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1、 Interoperability of Electronic Invoicing Systems in the APEC Region APEC Committee on Trade and Investment February 2025 Interoperability of Electronic Invoicing Systems in the APEC Region APEC Committee on Trade and Investment February 2025 APEC Project:CTI 06 2024S Produced by:Deloitte Touche Toh

2、matsu 50 Bridge Street Sydney,NSW,2000 Australia With support of:Department of Foreign Affairs and Trade,RG Casey Building,John McEwen Crescent,Barton ACT 0221 Australia.Website:https:/www.dfat.gov.au/For Asia-Pacific Economic Cooperation Secretariat 35 Heng Mui Keng Terrace Singapore 119616 Tel:(65

3、)68919 600 Fax:(65)68919 690 Email:infoapec.org Website:www.apec.org 2025 APEC Secretariat APEC#225-CT-01.1 i Contents Glossary iv Executive summary vi 1 Introduction 11 1.1 Background and context 11 1.2 The Principles for the Interoperability of Electronic Invoicing Systems in the APEC Region 11 1.

4、3 Purpose of this review 11 1.4 Data Sources and methodology 12 1.4.1 Data Limitation 12 2 Trade and invoicing in APEC 13 2.1 Trade value and trends 13 2.2 The growth of eInvoicing in APEC 13 2.2.1 Digital maturity of businesses 14 2.2.2 Other considerations relating to trade across APEC 15 3 eInvoi

5、cing state of play 16 3.1 What is eInvoicing?16 3.2 eInvoicing models 16 3.2.1 Interoperability 16 3.2.2 Continuous Transaction Control(CTC)Models 17 3.3 Comparison and compatibility between different models 18 3.4 Current state of eInvoicing across APEC 19 3.4.1 Australia 19 3.4.2 Brunei Darussalam

6、 20 3.4.3 Canada 20 3.4.4 Chile 21 3.4.5 Peoples Republic of China 21 3.4.6 Hong Kong,China 21 3.4.7 Indonesia 22 3.4.8 Japan 22 3.4.9 Republic of Korea 23 3.4.10 Malaysia 23 3.4.11 Mexico 24 3.4.12 New Zealand 24 3.4.13 Papua New Guinea 24 3.4.14 Peru 24 3.4.15 The Philippines 25 3.4.16 The Russian

7、 Federation 25 3.4.17 Singapore 26 3.4.18 Chinese Taipei 26 3.4.19 Thailand 27 3.4.20 The United States 28 3.4.21 Viet Nam 28 4 Interoperability of eInvoicing systems 30 4.1 Agreements promoting interoperability in digital trade 30 4.1.1 Chile;Korea;New Zealand;and Singapore 30 4.1.2 E-commerce Agre

8、ement 30 4.1.3 Australia and Singapore 31 4.1.4 United States(US)and the European Union(EU)31 4.2 Examples of cross border interoperability in practice 31 4.2.1 Australia and New Zealand:31 4.2.2 The European Union and VAT in the Digital Age 32 4.2.3 Italy and San Marino 32 ii 4.2.3 Italy and San Ma

9、rino 32 4.3 Challenges and key factors for achieving interoperability 33 4.3.1 Technical Interoperability 33 4.3.2 Regulatory and compliance considerations 36 4.3.3 Cost and resource constraints 36 4.3.4 Security measures and data privacy 37 4.3.5 Resistance to change 37 4.3.6 Complex business netwo

10、rks 37 4.3.7 Region-specific technical barriers 37 4.3.8 Stakeholder Engagement and Collaboration 37 5 Potential economic gains from enhancing interoperability 39 5.1 Economic benefits of interoperable eInvoicing systems 39 5.2 Quantifying the productivity gains and costs savings from greater adopti

11、on of eInvoicing in cross border trade 39 5.2.1 Data and methodological approach 39 5.2.2 Productivity benefit and cost savings 40 5.2.3 Economic impact of eInvoicing adoption 41 5.3 Other economic benefits of eInvoicing 44 5.3.1 Reduced cyber security risks 44 5.3.2 Improved accuracy and data quali

