Type: Legislation
The Inland Revenue Authority of Singapore (IRAS) has unveiled a phased voluntary rollout of e-invoice data reporting via the InvoiceNow network. Starting May 2025, GST-registered businesses can opt for early adoption, followed by newly incorporated companies registering voluntarily for GST by November 2025, and all new voluntary GST-registrants by April 2026. InvoiceNow, based on Peppol technology introduced in 2019, facilitates the streamlined exchange of structured digital invoices. Businesses can report through off-the-shelf accounting packages connected via API or by adapting ERP systems. Following successful trials, the IRAS has mandated InvoiceNow for B2G e-invoicing, with expected benefits including productivity gains, simplified GST compliance, and faster refunds. This initiative underscores Singapore’s commitment to leveraging digital platforms for efficient tax administration.
Effective date: May 1st, 2025
