This article discusses Singapore’s new GST InvoiceNow Requirement, a mandate for GST-registered businesses to transmit invoice data electronically to the Inland Revenue Authority of Singapore (IRAS). Here are the key points:
1. InvoiceNow is Singapore’s e-invoicing network based on the international Peppol standard.
2. Implementation will be phased:
– From November 1, 2025: For newly incorporated companies registering for GST voluntarily
– From April 1, 2026: Mandatory for all new voluntary GST registrants
– Soft launch on May 1, 2025 for early adopters
3. The requirement applies to both B2B and B2C transactions for standard-rated and zero-rated supplies, as well as standard-rated purchases with input tax claims.
4. Businesses must use InvoiceNow solutions to transmit invoice data by their GST return filing due date.
5. Benefits include streamlined processes, cost reduction, improved cash flow, reduced compliance efforts, shorter audits, and potentially faster GST refunds.
6. Steps to prepare:
– Ensure your solution is InvoiceNow-enabled
– Register for InvoiceNow and obtain a Peppol ID
– Connect to IRAS’ system via API
– Activate and test the data transmission feature
The article emphasizes that this new requirement is part of Singapore’s move towards digital tax administration and encourages businesses to prepare early for compliance.
Source: rtcsuite.com
Click on the logo to visit the website
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
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.
