- E-Invoicing Implementation: Singapore is set to implement a phased rollout of mandatory e-invoicing for all business-to-business transactions by leveraging the PEPPOL-based “InvoiceNow” network, which will include direct reporting to the Inland Revenue Authority of Singapore (IRAS) starting with pilot companies in May 2025 and expanding to all GST-registered businesses by April 2026.
- Impact on Businesses: The transition to e-invoicing will require Singaporean businesses to reassess their accounting and billing systems, ensuring data accuracy and compliance with new reporting requirements. This may involve costs and time investments as companies choose between developing custom tools or utilizing existing ERP systems and third-party software.
- Need for Automation in Tax Functions: As Singapore advances its digital tax initiatives, businesses must enhance their own automation efforts to avoid reliance on manual processes that can lead to errors in tax reporting. Increased automation will empower businesses to manage tax-related information more effectively, reducing the risk of non-compliance and enhancing their ability to respond to tax audits.
Source sbr.com.sg
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