12、ty 45 5.3.3 Enhanced transparency and visibility 45 5.3.4 Procure-to-Pay(P2P)Digitisation 46 5.3.5 Faster payment processing 46 5.3.6 Increased integrity and reduced tax evasion 46 5.3.7 Compliance and regulatory alignment 46 5.3.8 Potential impacts on the environment 46 5.3.9 Enhanced business rela

13、tionships 47 5.3.10 Scalability and global reach 47 5.3.11 Stimulated economic growth 47 5.4 Summary of eInvoicing benefits 48 5.5 Costs of implementation 48 5.6 Costs and benefits and the impact of interoperability 50 6 Recommendations for implementing eInvoicing across APEC 51 6.1 Proposed recomme

14、ndations for interoperability 51 6.2 Recommendations for economies based on eInvoicing maturity 53 6.3 Specific economy recommendations 54 A1.Appendix 1:Economy Summary 57 A2.Appendix 2:File Format Protocols and Data Exchange Formats 60 A3.Appendix 3:Economic modelling steps and key assumptions 62 A

15、3.1 Overview of economic modelling for eInvoicing 62 A3.2 Identifying the value of bilateral trade flows between APEC economies and average transaction value 62 A3.2.1 International trade value across APEC economies 62 A3.2.2 Average transaction value and adjustment for bilateral trade relationships

16、 63 A3.2.4 Calculating the number of bilateral transactions between APEC economies 64 A3.3 Evaluate productivity gains and cost savings per invoice 64 A3.3.1 Productivity metrics and cost saving assumptions 64 A3.3.2 Assumptions and data considerations 65 A3.4 Assessing potential economic benefits b

17、y economy at varying adoption rates 65 A3.4.2 Scenario analysis for adoption rates 66 A3.5 Caveats and limitations 67 A3.5.1 Range of results and scenario variability(Best case vs.Worst case)67 Limitation of our work 68 General use restriction 68 Endnotes 69 iii Charts Chart 2.1:Projected market val

18、ue of electronic Invoicing(Billion USD),2024 to 2028.14 Chart 5.1:Projected productivity benefits for APEC trade vs eInvoicing adoption rates(Billion USD)*.42 Chart 5.2:Annual APEC Economies Productivity gains from eInvoicing(Billion USD).43 Chart 5.3:Total eInvoicing benefit per transaction vs eInv

19、oicing adoption levels(USD).44 Chart 5.4:Simulated risk outcomes:Event probability,revenue loss,and exposure risk for key cybersecurity threats.45 Chart 5.5:Average overall cost to start using eInvoicing,by business size.49 Tables Table 1.1:Potential annual productivity gains for APEC members at 50%

20、of eInvoicing adoption levels*.viii Table 4.1:File Formats.35 Table 5.1:Potential annual productivity gains for APEC members at 50%of eInvoicing adoption levels*.42 Table 5.2:Electronic Invoicing costs assessment for multinational corporations*.49 Table 6.1:Recommendations for economies.53 Figures F

21、igure 3.1:Interoperability Diagram.16 Figure 3.2:Centralised model.17 Figure 3.3:Clearance(Pre/Post)model.18 Figure 3.4:RTR model.18 Figure 4.1:Agreements and practical examples of interoperability in digital trade.30 Figure 4.2:Agreements and practical examples of interoperability in digital trade.

22、33 Figure 5.1:Key benefits of improving interoperability of eInvoicing systems.39 Acknowledgement We would like to thank all the people and organisations who were interviewed as part of this report contributing to the overall recommendations including:Australian Tax Office Basware Capability Wise Di

23、gital Agency Japan(Japan Peppol Authority)Global Deloitte Touche Tohmatsu New Zealand Ministry of Business,Innovation,and Employment Pagero Peppol Sovos Tickstar Valta Technology Group iv Glossary Acronym Full name ABAC APEC Business Advisory Council ABS Australian Bureau of Statistics ANZ Australia

24、 and New Zealand APAC Asia Pacific APEC Asia-Pacific Economic Cooperation ASNs Advance shipping notices ATO Australian Taxation Office B2B Business-to-business B2C Business to consumer B2G Business to government BIR Bureau of Internal Revenue BIS Peppol Business Interoperability Specifications BPC B

