April 2023 – Digital records can replace paper invoices, with PEPPOL-based e-invoicing
The Inland Revenue Department is planning to digitise the tradition Goods & Services Tax (GST) invoice from 1 April 2023. This will mean taxpayers transaction records, accounting systems and contractual documents may, in combination, contain all the information required to support the data submitted GST returns.
Death of the Tax Invoice
The language of GST compliance will be changing:
- Tax Invoice becomes Taxable supply information, which covers the invoice and but it can also include information held in other forms, such as supplier agreements, contracts, and bank statements.
- Debit note/credit note becomes Supply correction information
- Self or Buyer-created tax invoice becomes Buyer created taxable supply information
Sellers can provide taxable supply information to a customer using an automated direct exchange between the buyer’s and seller’s software, for example PEPPOL eInvoicing.
Taxable supply information replaces tax invoice
Whilst the invoice may be replaced, the levels of information required remains. But this depends on:
- the value of the invoice
- Second hand goods
Invoice issuing deadlines
Taxable supply information must be provided to GST registered buyers within 28 days of a request for the taxable supply information (or by an alternative date agreed to by the parties) for supplies over $200. For supplies of $200 or less, sellers are required to keep a record of the supply, but they are not required to provide taxable supply information.
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Asia Pacific e-invoicing
|Country||Date||Comments (click for details)|
|Australia||Jul 2023||PEPPOL-based e-invoicing with no govt intervention B2B|
|China||Jan 2023||Special e-fapiao VAT invoice being piloted with 2023 full implementation|
|India||Oct 2020||B2B pre-clearance with separate B2C; completed Apr 2021|
|Indonesia||Jul 2015||e-Factur Pajak electronic invoicing|
|Japan||Oct 2023||Tax qualified invoices|
|Kazakhstan||Jan 2017||e-invoicing IS ESF|
|Kyrgyzstan||May 2023||Mandatory e-invoicing for goods|
|Malaysia||Jun 2024||e-invoicing pre-clearance|
|Mauritius||2023||e-invoicing System with digital transaction reporting|
|New Zealand||Mar 2022||B2G PEPPOL-based e-invoicing|
|Philippines||Jan 2024||2022 pilot of e-invoices; to follow South Korea model|
|Singapore||TBC||Mandatory B2G e-invoicing on InvoiceNow|
|South Korea||2011||Near real-time invoice reporting|
|Taiwan||2017||Electronic GUI invoices; non-residents since 2020|
|Thailand||2018||E-invoice reporting where adopted|
|Vietnam||Nov 2021||Pre-clearance B2B verification code e-invoice|