Singapore is implementing new e-invoicing requirements for GST-registered businesses through the InvoiceNow network, which will be rolled out in phases. InvoiceNow is based on the international Peppol standard and allows businesses to send and receive invoices in a structured digital format, enhancing efficiency and reducing manual errors. The system aims to streamline tax administration by directly transmitting invoice data to the Inland Revenue Authority of Singapore (IRAS). Certain entities, such as overseas vendors and those under the Reverse Charge regime, are exempt from these requirements. Businesses are encouraged to prepare early for this transition to ensure compliance with the upcoming deadlines.
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Singapore has just introduced GST InvoiceNow Requirement
Other countries
Author: Ivana Picajkić
Category:
Fiscal subject related
General information
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487
Content accuracy validation date:
13.11.2024
Content accuracy validation time:
08:15h
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