- Singapore will require GST-registered businesses to send invoice data to IRAS via InvoiceNow in a phased rollout through 2031, starting with earlier groups before the full mandate from April 2028.
- InvoiceNow is Singapore’s e-invoicing network based on the Peppol standard, enabling secure, structured digital invoice exchange and reducing manual data entry.
- Businesses adopting early can access grants/free starter packages, gain smoother implementation, and start benefiting sooner from efficiency gains and better tax compliance.
- The system is expected to improve interoperability, cut manual processes, and speed up GST audits and refunds.
- SMEs can use low-cost solution packages, while larger firms should plan ahead for ERP integration, testing, and operational changes.
Source: straitstimes.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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