25、usiness Payments Coalition CFD Comprobante Fiscal Digital CII Cross Industry Invoice CIUS Core Invoice Usage Specification CPE Electronic Payment Receipts CRA Canadian Revenue Agency CTC Continuous Transaction Controls DAJ Digital Agency,Government of Japan DBNAlliance Digital Business Networks Alli

26、ance DEPA Digital Economy Partnership Agreement DFAT The Department of Foreign Affairs and Trade DJP Direktorat Jenderal Pajak DTE Documento Tributario Electrnico EAEU Eurasian Economic Union EDI Electronic Data Interchange EDIFACT Electronic Data Interchange for Administration,Commerce,and Transpor

27、t eGUI Electronic Government Uniform Invoice eInvoicing Electronic invoicing EIPA eInvoice Promotion Association ERP Enterprise Resource Planning ETDA Electronic Transactions Development Agency ETO Electronic Transactions Ordinance GDP Gross domestic product GDT General Department of Taxation HTTP H

28、ypertext Transfer Protocol v HTTPS Hypertext Transfer Protocol Secure IMDA Info-Communications Media Development Authority IRAS Inland Revenue Authority of Singapore IRB Inland Revenue Board IRS Internal Revenue Service JCT Japanese Consumption Tax JSON JavaScript Object Notation LHDNM Lembaga Hasil

29、 Dalam Negri Malaysia LTS Large Taxpayers Service MBIE Ministry of Business Innovation and Employment MDEC Malaysia Digital Economy Corporation MSME Micro-Small&Medium Enterprises NTS National Tax Service OSS One stop shop P2P Procure to pay PDF Portable Document Format PINT Peppol International Inv

30、oice PKI Public key infrastructure REST Representational State Transfer RTIR e-Tax Invoice&e-Receipt system RTR Real-Time Reporting SAML Security Assertion Markup Language SAT Servicio de Administracin Tributaria SdI Sistema di Interscambio SEE Electronic Issuance System SII Servicio de Impuestos In

31、ternos SMEs Small and Medium Enterprises SOAP Simple Object Access Protocol STA State Taxation and Administration SUNAT Superintendency of the National Tax Administration TAFIS Treasury Accounting and Financial Information System TTC U.S.-EU Joint Trade and Technology Council UBL Universal Business

32、Language UN/CEFACT United Nations Centre for Trade Facilitation and Electronic Business VAT Value added tax ViDA VAT in the Digital Age WTO World Trade Organization XML eXtensible Markup Language vi Executive summary The project Interoperability of Electronic Invoicing Systems in the APEC Region,led

33、 by the Department of Foreign Affairs and Trade(DFAT),aims to build on the 2023 Principles for the Interoperability of Electronic Invoicing Systems in the APEC Region and responds to the APEC Business Advisory Council(ABAC)2022 report,which emphasised eInvoicing as a fundamental component of digital

34、 supply chain finance and efficiency for Micro-Small&Medium Enterprises(MSMEs).Key Drivers and Objectives The primary drivers of the project include fostering a better understanding of eInvoicing policies,infrastructure,and processes within the APEC region,and facilitating the effective implementati

35、on of the Principles across APEC economies.The project aims to overcome barriers to compatibility and integration of eInvoicing frameworks,thereby achieving the following objectives,to:Promote seamless connectivity for digital transactions across borders.Strengthen trust through reliable and secure

36、digital transactions.Grant electronic invoices the same legal status as paper invoices.Align measures with global standards and recommendations.Implement policies and infrastructure for secure document exchange.Encourage the use of standardised protocols for interoperability.Exchange best practices

37、to build understanding and confidence.Support the development and adoption of interoperable eInvoicing systems.Vision The vision of this project is to create a cohesive and efficient eInvoicing environment across the APEC region.This vision aims to bolster regional economic recovery,improve tax admi

38、nistration,and build the capacity of all APEC economies to benefit from interoperable eInvoicing systems.To achieve this,the project will promote best practices and identify and address barriers.The following goals outline the key aspects of this vision:1.Enhance Interoperability of eInvoicing Syste

39、ms:Promote the global adoption of interoperable eInvoicing systems within the APEC region.Make interoperable the technical standards,legal frameworks,and business processes to promote seamless eInvoice exchange across different economies.This will reduce processing time and costs,minimise errors,and

