Peppol’s got updates! 

Peppol was introduced by IMDA in 2019. In 2024, IRAS introduced an improved and rebranded version of Peppol, InvoiceNow, that states GST-registered businesses will be required to transmit invoice data to IRAS using InvoiceNow solutions via the InvoiceNow network.

This digital invoicing method reduces the need for manual processing and recording of invoices in accounting systems, which helps businesses avoid tedious work and errors.

Let’s dive into more detail below:

What is GST InvoiceNow? 

The GST InvoiceNow Requirement is a joint initiative between IRAS and IMDA to increase the adoption of InvoiceNow in support of the nationwide InvoiceNow initiative, with the goal to help businesses improve efficiency and with their tax compliance. 

The goal is to digitalise with the wider ecosystem and integrate tax into taxpayers’ accounting and payroll systems, GST-registered businesses will be required to use InvoiceNow solutions to send invoice data to IRAS for tax administration.

Essentially, all businesses under the scope will need to use InvoiceNow solutions to transmit invoice data seamlessly to IRAS via Access Point providers. 

This allows the streamlining of compliance processes, reducing data preparation efforts, and facilitating faster GST refunds.

When is InvoiceNow activated?

The Inland Revenue Authority of Singapore (IRAS) announced the soft launch of the GST InvoiceNow starting in May 2025 as soft launch for voluntary early adoption. 

From 1 Nov 2025, GST InvoiceNow compliance would be mandatory for all newly incorporated companies that voluntarily register for GST.

This initiative mandates GST-registered businesses to transmit invoice data directly to IRAS for tax administration purposes through the InvoiceNow network.

Who is InvoiceNow for?

GST-registered businesses will be required to use InvoiceNow solutions to send invoice data to IRAS for tax administration. 

New businesses who are GST-registered will be supported right from the start, facilitating easier processing.

Through InvoiceNow, businesses can transmit invoice data seamlessly to IRAS for compliance and validation.

Benefits of adopting InvoiceNow solutions

1. Reduce compliance efforts

2. Quicker invoice processing and improved cash flow management

3. Shorter audit process and faster issue resolution

4. Receiving alerts for wrongful GST charges from non-GST registered suppliers

5. Businesses with lower risk profiles may receive GST refunds sooner.

• • And many more

Adopting InvoiceNow will help businesses better fulfill their responsibilities as GST-registered businesses, by facilitating record-keeping, billing, and payment processes. 

Specifically, this structure aids in supporting new GST-registered businesses to get it right from the start.

Step by Step: Preparation for Businesses to Adopt GST InvoiceNow Solutions

If you own a business in Singapore, we strongly encourage you to onboard early and strategize forward for the adoption of InvoiceNow solutions, or make changes to your in-house accounting systems to be compatible with GST InvoiceNow Requirement.

IRAS recommends taking the following steps split between 2 phases:

Phase 1: From now August 2024

Step 1: Ensure your solution is InvoiceNow-enabled

• For businesses with existing accounting or finance solutions, or businesses that are planning to purchase one, check whether your preferred solution is listed on IMDA’s pre-approved e-invoicing solution provider list. For large enterprises using your own in-house solutions, get in touch with an IMDA pre-approved Access Point Provider (AP) to help you to connect to the InvoiceNow network.

Step 2: Register for InvoiceNow and obtain Peppol ID

• Approach your solution provider and/or AP to register your business in the SG Peppol Directory with your UEN and obtain your Peppol ID.

• Businesses that are under Aristou Pte Ltd will receive a personalized email on this topic and relevant changes. 

Phase 2: From May 2025

Step 3: Ensure your InvoiceNow solution is connected to IRAS’ System via Application Programming Interface (API) technology

• Contact your solution provider and/or AP to ensure that your InvoiceNow solution is connected to IRAS via API.

Step 4: Activate feature to transmit invoice data to IRAS

• Work with your solution provider and/or AP to enable the feature for you to transmit invoice data to IRAS.

• Test your system implementation and ensure that you are able to transmit invoices to IRAS successfully.

For more information on the 4 steps to come onboard early, you can visit IRAS’ website here.

Embracing Digital Disruption: A Strategic Advantage from E-Invoicing Requirements

In 2024 and beyond, digital disruption driven by new e-invoicing requirements presents significant opportunities for businesses. Many businesses face fragmented tax data, with crucial information scattered across departments, formats, and detail levels. 

This fragmentation often leads to a cumbersome reconciliation process to align tax reporting with accounting records, especially under the GST InvoiceNow Requirement. 

If there are any discrepancies between InvoiceNow data and GST returns, a clarification would be requested.

The solution? A strategy that produces well-structured data.

By organizing data effectively, companies can leverage artificial intelligence (AI) in their tax functions. This integration automates data processing, reducing manual input and errors, and streamlining finance and tax procedures.

When addressing the GST InvoiceNow Requirement, we suggest you view it as a chance to improve other areas of your tax functions. Enhancing data management can lead to smoother compliance processes and better business insights.

Structuring your data strategy for success

At Aristou Pte Ltd, we specialize in helping both current and future clients navigate the complexities of e-invoicing and our tailored solutions ensure full compliance with the GST InvoiceNow Requirement and beyond. 

Additionally, our consulting experts will guide you in developing and implementing robust data strategies that not only address current challenges but also position your business for future success. 

Let us help you transform data management into a strategic advantage, enhance efficiency and generate actionable insights for a competitive industry edge. 

Contact us today for a free consultation and any demo on our solutions, we look forward to working with you!

Stay connected with us:

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• Email: support@aristou.com.sg
• Website: www.aristou.com.sg

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