New Zealand: GST invoicing and recordkeeping requirements were simplified
New Zealand Inland Revenue introduced a set of rules to simplify GST invoicing and recordkeeping requirements. It aims to support e-Invoicing and electronic record-keeping, associated with New Zealand’s implementation of the Pan European Public Procurement Online (PEPPOL) framework.
New set of rules to simplify the GST invoicing and recordkeeping requirements:
- New terminologies to support flexible record-keeping procedures (tax invoice will be “taxable supply information”)
- New additional requirements will have to be met depending on the price and kind of supply
- Tax invoicing processes for members of GST groups and supplier groups
- The 28-day deadline for giving GST-registered customers information about taxable deliveries (supplies worth more than NZD 200)
- Conditions for updating supply information
Only the law concerning invoicing and record keeping has changed while the GST calculation has remained unchanged. The changes will roll out on 1 April 2023.
Source: ird.govt.nz
