InvoiceNow Brings Mandatory E-Invoicing to Singapore

Sovos
July 24, 2024

This blog was last updated on July 24, 2024

The Inland Revenue Authority of Singapore (IRAS) has announced the implementation of a phased adoption of InvoiceNow, the national e-invoicing framework based on the Peppol network, for GST registered businesses starting voluntarily in May 2025. The mandate will cover B2B transactions only, as the government is expected to make B2G mandatory in the coming years.

What is InvoiceNow?

InvoiceNow is a nationwide e-invoicing initiative by The Infocomm Media Development Authority (IMDA) for SMEs and large enterprises to streamline their invoicing for a faster and more sustainable way to transact, nationwide and worldwide.

What’s the timeline?

Singapore’s nationwide e-invoicing network was first announced in 2019 and has recently been referred to as InvoiceNow. The mandate will require GST registered businesses to use InvoiceNow solutions to transmit invoice data to IRAS. The transmission of invoice data to IRAS will be done through Peppol Access Point (AP) service providers, extending the traditional four corner e-delivery model to a fifth corner model.

The mandate will be implemented in phases, as follows:

  • From 1 May 2025, for voluntary early adoption by GST-registered businesses, as a soft launch.
  • From 1 November 2025, for newly incorporated companies that register for GST voluntarily.
  • From 1 April 2026, for all new voluntary GST-registrants.

Even though an implementation timeline for all businesses has not been shared yet, further updates are expected in the future.

Sovos is here to help

Saphety Level – Trusted Services, S.A is an IMDA-certified Peppol service provider in Singapore. Our regulatory experts can connect to the InvoiceNow network on your behalf.

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Author

Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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