40、 improve the security,efficiency,and reliability of cross-border trade transactions.2.Support Regional Economic Recovery:Enable businesses to trade efficiently,supporting regional economic recovery.Recognise the role of digital trade,including e-commerce and related technologies,in expanding existin

41、g markets and creating new trade possibilities.By improving the efficiency of business processes through interoperable eInvoicing,contribute to the economic recovery and growth of the APEC region.3.Improve Tax Administration Processes:Enhance tax administration processes by promoting eInvoicing syst

42、ems.Provide tax authorities with real-time access to transaction data,improving tax compliance and reducing tax evasion.Facilitate better tax administration to increase government revenues and support public services.4.Build Capacity and Provide Technical Assistance:Build the capacity of APEC econom

43、ies to effectively implement and use eInvoicing systems.Provide technical assistance,training,and resources to help economies develop the necessary infrastructure,legal frameworks,and business processes.Ensure all APEC economies can benefit from interoperable eInvoicing systems.vii 5.Promote Best Pr

44、actices and Identify Barriers:Identify potential barriers to eInvoicing interoperability and promote best practices.Conduct research to understand current eInvoicing policies,infrastructure,and processes in the APEC region,and identify areas for further technical assistance and capacity building.By

45、promoting best practices and addressing barriers,facilitate the effective implementation of interoperable eInvoicing systems.Benefits of eInvoicing and broader economic impacts The APEC region facilitates USD 22 trillion in trade annually across 21 diverse economies,each operating with distinct invo

46、icing systems,technologies,and standards.The lack of compatibility between these systems introduces inefficiencies,delays,and increased costs for businesses.By fostering interoperability in electronic invoicing systems,APEC economies have the potential to streamline cross-border transactions,reduce

47、compliance costs,and unlock significant economic benefits.This harmonisation of eInvoicing processes can enhance productivity,improve trade efficiency,and support the regions broader economic growth,particularly as digital transformation accelerates globally.The key benefits of improving interoperab

48、ility of eInvoicing are set out in section five,Potential economic gains from enhancing interoperability.See Figure i.Figure i:Key benefits of improving interoperability of eInvoicing systems Source:Deloitte Access Economics(2024)eInvoicing can result in significant productivity and economic benefit

49、s for businesses across APEC.Deloitte Access Economics estimates the productivity benefits per invoice at USD 14.84,with accounts payable capturing 60%(USD 8.90)and accounts receivable 40%(USD 5.94)of the benefits.These productivity gains align with findings from a 2024 European Commission study,hig

50、hlighting efficiency improvements in public procurement.The broader economic impact is tied to eInvoicing adoption rates.At a 50%adoption level,the annual gains from productivity and trade efficiencies could reach USD 5 billion,split between USD 3 billion for importers and USD 2 billion for exporter

51、s.Even with a 10%adoption rate,the annual benefits are estimated at USD 1 billion.Higher gross domestic product(GDP)per capita economies,such as the United States,are expected to realise greater savings due to higher labour costsUSD 442 million at a 10%adoption rate,increasing to USD 2.2 billion at

52、50%adoption.(See Table 1.1)Productivity benefit and cost savings Key benefits of eInvoicing interoperability Reduced cyber security risks.Improved accuracy and data quality Enhanced transparency and visibility Faster payment processing Increased integrity and reduced tax evasion Compliance and regul

53、atory alignment Potential to reduced environmental impact Enhanced business relationships Scalability and global reach Stimulated economic growth viii Table 1.1:Potential annual productivity gains for APEC members at 50%of eInvoicing adoption levels*APEC members Annual productivity value(Millions,US

54、D)Australia 88 Brunei Darussalam 14 Canada 927 Chile 25 The Peoples Republic of China 151 Hong Kong,China 552 Indonesia 10 Japan 190 The Republic of Korea 167 Malaysia 27 Mexico 61 New Zealand 39 Papua New Guinea 1 Peru 9 The Republic of the Philippines 6 The Russian Federation 31 Singapore 319 Chin

