29 Jul 2026
IRAS processes more than 120,000 GST refund claims every year. Businesses have to put in substantial effort to reconcile paperwork and track down invoices, to get ready for the submission. One SME owner told me his team spends 50 man-days a year just chasing invoice data. That time could be freed up with InvoiceNow.
Faster refunds. Lower costs. Less friction. With InvoiceNow solutions, we are working to make tax simpler, and businesses stronger.
Good morning, everyone. I am Dennis Lui, Deputy Commissioner of IRAS. It is my pleasure to welcome you to our first InvoiceNow Fair. Thank you, Johnson, for painting such a clear picture of what InvoiceNow can do for businesses in Singapore.
It is wonderful to see such a strong turnout – more than 7,000 individuals have signed up. This Fair marks an important milestone in Singapore’s digitalisation journey.
Let me build on what Johnson has shared, and focus on what InvoiceNow means in practical terms for GST-registered businesses like yours. Simpler compliance and real savings for moving early.
Here is the reality. IRAS takes a risk-based approach to compliance. The data you submit through the InvoiceNow network is structured, standardised, and easy for us to verify. That transparency does something powerful: it tells us, automatically, that your business is well-run, with cleaner data.
By using InvoiceNow-Ready solutions, it strengthens your compliance, reduces risk, and builds trust with IRAS.
Businesses that submit invoice data to IRAS through the InvoiceNow network can expect a lower likelihood or frequency of audit, and faster access to GST refunds. Cleaner and consistent data means a more robust compliance process and gives us more assurance that you mean business.
Now, consider the alternative. Businesses that are not submitting their invoice data regularly to IRAS carry a higher risk profile by default. That can mean slower GST refunds, closer scrutiny, and more checks on your transactions.
IRAS takes compliance seriously, and enforcement action may be taken against businesses that fail to comply with the GST InvoiceNow Requirement. At the same time, our priority is to work with businesses early so that compliance is built into your processes rather than addressed under pressure.
The key takeaway is simple: get onboard the InvoiceNow-Ready solutions early, and do not wait for the mandate.
As of June, hundreds of businesses have begun submitting invoice data to IRAS. Most are larger businesses, moving well ahead of their mandates in 2030 or 2031.
Tee Yih Jia Food Manufacturing is one such example. They onboarded InvoiceNow well before they had to, recognising that implementation takes time and careful planning. Starting early gave them the runway to integrate InvoiceNow into their operations at their own pace.
CornerStone Wines is another case in point. They adopted InvoiceNow ahead of their mandated deadline. This gave them time to work through the technical setup with their vendor, instead of rushing under deadline pressure. They used this time to get the basics right – such as unit measurements and customer UENs. As a result, they are compliance-ready today, and avoided last-minute adjustments.
This shift to e-Invoicing is also part of a broader global trend and is not unique to Singapore. Around the world, more countries are shifting towards e-invoicing and digital reporting. From Malaysia’s phased rollout, and Vietnam’s nationwide implementation, to Europe’s VAT in the Digital Age initiative. Many of these efforts are anchored on common digital standards such as Peppol, enabling businesses to transact more seamlessly across systems and borders. In this context, InvoiceNow is not just a Singapore requirement; it positions your business to stay connected, competitive, and ready for the future digital economy.
So, I have one ask of you today: don’t just walk the floor – engage with it. Speak with our IMDA and IRAS representatives. Connect with the service providers. Explore the solutions to find out which one best fits your needs, including the grants available to help you get started. The businesses that leave here today with a plan will be the ones thanking themselves a year from now.
Thank you once again for joining us this morning. On behalf of IRAS and IMDA, I wish you a fruitful and meaningful time at the Fair. I hope you leave not just better informed, but ready to take your next concrete step on your InvoiceNow journey. Ultimately, this supports our shared goal; making tax simpler and businesses stronger.
Thank you.