Data on Government's Average Late Payment Rate to Its Vendors and Take-up Rate for InvoiceNow
- The Government has maintained a late payment rate below 5% since Financial Year 2018, achieving rates of 3.8% in FY2018, 2% in FY2019, and 1.8% in FY2020 through process streamlining, e-invoicing adoption, data analytics, and senior management support.
- InvoiceNow, a nationwide e-invoicing network launched in 2019, has over 40,000 locally registered entities signed up, including more than 7,000 public sector vendors, with the public sector onboarded since January 2020 as a preferred channel.
- Steps to encourage InvoiceNow adoption include monthly business briefings, direct engagements, ensuring solution provider readiness, low-to-no-cost onboarding options for smaller businesses, a $200 E-invoicing Registration Grant until end-2020, and targeted outreach for larger vendors.