The Government is strongly supportive of eInvoicing and plans to increase adoption with government organizations and businesses. The Minister for Small Business and Manufacturing announced the intention to repeal the Business Payments Practices Act 2023 and instead focus on non-regulatory measures to improve payment times to small businesses, including ramping up the use of eInvoicing. This includes setting faster payment targets for eInvoices and extending requirements to Crown entities. The proposals indicate that eInvoicing may become the default method for Central Government and all crown entities. Businesses can expect eInvoicing to become the norm when trading with government organizations, providing an extra cash flow incentive. The Ministry of Business Innovation and Employment will consult with government agencies on potential implementation timeframes. eInvoicing offers benefits such as faster payment, reduced risk of invoice fraud, and improved cash flow. Over 13,000 New Zealand businesses and 40+ government agencies are already registered to receive eInvoices, and most small businesses have free or low-cost access to send eInvoices through their accounting software or an eInvoicing portal.
Source
Click on the logo to visit the website
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
