Singapore E-invoicing: Phased adoption starting November 2025, Peppol standard

INTRODUCTION:

• 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.

• 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:

• Phased adoption starting November 2025 for GST-registered businesses to transmit e-invoice data to IRAS.

• Initial phase targets newly incorporated businesses voluntarily registering for GST, ensuring compliance through InvoiceNow solutions.

INVOICENOW NETWORK AND SERVICES:

• InvoiceNow, launched in 2019, operates based on the Peppol standard, promoting structured digital invoice exchanges.

• 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:

• GST-registered businesses mandated to use InvoiceNow solutions for tax data transmission to IRAS.

• Phased implementation:

• May 2025: Voluntary early adoption for GST-registered businesses (soft launch).

• November 2025: Compulsory for newly incorporated companies voluntarily registering for GST.

• April 2026: Mandatory for all new voluntary GST-registrants.

BENEFITS OF ADOPTING INVOICENOW:

• Facilitates record-keeping, billing, and payment processes for GST-registered businesses.

• Streamlines compliance processes, reduces data preparation efforts, and accelerates GST refunds.

• Offers features like alerts for wrongful GST charges from non-GST registered suppliers.

PILOT PROGRAM AND CONSULTATIONS:

• Pilot program conducted between September 2020 and June 2023 involving businesses like Sheng Siong Group Ltd and Evergreen Group Pte Ltd.

• IRAS continues to consult industry partners and will provide further details for remaining GST-registered businesses.

FREE INVOICENOW SERVICES FOR NEWLY INCORPORATED BUSINESSES:

• IMDA's InvoiceNow Accelerate program offers one year of free services to newly incorporated businesses starting April 2024.

• Businesses can select their preferred service provider for free services after claiming their CorpPass.

CONTINUAL ENHANCEMENTS TO INVOICENOW NETWORK:

• IMDA constantly enhances InvoiceNow network with value-add services, including new document types like electronic Purchase Order and Invoice Response.

• Introduction of Peppol International (PINT) specifications facilitates seamless cross-border transactions for businesses.

SOURCE: 

• Implementation of InvoiceNow for GST-Registered Businesses and Free InvoiceNow Services for Newly Incorporated Businesses (iras.gov.sg)