Singapore Finance Glossary
Plain-English definitions of the Singapore-specific finance terms SG SMEs actually need — GST, IRAS, ACRA, InvoiceNow, PayNow. Every entry links the official source so you can verify thresholds and dates yourself.
8 terms · expanding
GST & E-Invoicing
- GST (Goods and Services Tax)GST is Singapore's broad-based consumption tax — currently 9% — charged on most goods, services and imports. Here's how it works for SMEs.
- GST F5GST F5 is the quarterly GST return every GST-registered business in Singapore files with IRAS. Due one month after the accounting period ends.
- GST InvoiceNow RequirementThe GST InvoiceNow Requirement is IRAS's mandate that GST-registered businesses transmit invoice data to IRAS via the InvoiceNow Peppol network. Phased rollout: 2025 → April 2031.
- GST registration thresholdSingapore businesses must register for GST when taxable turnover exceeds S$1 million — either retrospectively or on a forecast (prospective) basis.
- Input tax vs output taxOutput tax is the GST you charge customers on sales. Input tax is the GST you pay suppliers on business purchases. Net GST owed to IRAS = output − input.
- InvoiceNowInvoiceNow is Singapore's nationwide Peppol e-invoicing network. Here's what it is, how the GST InvoiceNow Requirement works, and the rollout timeline for SMEs.
- Peppol / PINT-SGPeppol is the international e-invoicing standard. PINT-SG is Singapore's country-specific Peppol PINT billing specification, governed by IMDA as the Peppol Authority.
- Tax invoice (Singapore)A tax invoice is the document a GST-registered Singapore business issues so its GST-registered customer can claim input tax. IRAS sets specific format and timing rules.