Government proposing stronger requirements for eInvoicing in NZ

The Government recently announced its intention to repeal the Business Payments Practices Act 2023 and ramp up eInvoicing in New Zealand.

The Government is proposing to:

• Require more government agencies to send and receive eInvoices and
• Introduce a 5 working day payment target for them to pay eInvoices.
• Consult with Crown Entities on extending the current ‘pay 95% of invoices within 10 days’ requirement for Central Government agencies’ to them. 
• Publish government agency payment times.

Businesses who trade with government organisations can expect eInvoicing to become the norm, and these proposals provide an extra cash flow incentive to send eInvoices to the Government.

These proposals will provide further confidence for businesses to adopt eInvoicing and realise the benefits it is already providing many NZ organisations.

The more businesses who send and receive eInvoices, the more they’ll benefit from time-savings, no lost invoices, faster payment, and reduced risk of invoice fraud.

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