(Singapore – October 2, 2024) Sovos, the always-on compliance company, today announced that it has been granted accreditation as a Pan-European Public Procurement On-Line (PEPPOL) Service Provider by the Malaysia Digital Economy Corporation (MDEC). In addition, it has received, IMDA-certification as a PEPPOL service provider in Singapore.
PEPPOL is an e-delivery network whose primary purpose is to facilitate the exchange of business documents in a tax compliant manner. This allows businesses to communicate electronically with any European governmental institution involved in the procurement process. Initially designed for public procurement in the EU, many non-EU governments have also extended the use of this e-procurement network by making PEPPOL mandatory for the transmission of B2B e-invoices. Singapore and Malaysia are two of the most recent examples of non-EU countries adopting this e-delivery network for its e-invoicing systems.
“Sovos’ certification as a PEPPOL provider in Malaysia and Singapore highlights the strength of our solutions and our dedication to working with governing bodies across the globe to adhere to the highest possible compliance standards. PEPPOL certifications specific to the APAC region underscore our commitment to supporting our clients operating here,” said Alice Katwan, President of Revenue.
While Malaysia is already well underway in its phrased approach to mandatory e-invoicing, Singapore is poised to introduce such measures in the coming years. As of August 2024, e-invoicing is mandatory in Malaysia for taxpayers with over RM100 million (€20 million) in annual revenue. By January 2025, it will apply to those with RM25 million (€5 million) to RM100 million, and by July 2025, it will be mandatory for all taxpayers. Regarding Singapore, the Inland Revenue Authority of Singapore (IRAS) has announced the implementation of a phased adoption of InvoiceNow, the national e-invoicing framework based on the PEPPOL network. It will start as voluntarily for GST-registered businesses in May 2025. The mandate will only cover B2B transactions; the government is expected to make B2G mandatory in the coming years.
Sovos is a respected member of PEPPOL and similar organizations such as its US counterpart, the DBNA. Sovos is one of the leaders in the global exchange network association (GENA – currently acting in the role ofvice-chair) driving the convergence of the GENA B2B network and PEPPOL, thus laying the foundation for a global ‘superhighway’ for interoperable B2B e-invoices and other data.
About Sovos
Sovos is transforming tax compliance from a business requirement to a force for growth. Our flagship product, the Sovos Compliance Cloud platform, enables businesses to identify, determine, and report on every tax obligation across the globe. Sovos processes 16 billion+ transactions per year, helping companies scale their compliance strategy in almost 200 countries.
More than 100,000 customers – including half the Fortune 500 – trust Sovos’ regulatory expertise and unparalleled integration with their business applications. Learn more at sovos.com.
