26/02/2026
As announced at the Ministry of Finance Committee of Supply Debate 2026, to support business digitalisation and productivity, all GST-registered businesses will be required to onboard InvoiceNow and submit invoice data directly to the Inland Revenue Authority of Singapore (IRAS) via the InvoiceNow network. This will be rolled out progressively from Apr 2028 to Apr 2031.
To ease onboarding and encourage early adoption of InvoiceNow, the Government will introduce transitional funding - up to $1,000 for SMEs and up to $5,000 for larger businesses. SMEs can also tap on free InvoiceNow-Ready Solution options until Mar 2031. More details will be provided in due course.
All GST-registered businesses are encouraged to prepare early to ensure a smooth transition.
Learn more here 👉 go.gov.sg/iras-gst-invoicenow-requirement
At Covenant, we help businesses to setup Xero cloud-based accounting system that complies to the InvoiceNow requirements as well as to achieve the following benefits and objectives:
1) Improving staff productivity and efficiency while eliminating manual entry and reducing manual errors that come with using spreadsheets, giving you the peace of mind to focus on your day to day functions and other operations of the business.
2) Ensuring that your data runs in real time and you can access anywhere, anytime and any device and
3) Providing enhanced reliability and data security such as password protection and 2FA authentication for unlimited users that adhere to international standards
4) Providing a range of customised reports for management decision making and complying with local laws and regulations
5) Providing other functions such as emailing statements of accounts to customers, recurring invoices, bank reconciliation and many more benefits.
Contact us now for a consultation.
