Singaporean businesses are gearing up for significant changes to the Goods and Services Tax (GST) system with the progressive rollout of GST InvoiceNow starting in 2025. The goal off this initiative, which is an extension of the existing InvoiceNow network, is to simplify invoicing processes, enhance tax compliance, and reduce administrative burdens.
Singapore Businesses to Face Sweeping Changes with GST InvoiceNow Implementation
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Other countries
Author: Ivana Picajkić
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Fiscal subject related
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687
Content accuracy validation date:
13.02.2025
Content accuracy validation time:
08:47h
GST InvoiceNow will enable direct, electronic transmission of invoices from a seller's accounting system to a customer's system. This eliminates manual steps like printing, sending, and manually entering invoice details. The Inland Revenue Authority of Singapore (IRAS) and the Infocomm Media Development Authority (IMDA) are pushing for adoption to improve efficiency and compliance compared to the current practice of emailing PDF invoices. Over 60,000 businesses are already on the InvoiceNow network.
One key change is the direct transmission of detailed sales data to the IRAS for tax administration. This will allow the IRAS to access transactional-level data, potentially reducing the number of audits for lower-risk businesses and speeding up GST refunds. It will also enhance the IRAS's ability to detect errors, unusual transactions, and potential tax fraud, leading to more targeted audits.
Newly incorporated businesses applying for voluntary GST registration from November 1, 2025, will be required to comply with GST InvoiceNow. This will extend to all voluntary GST registrations from April 1, 2026. The implementation date for existing GST-registered businesses is expected to be announced soon.
Businesses should assess the compatibility of their current accounting systems and the availability of the required data points. Upgrading accounting systems can be a costly undertaking. Businesses should also review their GST treatment for accuracy to minimize errors, as the IRAS will soon have greater visibility over transactions. Conducting a GST "systems health check" with accredited professionals can help identify potential shortfalls and address compliance gaps.
The rollout of GST InvoiceNow serves as an motive for businesses to prioritize tax compliance. Data is a cornerstone of all tax compliance, hence, businesses need to ensure they have complete and accurate data to comply with tax reporting obligations.
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