- Introduction of InvoiceNow Requirement: The Inland Revenue Authority of Singapore (IRAS) has released an e-Tax Guide detailing the GST InvoiceNow Requirement for GST-registered businesses, which mandates the digital submission of invoice data through the nationwide InvoiceNow framework based on the Peppol standard, aimed at reducing errors and ensuring compliance with tax submission requirements.
- Implementation Timeline: The adoption will be phased: a soft launch for early adopters begins on May 1, 2025; newly incorporated companies must comply by November 1, 2025; all new voluntary GST registrants must adhere by April 1, 2026, with plans for future expansion to all GST-registered businesses.
- Data Submission Requirements: GST-registered businesses must submit various types of invoice data that align with GST return reporting, including standard-rated and zero-rated supplies, while following strict deadlines for submission and handling of credit notes, with validation checks in place to prevent errors.
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