55、ese Taipei 176 Thailand 10 The United States 2.2 billion Viet Nam 9 Total 5.025 billion*The analysis considers only productivity benefit generated from international trade,not internal economy benefits.Source:Deloitte Access Economics(2024)Automating invoicing in these markets leads to greater cost

56、savings and productivity improvements,as the opportunity cost of manual processes is higher.In terms of cost,large enterprises face initial expenses when implementing eInvoicing systems,including setup fees,training,and hardware and software purchases,which can collectively amount to over USD 20,000

57、.Approximately 79%of respondents reported that implementation costs met or exceeded their anticipated budget,indicating that expenses were as high as or higher than expected.However,many businesses reported positive experiences once the initial hurdles were overcome.Additionally,ongoing internationa

58、l efforts to align technical standards are expected to lower long-term costs through improved interoperability and reduced administrative burdens.The long-term benefits of eInvoicing,including enhanced compliance,security,and real-time tracking capabilities,offer compelling reasons for wider adoptio

59、n,especially as businesses seek to streamline operations and expand into new markets.Faster processing times also have a positive impact on cash flow management,with studies showing that electronic invoices are settled 5 to 7 days more quickly than traditional methods.There could be some positive en

60、vironmental impacts from a shift away from paper invoices-although in practice most invoices are likely to be exchanged by PDF.At the same time a shift to eInvoicing may increase energy consumption and demand for data centers.As more businesses transition to eInvoicing,the potential for economic gai

61、ns across the APEC region becomes increasingly apparent,reinforcing the importance of reaching critical adoption levels to maximise ix productivity and trade efficiency gains.The models results should be seen as a range of potential outcomes rather than definitive forecasts.This analysis provides a

62、what-if scenario assessment,estimating the potential benefits if APEC economies achieve specific adoption levels and progress in unison towards interoperability in eInvoicing.The benefits depend on coordinated take up:as more economies adopt the system,the potential for cumulative productivity gains

63、 increases.However,this interdependence means that the realised benefits will vary based on the coordinated adoption rates among economies.Disparities in adoption can lead to differences in overall productivity and cost savings,highlighting the importance of alignment in take-up across the region.If

64、 some economies adopt eInvoicing more rapidly than others,the distribution of gains may become uneven.Early adopters may face costs related to implementation without realising the expected benefits,especially if other economies do not adopt complementary international components.This scenario can le

65、ad to a situation where the advantages of early adoption are diminished.Therefore,for APEC to fully unlock the economic benefits of eInvoicing,a coordinated and harmonised approach would be most effective,highlighting the importance of collective action across member economies.Scope of Review The re

66、view focuses on:1.Trade and Invoicing in APEC:Examines factors influencing the cross-border invoicing environment,trade value and trends,growth of eInvoicing,digital maturity of businesses,and other trade considerations in the APEC region.2.An eInvoicing state of play:Provides an overview of eInvoic

67、ing,distinguishing it from digital invoicing,and discusses the state of eInvoicing in each member economy.3.Interoperability of eInvoicing Systems:Identifies obstacles impeding interoperability and outlines critical areas for facilitating smoother,more cost-effective cross-border trade.4.Potential e

68、conomic gains:It provides a framework for understanding the economic impact of eInvoicing and quantifies some of the important benefits,under different take-up rates.Methodology and Data Sources The project used a combination of qualitative and quantitative research methods,drawing from various data

69、 sources,including:Literature Review:Extensive research into the legal status,infrastructure,and policies of eInvoices in each APEC economy.Consultations:Engaged with technology providers and representatives from APEC economies to understand the eInvoicing landscape,standards,security,cost impacts,a

70、nd the roadmap for achieving interoperability.Internal Subject Matter Experts:Deloittes internal subject matter experts validated findings and provided insights into the technical and regulatory aspects of eInvoicing.Targeted Consultation:Consultation with one eInvoicing regulator provided regulator

71、y insights and compliance requirements across jurisdictions.Key Findings The project identified several barriers to eInvoicing interoperability,including:Diverse technical standards and formats across regions and industries.Varied legal and regulatory frameworks related to electronic invoicing and d

72、ata protection.Significant investments needed for technology infrastructure,software integration,and staff training.Ensuring data security and protecting sensitive information during cross-border exchanges.Resistance to change from traditional paper-based invoicing to electronic systems.Interoperabi

