The New Zealand Government plans to encourage e-invoicing for businesses by mandating faster payment of e-invoices by Government agencies and setting transparent payment targets. Currently, 32 Central Government agencies must pay 95% of their invoices within 10 days, and this requirement will be extended to Crown entities, totaling over 100 government organizations. Additionally, the Business Payment Practices Act 2023 will be repealed as it has not effectively reduced long payment terms for large market players, which has been challenging for small businesses. E-invoicing is expected to boost the country’s economy by NZD 400 million annually.
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