Public Consultation on Draft GST InvoiceNow Requirement

by | Jun 12, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News

The Inland Revenue Authority of Singapore (IRAS) has released a draft technical guide outlining the implementation requirements for mandatory electronic invoice transmission via the InvoiceNow network (GST InvoiceNow Requirement) and is inviting public feedback until 11 July 2024.

This initiative follows IRAS’s earlier announcement mandating all Goods and Services Tax (GST)-registered businesses – including those currently registered voluntarily – to submit invoice data electronically using approved InvoiceNow solutions. The draft guide provides critical operational and technical specifications to assist businesses in complying with or early-adopting the new requirement.

Key Details of the Draft Guide & Consultation:

  1. Objective: The guide aims to standardize the process for GST-registered businesses to transmit invoice data seamlessly to IRAS through the nationwide InvoiceNow (Peppol) network.
  2. Scope: It details the technical requirements, data fields, transmission protocols, and compliance timelines businesses must follow.
  3. Phased Implementation: IRAS confirms plans to roll out the GST InvoiceNow Requirement progressively across the remaining GST-registered businesses after the initial phase for voluntary registrants.
  4. Consultation Process: Stakeholders, including businesses, software providers, and industry professionals, are urged to review the draft guide and submit formal feedback using the designated FormSG template accessible via the IRAS website.
  5. Feedback Review: IRAS will analyze all submissions received by the 11 July 2024 deadline. A summary of responses and key clarifications may be published subsequently. The authority may contact respondents for further details on their feedback.

Businesses and relevant parties should access the draft guide on the official IRAS website and evaluate its implications for their compliance processes. Feedback is essential to ensure the final guidance is practical and addresses industry operational needs.

Submission Deadline: All written comments must be submitted via the FormSG template by 11 July 2024.

Source: IRAS, 12 June 2024.