73、lity challenges due to multiple stakeholders with varying systems and processes.x Recommendations Overarching recommendations To achieve eInvoicing interoperability across APEC economies,the project recommends:1.Legal and Regulatory Recognition 2.Adoption of Common Standards,Technical Specifications

74、 and Protocols 3.Development of Secure Infrastructure 4.Capacity Building,Knowledge Sharing 5.Funding assistance 6.Public-Private Partnerships 7.Ownership and Responsibility Further detail on the recommendations is provided in the body of the report.Recommendations based on eInvoicing maturity level

75、 The maturity of eInvoicing systems varies across economies,influenced by technology,regulations,government support,and readiness for digital transformation.Economies are categorised into high,medium,and low maturity levels,each reflecting different adoption and integration stages.High Maturity:Esta

76、blished systems,advanced infrastructure,strong regulatory support.o Recommendations:Promote further adoption and align with international standards.Integrate existing systems into APEC frameworks and update them for interoperability.Increase subject matter expert participation and share best practic

77、es with less mature economies.Medium Maturity:Developing systems,growing infrastructure,moderate compliance,and support.o Recommendations:Strengthen and harmonise regulatory frameworks.Foster public-private collaboration and increase subject matter expert awareness and training.Invest in systems tha

78、t align with common standards.Low Maturity:Limited systems,underdeveloped infrastructure,and insufficient regulatory frameworks and support.o Recommendations:Define strategic objectives and develop an eInvoicing roadmap.Establish clear regulations and ensure adequate funding.Develop domestic framewo

79、rks compatible with APEC economies and invest in necessary infrastructure.Align with international standards and collaborate with more mature economies for insights.Education and awareness campaigns alone are unlikely to drive widespread adoption of e-Invoicing across APEC economies.To promote uptak

80、e and achieve interoperability,more direct measures are essential.Key interventions include establishing a central governing body,establishing usage policies,developing comprehensive legal and regulatory frameworks,and launching programs to test interoperability.These efforts,supported by public-pri

81、vate collaboration and sufficient funding,will help businesses recognise the broader advantages of eInvoicing beyond tax compliance,encouraging long-term adoption and engagement.The project seeks to deliver a detailed assessment of eInvoicing interoperability across the APEC region,with a focus on i

82、dentifying core challenges and providing actionable recommendations.By encouraging greater efficiency,reducing transactional costs,and enabling smoother cross-border trade,the project aligns with APECs overarching objective to advance digital transformation and deepen economic integration across mem

83、ber economies.11 1 Introduction 1.1 Background and context APEC economies are working collectively to enhance eInvoicing interoperability,building on the 2023 Principles for the Interoperability of Electronic Invoicing Systems in the APEC Region(“the Principles”).This initiative aims to foster a bet

84、ter understanding of eInvoicing policies,infrastructure,and processes within the APEC region and to facilitate more effective and efficient implementation of the Principles across APEC economies.This initiative aims to foster a better understanding of eInvoicing policies,infrastructure,and processes

85、 within the APEC region and to facilitate more effective and efficient implementation of the Principles across APEC economies.1.2 The Principles for the Interoperability of Electronic Invoicing Systems in the APEC Region The Principles were developed by the APEC Committee on Trade and Investment,in

86、collaboration with the APEC Digital Economy Steering Group.i This initiative was in response to the ABAC 2022 report to leaders,and other contributing factors,which emphasised eInvoicing as a fundamental component of digital supply chain finance and increasing efficiency for MSMEs.ii The Principles

87、provide a comprehensive framework to address the interoperability challenges of eInvoicing systems,thereby supporting the projects objectives and desired outcomes.By adopting and adhering to these Principles,APEC economies can achieve seamless connectivity,build trust in digital transactions,and imp

88、rove the efficiency and reliability of cross-border trade.iii Objectives of The Principles:Promote Seamless Connectivity:Facilitate smoother digital transactions across borders.Strengthen Trust:Enhance confidence in digital transactions by ensuring reliability and security.The recommendations for AP

