New Zealand is implementing changes to its GST invoicing and record keeping requirements, which are set to enter into force from April 1, 2023. These changes include:
- The use of tax invoices will be replaced by a more general requirement to provide and keep certain records known as taxable supply information.
- Terminology: a. The term ‘tax invoice’ will be replaced with the term ‘taxable supply information’. From an invoice content perspective, there will be no requirement to include this wording when providing taxable supply information.
b. The term debit note/credit note will be replaced by the term ‘supply correction information’.
c. The term ‘buyer-created tax invoice’ will be replaced by the term ‘buyer-created taxable supply information’.
- The GST invoice will be digitized, there will be no need to keep a physical document such as a tax invoice, credit note, or debit note. Transaction records, accounting systems, and contractual documents may, in combination, contain all the information necessary for GST returns.
- Taxable supply information can be provided using an automated direct exchange between a buyer’s and seller’s software, for example, PEPPOL e-invoicing.