The Inland Revenue Authority of Singapore (IRAS) has released a summary of responses to the draft e-Tax guide on adopting InvoiceNow, an e-invoicing network built on the Peppol framework, for GST-registered businesses.
IRAS conducted a Public Consultation exercise between 12 June to 25 July 2024 to seek feedback on its draft e-Tax Guide “Adopting InvoiceNow Requirement for GST-registered Businesses”.
During the consultation period, they received more than 400 comments from 60 respondents pertaining to the following topics:
- Phased Implementation of the GST InvoiceNow Requirement
- Scope of the GST InvoiceNow Requirement
- Invoice Data Transmission
- Mandatory Data Elements and Validation Checks
- Obligations and Penalties
- Data Protection and Privacy
- Government Grant and Support
- Others
In the coming months IRAS will be publishing a revised e-Tax Guide and a set of frequently asked questions (“FAQ”) to incorporate the feedback and comments.
Earlier, the Inland Revenue Authority of Singapore (IRAS) published a draft e-Tax guide for discussion on the approval of InvoiceNow for GST-registered businesses on 12 June 2024.
