IMDA’s Post

Singapore is making a groundbreaking move towards digital tax administration with the introduction of the GST InvoiceNow Requirement. This new mandate, aligned with the Peppol international standard, is set to revolutionize how businesses handle invoicing and tax compliance. What You Need to Know: ✔Phased Implementation: Starting from 1 November 2025, newly incorporated companies registering for GST voluntarily will need to adopt InvoiceNow solutions. By 1 April 2026, this requirement extends to all new voluntary GST registrants. ✔Scope of Application: This mandate applies to both B2B and B2C transactions, requiring businesses to transmit invoice data for standard-rated and zero-rated supplies, as well as purchases for which input tax claims are made. ✔Key Benefits: Businesses can expect streamlined processes, reduced manual errors, improved cash flow management, and enhanced compliance with regulatory requirements. Prepare Early: We encourage all businesses to start planning for this transition. Ensure your accounting systems are InvoiceNow-enabled and register for your Peppol ID. The earlier you adopt these solutions, the better positioned you’ll be to reap the benefits. Stay ahead of the curve and ensure your business is ready for Singapore's digital tax future. 🔗READ MORE >> https://lnkd.in/dBKW6MSN #EInvoicing #GSTInvoiceNow #DigitalTransformation #TaxCompliance #SingaporeBusiness #InvoiceNow #Peppol #BusinessEfficiency

Did you know that the Inland Revenue Authority of Singapore (IRAS) is implementing a phased rollout of #InvoiceNow which requires GST-registered businesses to transmit invoice data to the IRAS via the InvoiceNow network? In collaboration with Tax Academy of Singapore, this session featuring speakers and panellists from our Indirect Tax team, the IRAS and the IMDA will discuss about how the new GST InvoiceNow requirements may impact your business and what your organisation should do about it. Agenda:  • Landscape of GST reporting and e-invoicing  • Reasons for adopting InvoiceNow and how to come on-board the network to enhance invoicing efficiency, stay compliant and lower cost  • GST InvoiceNow requirement – Invoice data flow via InvoiceNow network, timelines, mandatory transactions, and steps for early adoption  • Panel discussion GST InvoiceNow - how it works, who it impacts, and what you need to do 📅 6 August 2024, Tuesday 🕘 9am -12pm 🏢 One Marina Boulevard, NTUC Centre Due to limited seating, each organisation may register a maximum of 2 guests. Please note that registration of interest does not guarantee a seat. You will receive a confirmation email within a week if your seat is secured. Soo How Koh Jeremy O'Neill https://lnkd.in/gjymjvT3

The Inland Revenue Authority of Singapore released today news on the use InvoiceNow for GST administration (refer - https://lnkd.in/gc7WMdH7). Yes, as per the release, my team worked with IRAS on the pilot conducted earlier. The pilot was able to show that we can use a Peppol CTC model which leverages Peppol data structures and service providers, to help in business compliance and simplify the reporting overheads for Singapore businesses. The pilot validated the hypothesis that extending the traditional 4 Corner model of Peppol to a 5th Corner is a viable option. Me and my team are preparing to engage our accredited service providers, after which more information will progressively be released to prepare the market for it. [The link below does not work as the link was altered at source. The broken link is left behind intentionally to avoid re-creating the post.]

How does our VAT software work abroad? 🌍 With the AMANA VAT@GTC you can easily manage all European VAT returns including Switzerland and the UK. Learn from our expert Lukas Schwalvenberg how a foreign extension of VAT@GTC looks like in practice and find out how the VAT@GTC can support you in your daily requirements abroad. Learn more in our live webinar tomorrow. Registrations are still possible: https://lnkd.in/e4wbAhP3 #amana #vat #gtc #webinar #compliance #europe #tax #taxtech #taxreg

Singapore Adopts InvoiceNow for GST Compliance! The Inland Revenue Authority of Singapore (IRAS) announces the phased implementation of InvoiceNow for GST-registered businesses: ✔From 1 May 2025: Voluntary adoption for existing GST-registered businesses. ✔From 1 November 2025: Mandatory for newly incorporated companies voluntarily registering for GST. ✔From 1 April 2026: Compulsory for all new voluntary GST registrants. Exclusions include overseas entities and businesses under the Reverse Charge regime. This digital solution will enhance transparency, reduce errors, and streamline VAT processes. Prepare early and leverage available grants to ensure compliance. 🔗READ MORE >>https://lnkd.in/dhasDG8R #GST #Singapore #InvoiceNow #EInvoicing #DigitalTransformation #TaxCompliance #IRAS #BusinessEfficiency #VAT

