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Share Your Thoughts With IRAS About The Upcoming Invoice Transmission

Introduction

In a significant update from April 2024, the Inland Revenue Authority of Singapore (IRAS) announced the adoption of InvoiceNow across all business sectors in Singapore. This initiative marks a pivotal step in streamlining invoicing processes and enhancing GST compliance nationwide.


Here are some key details that we've picked out for you,

  • From 1 May 2025, for voluntary early adoption by GST-registered businesses, as a soft launch.

  • From 1 November 2025, for newly incorporated companies[1] that register for GST voluntarily.

  • From 1 April 2026, for all new voluntary GST-registrants.


By transmitting invoice data directly to IRAS via the InvoiceNow network, GST- registered businesses can streamline their compliance processes, reduce data preparation efforts for their submissions to IRAS and enjoy faster GST refunds. Businesses can also use features within InvoiceNow solutions, like receiving alerts for wrongful GST charges from non-GST registered suppliers.


Engage with IRAS

The announcement has understandably raised some questions and concerns among businesses. In response, IRAS is inviting all businesses to share their feedback on the upcoming draft e-Tax Guide, which is designed to help GST-registered businesses adopt InvoiceNow more easily.



IRAS InvoiceNow


In a recent LinkedIn post, IRAS reiterated their commitment to supporting businesses and industry partners in this transition.


From 12 June to 11July 2024 - If you have any thoughts or feedback, you can share them directly with IRAS via this link: IRAS Feedback Form. Your responses will be kept strictly confidential.


Partner with Zetta Solution

At Zetta Solution, we are dedicated to providing tailored solutions for your business needs. Regardless of the size of your business, our team is here to help you seamlessly transition to the InvoiceNow network.


Contact us today for a consultation at sales@zetta-solution.com or submit a request through our Contact Us form.



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