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Singapore Regulatory Updates April 2024

Hatice Ozcan

Apr 15, 2024

Singapore Announces Rollout Schedule for InvoiceNow Implementation

The Inland Revenue Authority of Singapore (IRAS) has declared that starting in May 2025, there will be a staged rollout of InvoiceNow, the country’s e-invoicing system based on the Peppol network, specifically for GST-registered businesses. This initial phase will focus on B2B (business-to-business) transactions, with plans to expand to B2G (business-to-government) transactions in subsequent years.

This new requirement will necessitate that GST-registered businesses adopt InvoiceNow solutions for sending their invoice data to IRAS. The process will utilize Peppol Access Point service providers, enhancing the standard four-corner e-delivery model to include a fifth corner, thereby broadening the network’s scope.

The phased implementation is scheduled as follows:

  • May 1, 2025: Begins with a soft launch allowing voluntary early adoption by GST-registered businesses.

  • November 1, 2025: Targets newly incorporated companies that voluntarily register for GST.

  • April 1, 2026: Extends to all new businesses registering for GST on a voluntary basis.

As of now, a comprehensive timeline for the mandatory implementation across all businesses has not been outlined, but further announcements are anticipated.

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