📣📣📣📣 E-Invoicing Exchange Summit 📣📣📣📣 Spent 3 great days here in Dublin, Ireland at the e-invoicing summit. 🇮🇪 🍀 Romania announced their new invoicing requirement this week 🇷🇴 (Mulțumesc Romania - Thank you Romania 😉 ) Belgium announced their new e-invoicing requirements week for 2026 🇧🇪 (Merci Belgium 😉 ) I did not plan this country announcement, I swear! 🗓 The timeline for e-invoicing is not fully clear as many country mandates are still in draft 📠 HOWEVER, what is clear is one thing. The importance of data quality for reporting. 🈂 Poland’s mandate which will go live in July will set the standard for the majority of countries to follow. (expect more changes) 🇵🇱 Ksef validation check will only include 1- User performance 🔑 2-Mandatory field (what is required by VAT law) 🤝 It will not include validating the correct tax calculation! (yet)! 🔢 Input Tax and Output Tax must still be verified by the business or suffer the consequences! 👮♀ This highlights the same point that my colleagues Andy Hallsworth, Ellen Van Daal and Gunjan Tripathi at Vertex Inc. keep repeatedly re-emphasising. Data quality is crucial! Tax automation is critical! #taxengine #taxtechnology #taxautomation #vertex #ERP #MSDynamics #Oracle #oraclecloud #oraclecloudinfrastructure #financetransformation #ittransformation  #SAP #transformation #taxautomation #invoicing #PEPPOL #taxaudits #GST #VAT #strategy #business #enterpriseresourceplanning #businescentral #markeplaces #sellers #salestax #GST #einvoicing #Digitaltaxstrategy

📢 Major Updates on E-invoicing in Singapore! 🚀 The 16th Forum on Tax Administration (FTA) Plenary, one of the largest global tax meetings, is being held in #Singapore from 11th to 13th October 2023. The theme? "Partnerships". Here are the key takeaways to date: 1️⃣ #InvoiceNow for Enhanced Tax Administration: Singapore's e-invoicing network, InvoiceNow, based on the international PEPPOL standard, is set to revolutionize the way businesses handle invoices. With direct transmission of #e-invoicing without human intervention, businesses can expect faster digital payments and reduced time on invoice processing. 2️⃣ Cross-border Transactions: InvoiceNow isn't just for domestic transactions. It supports cross-border transactions with countries connected to the PEPPOL network, including Australia, Germany, Japan, New Zealand, and the UK. 3️⃣ Government Adoption: The Singapore Government plans to make InvoiceNow the default e-invoice submission channel for all its vendors in the coming years, amplifying its network effect. 4️⃣ Pilot Trials: #IRAS, in collaboration with the Infocomm Media Development Authority (IMDA) and some GST-registered businesses, has piloted the use of InvoiceNow data in tax administration. The results? Positive! Businesses can look forward to easier #GSTcompliance, potentially fewer audits, and faster GST refunds. 5️⃣ Future Plans: IRAS aims to collaborate with IMDA, the Accountant-General's Department, and businesses to boost the adoption of InvoiceNow for GST administration. More details will be released in the upcoming months. Stay tuned for more updates! 🔗 Read the full article from IRAS. (P.S. Thanks Alex Baulf for the heads-up)

🎙🆕 UPDATE: GST InvoiceNow Requirement in Singapore Singapore's GST #InvoiceNow requirement marks a significant step toward a digital future for businesses. This initiative requires businesses to use an electronic invoicing platform, reducing paperwork and streamlining tax processes. With structured guidelines and clear compliance requirements, it offers a comprehensive framework that makes it easier for businesses to adopt e-invoicing. The #IRAS hopes that the changes will bring more efficiency and accuracy to tax reporting Singapore. With the recent increase in e-invoicing requirements in the SEA/ Asia region (IDN, VNM, KOR, THA, IND, MYS) is this the time for tax/ finance/ IT departments to run cross-border projects to leverage resources and implementation experience from country-to-country? To discuss how your business can adapt, comment below and share your insights. You can also reach out to me or your usual Grant Thornton Singapore contact for further information. #EInvoicing #GSTCompliance #SingaporeTax #Finance #TaxAdvisory #SoutheastAsia #DigitalTransformation https://lnkd.in/gPqZY_qe

Unlocking a Digital Future: #YonyouMalaysia participated in the National E-Invoicing Initiative & Income Tax Requirements event organized by the Malaysian Institute of Accountants (MIA). Empowering businesses with seamless E-Invoicing solutions for a digitally enhanced Malaysia. Read more on: https://bit.ly/4c91fGi #YonyouInnovation #DigitalTransformation #EInvoicing

📢 Poland e-invoicing goes live in January 2025! Electronic invoicing in Poland via KSeF has undergone a long journey. Providing new expectations for B2B and B2G transactions alike, taxpayers need to understand what’s to come – though that can be tough when rules and regulations change frequently. The new launch date will be announced end of April or start of May. A July 2025 date looks likely given the need to avoid clashing with 2024 year-end accounting work at the start of 2025. Extensive working groups will be established to ensure an open dialogue on progress towards the 2025 launch. This will be in four groups: 1.Accountants and tech; 2.Large and mid-sized companies; 3.Small and micro businesses, including flat-rate payers; and 4.Group developing training and communications materials. Please feel free to contact us if you want to learn more. 🖇 Click for More>> https://lnkd.in/d_aPFDeF #einvoicing #einvoice #Ksef #Polandeinvoice #tax #taxcompliance