Contract Act (Cap. 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Essential for establishing legally binding payment terms in the Net 30 invoice.
Goods and Services Tax Act (Cap. 117A): Regulates GST requirements for invoices, including mandatory information for GST-registered companies and proper tax calculations.
Income Tax Act (Cap. 134): Governs tax implications of business transactions and requirements for financial documentation for tax purposes.
Electronic Transactions Act (Cap. 88): Provides legal framework for electronic transactions and digital signatures, relevant for electronic invoicing systems.
Late Payment of Commercial Debts (Interest) Act: Governs the rights to claim interest on late commercial payments and sets guidelines for payment terms.
Limitation Act (Cap. 163): Sets time limits for legal action on debt collection and enforcement of payment terms.
Business Registration Act (Cap. 32): Specifies requirements for business registration details that must appear on official business documents including invoices.
Companies Act (Cap. 50): Establishes requirements for company information disclosure and documentation in business transactions.
Consumer Protection (Fair Trading) Act: Ensures fair trading practices and consumer protection in commercial transactions, affecting payment terms and conditions.
Currency Act (Cap. 69): Regulates the use of currency in Singapore and requirements for currency denomination in commercial documents.
IRAS Record-Keeping Requirements: Specifies the duration and manner in which business records, including invoices, must be maintained for tax purposes.
