- Singapore Inland Revenue Authority announced a soft launch of nationwide e-invoicing for all GST-registered businesses under the GST InvoiceNow Requirement.
- GST-registered companies can voluntarily comply with e-invoicing rules before they become mandatory.
- From May 1, 2025, all existing GST-registered businesses can voluntarily transmit invoice data to the Inland Revenue Authority using the InvoiceNow system.
- Starting from November 1, 2025, all newly incorporated and GST-registered companies may voluntarily begin to use the InvoiceNow system.
- From April 1, 2026, the system will be available for all new, voluntarily GST-registered companies.
- The IRA will monitor the results of the implemented e-invoicing system and consult industry partners and leaders before announcing any details on the mandatory application of e-invoicing rules.
- Transactions required to be transmitted to the IRS are standard-rated and zero-rated supplies and standard-rated purchases on which input tax claims are made or will be made, excluding reverse-charged transactions.
- Foreign entities, including vendors registered under the Overseas Vendor Registration regime and businesses registered under the reverse-charge regime, will be exempt from the GST InvoiceNow system.
- The IRA highlights several benefits for businesses, including eliminating manual work for sending, receiving, and recording invoices, reducing errors and costs, and increasing data accuracy and processing.
- All companies should prepare on time to meet InvoiceNow requirements and find reliable e-invoicing solutions.
Source: vatabout.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.
