Electronic invoicing is the next frontier for micro-economic reform
Share
The federal government’s guarantee to pay its vendors who use electronic invoices within five days is a good example of government using its purchasing power to driver broader economic reforms.
The Commonwealth pays an estimated $70 billion each year to suppliers and has committed that all agencies will be able to process e-invoices by July 2022.
The Australian Tax Office, Service Australia, and the departments of Employment, Finance, Treasury, Prime Minister and Cabinet are already able to receive e-invoices.
Internationally, the push to digitise vendor payments has been driven by tax issues, with European jurisdictions seeking to close down major leaks from their VAT systems.
Avalara, Inc.: Avalara Closes Acquisition of INPOSIA Avalara, Inc. (NYSE: AVLR), a leading provider of tax compliance automation for businesses of all sizes, today announced the closing of the acquisition of INPOSIA Solutions GmbH. INPOSIA is a German software company that delivers e-invoicing, digital tax reporting, and system and data integration to support digital transformation efforts and address real-time compliance requirements for businesses.
The proliferation of real-time compliance requirements from tax authorities around the world arose from the need for financial transparency and fraud reduction. More than 60 countries rely on or have announced the intent to move to an e-invoicing system for compliance, whereby businesses must validate transactions with governments. Exact requirements differ between countries and vary based on timeliness of reporting, types of invoices that need to be filed, value thresholds for reporting, and formatting. Businesses rely on technol
COVID-19 pandemic pushed the NZ economy into a tailspin while taking a huge toll on households & businesses. It also sparked a ferocious wave of digitalisation across multiple domains. Recognising the importance of this digital transformation amid .
Press Release – Kalkine
COVID-19 pandemic pushed the NZ economy into a tailspin while taking a huge toll on households & businesses. It also sparked a ferocious wave of digitalisation across multiple domains. Recognising the importance of this digital transformation amid …
Kiwi Land Riding on Wave of Digitalisation: Three Emerging Trends Under Spotlight
Summary
COVID-19 pandemic has accelerated digital transformation across different channels and business models.
The recent developments concerning DEPA, Wine Collective Direct and E-invoicing reflect NZ’s extensive support for digitalisation.
Keeping an eye out on cybersecurity and data protection risks is important for businesses hopping onto the digital bandwagon.