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IRAS InvoiceNow Requirement - Preparing for Digital Invoicing

InvoiceNow Overview:

Singapore’s e-invoicing network based on the Peppol international standard, enabling structured, digital exchange of invoices between businesses.Integrated with IRAS for seamless GST reporting and compliance.

Implementation Timeline:

1 May 2025: Soft launch for early adopters (existing GST-registered businesses)
1 Nov 2025: Mandatory for newly incorporated companies registering voluntarily for GST
1 Apr 2026: Mandatory for all new voluntary GST registrants
Future rollout: Gradual expansion to all GST-registered businesses

Compliance Scope:

Applies to GST-registered businesses for:

Standard-rated and zero-rated supplies
Standard-rated purchases (Excludes overseas entities and those under reverse charge)

How It Works:

Direct exchange of e-invoices between InvoiceNow-ready systems
Data automatically transmitted to IRAS
Paper/PDF invoices still supported for non-InvoiceNow customers — but must be recorded in InvoiceNow-ready software

How to Prepare:

Verify your accounting software is InvoiceNow-enabled
Register for a Peppol ID via the SG Peppol Directory
Connect system to IRAS API
Test and activate data transmission

Support & Incentives:

Grants available: PSG, LEAD Connect & Transact, InvoiceNow Transaction Bonus
Free and subsidized solutions for SMEs and microbusinesses
IMDA-accredited providers for setup assistance

While the new regulations offer opportunities for cost optimization, they also present potential risks. To manage these effectively, businesses must maintain proper records, correctly classify expenses, and implement strong internal controls. In this follow-up webinar, we will uncover the latest updates, including key changes include adjustments to tax incentives, also expands the scope of taxable objects to include foreign e-commerce and digital businesses operating in Vietnam, clarifies deductible expenses and introduces the global minimum tax for large multinational corporations. By understanding these changes, you can ensure compliance and legally optimize your tax costs.

IRAS InvoiceNow Requirement - Preparing for Digital Invoicing

Benefit

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Speaker

Eric See