25/06/2026
โฐ June 2026 Alert: Did you receive InvoiceNow letter from IRAS? Informing all GST-registered businesses that were registered before 2026 of their respective mandatory InvoiceNow implementation.
๐ What is InvoiceNow?
InvoiceNow is Singapore's nationwide e-invoicing network that enables businesses to send and receive invoices in a structured digital format, based on the international Peppol standard โ reducing errors and enabling invoices to be processed more efficiently, improving productivity and cash flow.
๐๏ธ Know Your Deadline โ The Phased Rollout:
โ
1 Apr 2026 โ All new voluntary GST registrants
๐ 1 Apr 2028 โ New GST taxpayers & businesses with annual sales โค S$200,000
๐ 1 Apr 2029 โ Existing businesses with annual sales โค S$1 million
๐ 1 Apr 2030 โ Existing businesses with annual sales โค S$4 million
๐ 1 Apr 2031 โ All remaining GST-registered businesses with annual sales > S$4 million
๐ฐ Good News โ There's Funding Support!
The Government is introducing transitional funding to offset onboarding costs โ up to S$1,000 for SMEs and up to S$5,000 for larger businesses. SMEs can also tap on InvoiceNow-Ready Solutions for free until March 2031! ๐
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Benefits of Getting InvoiceNow-Ready:
๐น Reduce manual processing and reconciliation efforts, lower error rates, and support shorter payment cycles
๐น Benefit from faster GST audits, quicker GST refunds, and built-in checks to reduce the likelihood of being wrongly charged GST
๐น Better positioned to integrate your operations globally with jurisdictions using similar e-invoicing systems such as the EU, New Zealand and Japan ๐
โ ๏ธ Don't Wait for the Deadline!
IRAS actively encourages early adoption, enabling businesses to secure system readiness and test data transmission before compliance becomes obligatory. The time to act is NOW! ๐ช
๐ค WLP Accounting is Your InvoiceNow-Ready Partner!
Confused about your deadlines or how to get set up? Our team of experts will guide you through the entire process โ from identifying the right InvoiceNow-Ready Solution to ensuring your system is fully compliant and connected. ๐ผโจ
๐๐ณ ๐๐ผ๐ ๐ป๐ฒ๐ฒ๐ฑ ๐ณ๐๐ฟ๐๐ต๐ฒ๐ฟ ๐ฎ๐๐๐ถ๐๐๐ฎ๐ป๐ฐ๐ฒ, ๐ณ๐ฒ๐ฒ๐น ๐ณ๐ฟ๐ฒ๐ฒ ๐๐ผ ๐ด๐ฒ๐ ๐ถ๐ป ๐๐ผ๐๐ฐ๐ต ๐๐ถ๐๐ต ๐๐
๐ง: [email protected]
๐: +65 6493 2970
๐: www.wlp.com.sg