INTRODUCTION:
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The Inland Revenue Authority of Singapore (IRAS) and Infocomm Media Development Authority (IMDA) are collaborating on the phased implementation of InvoiceNow for GST-registered businesses, aiming to enhance efficiency and tax compliance.
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Newly incorporated businesses in Singapore are also offered free access to InvoiceNow services for a year under IMDA’s InvoiceNow Accelerate program.
GST INVOICENOW REQUIREMENT:
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Phased adoption starting November 2025 for GST-registered businesses to transmit e-invoice data to IRAS.
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Initial phase targets newly incorporated businesses voluntarily registering for GST, ensuring compliance through InvoiceNow solutions.
INVOICENOW NETWORK AND SERVICES:
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InvoiceNow, launched in 2019, operates based on the Peppol standard, promoting structured digital invoice exchanges.
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Over 60,000 businesses are part of the InvoiceNow network, utilizing a range of services from e-invoicing portals to customized systems.
IMPLEMENTING INVOICENOW REQUIREMENT FOR GST-REGISTERED BUSINESSES:
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GST-registered businesses mandated to use InvoiceNow solutions for tax data transmission to IRAS.
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Phased implementation:
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May 2025: Voluntary early adoption for GST-registered businesses (soft launch).
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November 2025: Compulsory for newly incorporated companies voluntarily registering for GST.
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April 2026: Mandatory for all new voluntary GST-registrants.
BENEFITS OF ADOPTING INVOICENOW:
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Facilitates record-keeping, billing, and payment processes for GST-registered businesses.
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Streamlines compliance processes, reduces data preparation efforts, and accelerates GST refunds.
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Offers features like alerts for wrongful GST charges from non-GST registered suppliers.
PILOT PROGRAM AND CONSULTATIONS:
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Pilot program conducted between September 2020 and June 2023 involving businesses like Sheng Siong Group Ltd and Evergreen Group Pte Ltd.
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IRAS continues to consult industry partners and will provide further details for remaining GST-registered businesses.
FREE INVOICENOW SERVICES FOR NEWLY INCORPORATED BUSINESSES:
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IMDA’s InvoiceNow Accelerate program offers one year of free services to newly incorporated businesses starting April 2024.
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Businesses can select their preferred service provider for free services after claiming their CorpPass.
CONTINUAL ENHANCEMENTS TO INVOICENOW NETWORK:
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IMDA constantly enhances InvoiceNow network with value-add services, including new document types like electronic Purchase Order and Invoice Response.
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Introduction of Peppol International (PINT) specifications facilitates seamless cross-border transactions for businesses.
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