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Source:
www.gov.sg
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ELECTRONIC INVOICES FOR
GOVERNMENT FROM 1 MAY 2008 |
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From 1 May 2008, all suppliers billing the
Government will need to submit their invoices electronically. The
e-Invoice system is another initiative of the Integrated Government 2010
(iGov2010) Masterplan which seeks to extend the reach and quality of
Government e-services. |
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Benefits to Suppliers |
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The e-Invoice system enables suppliers to submit their
invoices electronically to Ministries and Statutory Boards via a common
online portal (www.vendors.gov.sg).
This will enhance the efficiency of suppliers’ transactions with the
Government through the end-to-end automation of business processes from
tender through contracting to goods receipt and payment. Suppliers can
also enjoy the following benefits from the e-Invoice system:
(i) Promptness
of Payment. Suppliers can expect prompt payment in accordance with
agreed payment terms. E-Invoicing eliminates the risk of misplacement of
hardcopy invoices.
(ii) Ease
of Tracking. Suppliers will be able to track the status of their
invoices through online enquires anytime, anywhere and at a time
convenient to them. |
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Phased Approach |
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The e-Invoice system is being rolled out in
phases starting from early 2006. As suppliers may have to make
modifications to their own financial systems, information on the
e-Invoice system has been made available to them. Briefings have been
conducted with suppliers to facilitate the phasing in of e-Invoicing.
Since 1 February 2008, over 75% of Government’s invoices are received
electronically. This phase involved only Government Ministries. |
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From 1 May 2008, Statutory Boards will also
receive invoices electronically. There will be a transition period of 6
months (i.e. up to October 2008) for suppliers to adopt e-Invoicing. |
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Exclusion from e-Invoicing |
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The Government has taken into consideration a small
group of suppliers who may face practical constraints in doing
e-Invoicing. To give them more time to transit to e-Invoicing, they
are excluded from the e-Invoice system at this stage. The suppliers
excluded are as follows:
(i) Small
proprietorships that do not have quick access to Internet at the
point of procurement of sales, for example, newspaper delivery
agents, bus operators, canteen operators;
(ii) Vendors
registered or located overseas. |
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The Government will continue to gather
feedback and work with these suppliers to fine-tune the system and
extend e-Invoicing to them beyond October 2008. |
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Ms Ivy Lim, Director (Financial
Administration & Control) in the Accountant-General's Department
said "This initiative will bring about benefits to both suppliers
and the Government. It automates the process, eliminating the risk
that invoices may be misplaced and ensures prompt payment to
suppliers. Suppliers will also be able to track the status of their
invoices through the system at any time. The implementation of
e-Invoicing is being done in phases to better prepare suppliers in
adopting the system. A 6-month transition period is given for
suppliers to come on board while some small groups facing practical
constraints in adopting e-Invoicing are also excluded at this
stage." |
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For further information and enquiries,
please visit the web portal Vendors@Gov at
www.vendors.gov.sg . |
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MINISTRY OF FINANCE
1st MAY 2008 |
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Source:
www.gov.sg Media Release 1 May 2008 |
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Important
Notice |
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