Implementation of InvoiceNow Requirement

What is InvoiceNow?

InvoiceNow is the nationwide e-invoicing network based on an international standard called “Peppol”, introduced by the Infocomm Media Development Authority (“IMDA”) in 2019. InvoiceNow enables businesses to easily send and receive invoices in a structured digital format, thus reduces the need for manual processing and recording of invoices in accounting systems.

GST-registered businesses will be required to use InvoiceNow solutions to transmit invoice data to IRAS for tax administration. Invoices that are not issued using InvoiceNow (e.g. for sales made via point-of-sale systems) should also be recorded in InvoiceNow solutions and sent to IRAS.

Implementation of GST InvoiceNow Requirement for GST-registered businesses

To allow sufficient lead time for businesses, the GST InvoiceNow Requirement will be implemented progressively as follows:

• From 1 May 2025, for voluntary early adoption by GST-registered businesses, as a soft launch.
• From 1 November 2025, for newly-incorporated companies¹ that register for GST voluntarily.
• From 1 April 2026, for all new voluntary GST-registrants.

¹ These are companies that are incorporated within 6 months from the time they submit their application for GST registration.

GST-registered businesses are required to maintain good record-keeping controls and accounting processes. Adopting InvoiceNow solutions will help businesses fulfil these responsibilities and at the same time, reduce compliance efforts when preparing data for submission to IRAS.

IRAS will continue to consult industry partners and carefully review the feedback received before announcing further details for the remaining GST-registered businesses.

How can SW Singapore assist you?

SW Singapore provides specialized GST services aimed at helping our clients in meeting their needs. These services encompass reviewing their supply and purchase transactions including invoice data generated from accounting systems to ensure GST compliant, reviewing of quarterly GST filing and advisory work including designing and reviewing customized GST Toolkits, GST manuals and GST controls. By doing so, we aim to help our clients to fulfil their responsibilities for GST compliance and reduce the risk of IRAS audits prior to the implementation of InvoiceNow Requirement above.

Talk to us if you are unsure or are interested to find out more. We welcome any opportunities to discuss and provide our assistance in this aspect to ensure compliance.