- All GST-registered businesses in Singapore must use the InvoiceNow e-invoicing network to submit invoice data to IRAS by April 2031, with a phased rollout from April 2028.
- Transitional funding will be provided to offset onboarding costs, with up to $1,000 for SMEs and up to $5,000 for larger businesses; SMEs can also use free InvoiceNow-Ready Solutions until March 2031.
- InvoiceNow, based on the international Peppol standard, streamlines invoicing, reduces errors, and improves productivity and cash flow.
- Over 63,000 businesses currently use InvoiceNow, and the new requirement is expected to add about 90,000 more.
- The implementation prioritizes smaller businesses for earlier onboarding and provides sufficient lead time and support for all business types.
Source: iras.gov.sg
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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