Budget 2026: GST-registered businesses must submit digital invoices via InvoiceNow by April 2031
The onboarding will be carried out progressively, prioritising smaller businesses
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[SINGAPORE] All goods and services tax-registered businesses will need to submit digital invoices to the Inland Revenue Authority of Singapore (Iras) via the e-invoicing network InvoiceNow by April 2031.
This will bring about 90,000 more businesses onto the network, Senior Minister of State for Finance Jeffrey Siow said in the ministry’s Committee of Supply debate on Thursday (Feb 26).
InvoiceNow was launched in 2019, and is being used by over 63,000 businesses. Citing a recent Deloitte study, Siow noted that using digital invoices can save small businesses up to S$20 per invoice.
As more businesses join, the network benefits and efficiency gains will further increase, he said.
“In consultation with the SBF (Singapore Business Federation) and other trade associations, we are now ready to take the next step to push for greater adoption of e-invoicing.”
The onboarding will be progressive, prioritising smaller businesses to better support their transition.
The ministry will make a suite of InvoiceNow-Ready software solutions available to businesses, free of charge.
It will also provide new cash grants to defray the operational costs of adopting InvoiceNow-Ready software. These will be up to S$1,000 for smaller companies, and up to S$5,000 for larger companies, Siow said.
Iras and the Infocomm Media Development Authority will provide more details on the transition timeline and support.
This move is part of the government’s efforts to reduce the cost of doing business through digitalisation.
InvoiceNow makes cross-border, business-to-business transactions easier for businesses with overseas operations, as its underlying e-invoicing standard is internationally accepted, Siow said.
“For these reasons, the government has been nudging more businesses to use InvoiceNow,” Siow said. The government has already provided newly incorporated businesses with one year of free InvoiceNow services.
Additionally, since Nov 1, 2025, newly incorporated companies that voluntarily register for GST have been required to transmit invoice data to Iras via the InvoiceNow network, which Siow said has allowed for faster GST audits and refunds.
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