached, thus drawing a
Consensus has finally been reached on the October 2024 Proposal during the Economic and Financial Affairs Council (ECOFIN) configuration, held on 5 November 2024. The ViDA proposal consists of three ‘pillars’, of which Estonia has previously opposed one of the three pillars, placing a nearly two-year hold on final consensus
General Background Romania has been making strides in the e-invoicing world since 2020. The Romanian Ministry of Public Finance first mandated the use of e-invoicing and e-reporting for B2G transaction in July of 2022. E-invoicing was thereafter mandated for B2B transactions in July of 2024. Now, B2C transactions will be
General India has gradually been implementing electronic invoicing since 2020. Subsequently, many postponements for the mandated use of e-invoices have been allotted. The postponements are to ease the adjustment into the current global digitalisation, of which, India has now become a gracious participant. The implementation of e-invoicing in India is
On 5 November 2024, the Council of the European Union, focusing on Economic and Financial Affairs (ECOFIN), convened in Brussels. The meeting adopted a comprehensive agenda tackling both legislative and non-legislative matters critical to the economic framework of the EU. One of the key agenda points discussed is the VAT
France in Focus: La Facturation et les Rapports électronique On the 15th of October 2024 the Ministère Chargé du Budget et des Comptes Publics, did a press release advising on a transition in the development of e-invoicing and e-reporting in France. The simplification of electronic invoicing is a foremost step
General Background The beautiful country of Norway, situated on the Scandinavian Peninsula, has been aiming to further foster the digitalization of invoicing and reporting. Their goal being - to digitize the entire ‘order to pay process’. The current mandate imposed, only finds application to central, regional and local public contracting