- Singapore will mandate all GST-registered businesses to use InvoiceNow e-invoicing and transmit invoice data to IRAS, with phased adoption from April 2028 to April 2031.
- Early requirements already apply to new voluntary GST registrants starting from May 2025.
- The rollout schedule is based on annual supplies, with smaller businesses required to comply earlier and larger businesses by April 2031.
- InvoiceNow aims to improve productivity, reduce errors, and enhance GST administration.
- The mandate applies to all GST-registered businesses, with specific exclusions not detailed in the summary.
Source: rtcsuite.com
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Briefing document & Podcast: Singapore’s E-Invoicing & E-Reporting Mandate (InvoiceNow) – VATupdate
Singapore: InvoiceNow Project for Electronic Invoicing via Peppol
- Mandatory E-Invoicing Rollout: Singapore’s Inland Revenue Authority (IRAS) has announced a progressive rollout of the GST InvoiceNow requirement, mandating all GST-registered businesses to adopt e-invoicing by April 2031. The phased implementation will begin in April 2028 for businesses with annual taxable supplies up to SGD 200,000, expanding to all GST-registered businesses by the final deadline.
- InvoiceNow System Details: Launched in 2019, InvoiceNow is Singapore’s national e-invoicing network based on the Peppol standard, allowing businesses to send and receive invoices in a structured digital format. The system streamlines invoice processing, reduces errors, and improves cash flow, with all invoices needing to comply with the EN 16931 standard for interoperability.
- Benefits and Compliance: The InvoiceNow system enhances efficiency by automating invoice data transmission and reducing manual entry errors, thus facilitating tax compliance. It also provides a secure and reliable invoicing solution, easing GST audits for businesses by allowing direct submission of invoice data to IRAS, which can lead to faster refunds and fewer discrepancies.
Source Edicom
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
- Join the LinkedIn Group on ”VAT in the Digital Age” (VIDA), click HERE
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