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.