Singapore has concluded negotiations for a Digital Trade Agreement with the European Union in July 2024.
The aim is to streamline digital trade by fostering cross-border data flows and regulatory cooperation. Therefore, there is a focus on e-invoicing, and both parties are committed to supporting cross-border interoperability of e-invoicing standards.
This aim is already aligned with the use of Peppol standards in Singapore, through the use of the national Peppol e-delivery network, InvoiceNow, which allows cross-border flows to be exchanged between Singapore and EU through Peppol in a standardized format.
Additionally, Singapore is also implementing a CTC (Continuous Transaction Control) e-reporting system, also based on the national Peppol e-delivery network, by the introduction of a fifth corner model.
