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BT Podcasts
Published: SEP 27, 2024
Simplifying tax compliance in Singapore with InvoiceNow
This episode is in partnership with
From November this year, Singapore will require newly incorporated companies which voluntarily register for Goods and Services Tax (GST) to be onboarded on InvoiceNow to transmit invoice data directly to Inland Revenue Authority of Singapore (IRAS) for tax administration purposes. What is InvoiceNow and is its adoption mandatory for businesses?
This podcast dives into the critical topic of tax compliance and digital transformation, focusing on Singapore's adoption of the InvoiceNow system.
Speakers Bill Xiao, deputy director, E-Invoice Project Office, Infocomm Media Development Authority (IMDA), Jeremy Loo, deputy director, GST Division Wholesale Trade Branch, Inland Revenue Authority of Singapore (IRAS) and Kuah Mei Yin from Courts (Singapore) Private Limited unpack InvoiceNow and its implications for businesses in Singapore.
About InvoiceNow
Produced by: Howie Lim, Claressa Monteiro & Chai Pei Chieh Edited by: Howie Lim & Claressa Monteiro
BTVisual: CHARMAINE MARTIN
Tax compliance efficiency
Tax compliance is a vital aspect for both large enterprises and small and medium-sized enterprises (SMEs). The digital age while presenting opportunities has also introduced challenges to businesses, requiring new methods for efficient financial tracking and reporting. The podcast drives home that this transformation is crucial in maintaining compliance but also ultimately streamlines operations.
According to Xiao, InvoiceNow helps businesses improve efficiency and reduce costs through structured data formats that minimise manual data entry.
Simplicity, efficiency and reliability
Xiao outlines three major benefits of InvoiceNow in the podcast explaining its simplicity, efficiency, and reliability. Pointing out that the data goes directly into the buyer’s accounting system, reducing manual entry while the international Pan-European Public Procurement On-Line (PEPPOL) standard ensures reliable transactions.
Loo then shares that Singapore will implement phased requirements for businesses to onboard InvoiceNow for GST data transmission to IRAS highlighting that this allows businesses to adapt gradually, making the transition smoother.
Large enterprise adoption
Kuah from Courts Singapore discusses the complex integration of InvoiceNow within their existing systems and shares some of the challenges the company faced due to their intricate operations but also highlighted the benefits of streamlined processes. She emphasises the importance of choosing the right InvoiceNow solution provider and securing internal and external support.
IMDA has accredited over 200 solution providers for InvoiceNow, ensuring there are options for businesses of all sizes. Smaller businesses can use off-the-shelf cloud-based solutions.
Data security assurance
Security is a crucial aspect of InvoiceNow. Data transmitted via InvoiceNow is secure, complying with the stringent PEPPOL standards. IMDA also mandates higher security compliance standards, ensuring businesses' data remains protected.
Both Xiao and Loo expand on the security standards of the InvoiceNow and share that Singapore's adoption of the PEPPOL standard aligns with international practices, facilitating cross-border transactions.
Support for adoption
The Singapore government provides extensive support for businesses adopting InvoiceNow. For example, businesses can enjoy the Productivity Solutions Grant (PSG) to offset up to 50 per cent of cost for eligible solutions. Additionally, both IMDA and IRAS offer a slew of other resources that are unpacked in the podcast.
The transition to digital invoicing through InvoiceNow represents a significant step towards greater efficiency, compliance, and sustainability for businesses in Singapore. By leveraging government support and learning from international best practices, businesses can streamline their operations and enhance their financial reporting processes.
The insights from the podcast highlight the transformative potential of InvoiceNow, making it a crucial tool for businesses navigating the digital age.
This episode of BT Podcasts was produced in partnership with Infocomm Media Development Authority (IMDA) and Inland Revenue Authority of Singapore (IRAS).
For questions or thoughts about the show, feel free to email: btpodcasts@sph.com.sg
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From right: Jeremy Loo, deputy director, GST Division – Wholesale Trade Branch, Inland Revenue Authority of Singapore (IRAS); Kuah Mei Yin, group CFO of Courts (Singapore) Pte Ltd; Bill Xiao, deputy director, E-invoice Project Office, Infocomm Media Development Authority (IMDA); Claressa Monteiro, head of audio, The Business Times
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Download the InvoiceNow Brochure
IRAS GST InvoiceNow Requirement