New Zealand to make Business to Government e-invoicing mandatory

Wednesday 2 March 2022 13:12 CET | News

New Zealand has made the first step to make Business to Government (B2G) e-invoicing mandatory by enforcing that central government agencies must be able to receive invoices in an electronic format beginning 31 March 2022. 

The goal of this initiative is to simplify procedures and help companies handle large volumes of invoices to reduce costs. Digitising the invoicing process will help alleviate administrative processing time and combat tax fraud. The New Zealand government estimates savings of USD 2.9 billion over 10 years using the electronic system.

At its core, e-invoicing automates and simplifies the exchange and processing of invoices. The direct exchange of invoice information between buyers’ and suppliers’ financial systems should cut processing time by half.

New Zealand’s e-invoicing uses an international standard, called Peppol. By using a standard e-invoicing network, different systems should be able to talk to each other smoothly.

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Keywords: product launch, e-invoicing, digitalisation, regulation, financial services
Categories: Banking & Fintech
Countries: New Zealand
This article is part of category

Banking & Fintech