- Singapore will require all GST-registered businesses to use the InvoiceNow e-invoicing system for statutory reporting by April 2031.
- The mandate will be phased in based on business registration status and annual supply values, starting from November 2025 for new registrants and gradually including all existing businesses by 2031.
- InvoiceNow replaces unstructured invoice formats (like PDFs) with structured digital data transmitted directly to IRAS.
- Financial support is available: up to SGD 1,000 for SMEs and up to SGD 5,000 for larger companies, with free InvoiceNow solutions for SMEs until March 2031.
- IRAS will notify businesses of their compliance deadlines by mid-2026, and early adoption is encouraged.
Source: comarch.com
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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