89、EC Economies:Legal Equivalence:Grant electronic invoices the same legal status as paper invoices.International Standards:Align measures with global standards,guidelines,or recommendations.Supportive Policies and Infrastructure:Implement policies and build infrastructure to secure document exchange.C

90、ommon Standards:Encourage the use of standardised protocols for interoperability.Best Practices Sharing:Exchange best practices to foster understanding and confidence.Support for Initiatives:Endorse efforts to develop and adopt interoperable electronic invoicing systems.These Principles underpin thi

91、s report as they provide the foundation for evaluating and enhancing eInvoicing interoperability across APEC,ensuring consistency,efficiency,and mutual recognition among member economies.1.3 Purpose of this review DFAT has engaged Deloitte to produce a report on implementing the Principles for the i

92、nteroperability of eInvoicing Systems in the APEC Region.This report aims to provide a comprehensive analysis of the issues surrounding eInvoicing interoperability from an APEC economy perspective.It examines the existing eInvoicing frameworks across different APEC economies and analyses the legal r

93、ecognition and status of eInvoices in various regions.Additionally,the report identifies and discusses the barriers preventing compatibility and seamless integration of eInvoicing frameworks.12 By addressing these areas,the report seeks to provide recommendations for achieving greater interoperabili

94、ty of eInvoicing systems across the APEC region.The scope of this review encompasses:Chapter 2:Trade and invoicing in APEC Chapter 3:eInvoicing state of play Chapter 4:Interoperability of eInvoicing systems Chapter 5:Potential economic gains from enhancing interoperability Chapter 6:Recommendations

95、for implementing eInvoicing across APEC 1.4 Data Sources and methodology To investigate the interoperability of electronic invoicing systems in the APEC region,we employed a combination of qualitative and quantitative research methods.Our approach leveraged diverse data sources to ensure a thorough

96、analysis.Our literature review encompassed over 100 sources and involved extensive desktop research into the legal status of eInvoices,associated infrastructure,and policies for each APEC member economy.We began the research phase with a thorough review of open-source literature and existing researc

97、h on eInvoicing policies and legal frameworks,building upon our initial knowledge base.This review aimed to explore potential interoperability issues by drawing on previous APEC research and broader studies focused on barriers to cross-border eInvoicing within the APEC region.The goal was to identif

98、y key challenges and barriers to interoperability while pinpointing potential solutions.We conducted six consultations with leading technology providers,which offered valuable insights into the current eInvoicing landscape.These discussions covered technological standards,technical considerations,se

99、curity and data confidentiality,cost impacts and the roadmap for achieving interoperability,providing a solid foundation for our understanding of eInvoicing across the APEC region from a technology providers perspective.Additionally,we engaged in 23 consultations with representatives from various AP

100、EC economies and Deloittes internal subject matter experts.These interactions were necessary to gain their extensive knowledge and understand mandates,implementation timelines(where applicable),technology challenges and considerations,key drivers impacting eInvoicing adoption,and barriers.The insigh

101、ts gained from these consultations helped us capture a holistic view of the diverse regulatory environments across the APEC region.Lastly,a targeted consultation with one eInvoicing regulator was carried out to provide specific regulatory insights and to understand compliance requirements across dif

102、ferent jurisdictions.By integrating these diverse data sources,our methodology ensured a balanced approach that captured both broad trends and specific nuances.This mixed-method strategy enabled cross-validation of findings,enhanced reliability,and delivered a comprehensive analysis of eInvoicing in

103、teroperability within the APEC region.1.4.1 Data Limitation This report draws upon regulatory insights,and it recognises the need for more perspectives from businesses and end-users to fully capture the practical challenges they may encounter in eInvoicing.Furthermore,given the rapid pace of legal a

104、nd technological advancements,there is an inherent risk of data becoming outdated.This necessitates frequent updates to ensure that the analysis reflects the latest regulatory changes,technological standards,and industry practices across APEC economies.The literature review also faced limitations du

105、e to restricted access to proprietary studies and other non-publicly available data.Expanding access to up-to-date research,particularly recent studies,and insights from tax authorities,would further enrich the findings and enhance the analysis of interoperability challenges.The data limitation,assu

