InvoiceNow to become a requirement for voluntarily GST-registered businesses
Last updated on 10 July 2024
GST-registered companies must send invoice data to the IRAS via the InvoiceNow network as part of the IRAS’s progressive implementation of the InvoiceNow system. This new initiative, which will initially only be required for new voluntary GST registrants, mandates businesses to transition from paper-based or PDF-based invoicing to an electronic format that is part of a broader country-wide e-invoicing network.
Commencing on 1 May 2025, a soft launch for early adoption will enable currently GST-registered firms to be early adopters to send invoice data to IRAS through the InvoiceNow network by utilising InvoiceNow solutions. From 1 November 202, the requirements will be effective for all newly-incorporated companies that voluntarily register for GST. The requirement will extend to all new voluntary GST registrants from 1 April 2026.
With e-invoicing expected to become mandatory for all businesses, work processes must change to comply with the new requirements. While there is no firm timeline to extend the requirements to all GST-registered entities, IRAS has stated their commitment to progressively implement it to entities not covered in the early phase. Companies that take proactive steps will gain a competitive advantage through cash flow optimisation and staying ahead of the curve of regulations.
Accounting firms in Singapore are also preparing their systems to be InvoiceNow compliant and ready for implementation. The move to InvoiceNow is expected to bring efficiency in GST compilation and refunds and reduce errors in GST filing. The Infocomm and Media Development Authority will publish the list of InvoiceNow solutions connected to IRAS by May 2025.
Specifications and network, which operates in Singapore under the name InvoiceNow.
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