The IRAS in Singapore has introduced InvoiceNow, a system for GST-registered businesses to directly transmit invoice data to the IRAS, enhancing digitalization of tax processes. The phased adoption of InvoiceNow starts with a soft launch on May 1, 2025, followed by mandatory usage for newly incorporated companies from November 1, 2025, and for all new voluntary GST registrants from April 1, 2026. Certain groups such as overseas entities and businesses under the Reverse Charge regime are exempt. Businesses must transmit invoice data for specific transactions and continue to prepare and file GST returns within deadlines. The IMDA and IRAS will provide support for businesses adopting InvoiceNow.
Source RTCsuite
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