- Introduction of InvoiceNow: Singapore’s e-Invoicing initiative, centered around the InvoiceNow mandate, aims to enhance tax transparency and efficiency. The system operates on a Peppol-based five-corner model that facilitates real-time reporting and compliance with the Inland Revenue Authority of Singapore (IRAS).
- Phased Implementation Timeline: The e-Invoicing rollout includes voluntary adoption starting May 2025, followed by mandatory adoption for newly incorporated GST registrants in November 2025 and for all voluntary registrants by April 2026. Existing GST-registered businesses will face compulsory onboarding at a later date.
- Operational Considerations for Businesses: Companies must prepare for the transition by integrating with Accredited Service Providers (ASPs) to ensure compliance, managing data retention, and adopting the PINT SG format for invoices. Proactive engagement with the evolving regulatory landscape is crucial for successful implementation and avoiding penalties.
Phased Implementation Timeline
| Phase | Effective Date | Requirement |
|---|---|---|
| Voluntary Adoption | May 2025 | Businesses can opt in to InvoiceNow |
| Mandatory for New GST Registrants | November 2025 | Newly incorporated GST-registered businesses must onboard |
| Mandatory for Voluntary Registrants | April 2026 | All voluntary GST registrants must adopt InvoiceNow |
| Mandatory for Existing GST Businesses | Date TBD | Compulsory onboarding to be announced later |
Source: rtcsuite.com
See also Singapore’s e-Invoicing Mandate Explained: Download the Definitive Compliance Guide – VATupdate
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Briefing document & Podcast: Singapore GST InvoiceNow business guide – VATupdate
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
