The IRAS announced the adoption of InvoiceNow on 15 April 2024, allowing GST-registered businesses to transmit invoice data directly to the IRAS. The adoption will be phased, with a soft launch for voluntary transmission from 1 May 2025, followed by compulsory adoption for newly incorporated companies from 1 November 2025 and for all new voluntary GST-registrants from 1 April 2026. The requirement will be an additional condition for voluntary GST registration. Certain businesses, such as overseas entities and those registered under the Reverse Charge regime, will be exempted. Businesses will be required to transmit invoice data for specific types of transactions, and may choose to aggregate point-of-sale supplies and petty cash purchases data before transmission.
Source EY
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
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