- Adoption of E-Invoicing Framework: Singapore has actively embraced e-invoicing, starting with the Infocomm Media Development Authority (IMDA) becoming the first Peppol Authority outside Europe in May 2018, followed by the launch of the e-invoicing initiative in January 2019, and the establishment of the InvoiceNow Network in September 2020 to standardize digital invoicing practices.
- Phased Implementation Timeline: As per an update from the Inland Revenue Authority of Singapore (IRAS) on March 17, 2025, the e-invoicing requirements will be rolled out in stages, with new GST-registered businesses mandated to adopt InvoiceNow by May 2025, and all voluntarily registered GST taxpayers required to comply by April 2026.
- Impact on Businesses: The e-invoicing mandate aims to enhance efficiency and compliance for businesses by automating invoice processing and reducing errors. It will facilitate faster payments and improved cash flow management while aligning with Singapore’s broader digital transformation goals, providing early adopters with potential government support and positioning them for global trade interoperability.
Source VATit
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