- Singapore is implementing InvoiceNow requirement for GST-registered businesses
- Phased implementation starting from November 1, 2025
- InvoiceNow allows for digital transmission of invoice data to IRAS
- Benefits include streamlining processes, reducing errors and costs, and improving cash flow management
- IMDA will list approved InvoiceNow solutions by May, 2025 and offer grants to help with adoption costs
- Businesses must ensure their accounting solution is InvoiceNow-enabled, register for InvoiceNow, obtain Peppol ID, connect to IRAS via API, and activate the feature
- Overseas entities and businesses under the Reverse Charge regime will be exempted from using the system.
Source: regfollower.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
