As you may be aware, on 30 March 2022 a new set of rules around GST tax invoices came into effect. The purpose of this was to simplify GST record keeping. This meant tax invoices no longer remained an absolute necessity when submitting expense claims, with the exception of sellers. It also removed the requirement to gain IRD's approval when issuing buyer-created tax invoices.
Further to this, the Government are now introducing further changes. These are coming into effect on 31st March 2023. Some of the changes include:
- GST records will no longer need to be kept in a single physical document - the information required can be collated from multiple sources including accounting systems, transaction records and contractual documents.
- Tax invoices are now called "Taxable supply information".
- Debit and credit notes are now called "Supply correction information" and you are required to record more details around the transaction.
- Buyer created tax invoices are now called "Buyer created taxable supply information".
- GST registered buyers must receive taxable supply information within 28 days of requesting it.
For a full list of the changes occurring please feel free to get in touch with your Greenlion business advisor.