Freight Master is InvoiceNow Ready!
InvoiceNow is a nationwide e-invoicing network that enables companies of all sizes to process invoices in a more efficient manner, reducing business costs and shortening payment cycles. InvoiceNow operates on the open standard Peppol framework, which directly transmits e-invoices in a standard digital format across different finance systems.
Getting connected to InvoiceNow is straightforward.
On 15 Apr 2024, Inland Revenue Authority of Singapore (IRAS) announced plans for a phased adoption of InvoiceNow for GST-registered businesses (“GST InvoiceNow Requirement”). This marks a collaborative endeavour involving IMDA and IRAS to enhance productivity, improve compliance and reduce costs for businesses through the adoption of InvoiceNow.
GST-registered businesses will be required to transmit invoice data to IRAS using InvoiceNow-Ready Solutions via the InvoiceNow network.
A soft launch for early adoption will commence from 1 May 2025, allowing non-mandatory participation from existing GST-registered businesses and those businesses applying for GST registration on/after 1 May 2025 that wish to be early adopters to transmit invoice data to IRAS using InvoiceNow-Ready Solutions via the InvoiceNow network.
There are plans to progressively extend mandatory participation to new compulsory GST registrants and the remaining GST-registered businesses. IRAS will continue to consult industry partners and carefully review the feedback received before announcing further details.
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