106、mptions and caveats underlying the economic analysis presented in this report are detailed in Chapter 5.13 2 Trade and invoicing in APEC This chapter examines key factors influencing the cross-border invoicing environment across APEC focusing on trade value and trends,growth of eInvoicing in APEC,di

107、gital maturity of businesses,and other considerations affecting trade in the APEC region.2.1 Trade value and trends APEC is a major contributor to global trade,representing 54%of global international trade value,with trade value in the region growing at an average rate of 2.5%over the past decade.iv

108、 In 2023,the total value of APECs international trade transactions,encompassing both imports and exports,was estimated at nearly USD 22.3 trillion.This represents approximately 22%of global GDP.v Chart 2.1 shows the value of APEC trade since 2013.The overall trend points to progressive growth in APE

109、C trade over time.Trade fell in 2020 where the pandemic-induced contraction saw exports decline by 4.7%,while imports fell by 6%.This downturn was countered by a robust recovery in 2021,with exports surging by 26.3%and imports increasing by 26.4%.However,this growth moderated in the subsequent years

110、,with export growth slowing to 9.9%in 2022 and projected to decline by 6.0%in 2023.Imports exhibited a similar pattern,with imports growing by 10.4%in 2022 and a projected decline of 6.7%in 2023.Vi Chart 2.1:APEC aggregated value of merchandise traded to the world(USD),2013 to 2023*The APEC trade va

111、lues for 2022 and 2023 are based on estimates,as data from smaller APEC member economies was incomplete.Source:Deloitte Access Economics,ComTrade database(2024)2.2 The growth of eInvoicing in APEC Despite the recent moderation in trade growth,the APEC regions dynamic trade landscape presents signifi

112、cant opportunities for enhancing interoperability.By streamlining trade processes and reducing barriers to cross-border trade,APEC members can further unlock the potential of their economic relationships and drive sustainable growth.The projected growth of eInvoicing(Chart 2.2)plays a key role in th

113、is estimation,as it represents a significant shift towards digitalisation,promising to streamline trade processes,reduce transaction costs,and enhance overall efficiency.There will be significant growth in the Asia-Pacific market such that it will$0$2$4$6$8$10$122013201420152016201720182019202020212

114、0222023(Trillion)ImportsExports 14 become the largest market by 2026 with market value growing by a factor of seven over the next four years.iv The Asia-Pacific market will cover a lot of APEC but some of the economies will be classified under North America or Latin America.The Asia-Pacific region h

115、as strong growth prospects in the eInvoicing market due to the integration of Continuous Transaction Controls(CTC)systems,primarily aimed at reducing tax evasion and enhancing value-added tax(VAT)compliance.This system,which mandates real-time reporting of invoices and transaction data to tax author

116、ities,is increasingly being adopted by nations like India,Indonesia,and China,driving the rapid expansion of eInvoicing.Additionally,the growing implementation of e-receipts and digital invoicing in the business to consumer(B2C)sector supports this trend,aligning with broader government initiatives

117、for digitisation and economic transparency.Consequently,the Asia Pacifics growth is projected to outpace other regions,benefiting from high number of transactions and an evolving regulatory environment.vii Chart 2.1:Projected market value of electronic Invoicing(Billion USD),2024 to 2028 Source:Bill

118、entis,The global eInvoicing and tax compliance report:Watch the tornado!(April 2024)2.2.1 Digital maturity of businesses The digital maturity of businesses across APEC economies is a critical factor in achieving seamless eInvoicing interoperability.While many economies within APEC have made signific

119、ant strides in adopting digital technologies,there remains considerable variation in the level of digital integration across businesses,particularly among Small and Medium Enterprises(SME).In economies such as Australia;Japan;and Singapore,mature digital ecosystems have enabled more widespread eInvo

120、icing adoption,whereas other economies lag behind due to insufficient infrastructure and digital literacy gaps.v This uneven digital maturity poses challenges for harmonising eInvoicing standards across APEC.Economies with higher digital maturity are better positioned to realise the full benefits of

121、 eInvoicingsuch as cost reductions,improved efficiency,and enhanced trade transparency.In contrast,businesses in less digitally mature economies may face difficulties in integrating cross-border invoicing processes,thereby limiting interoperability.vi We note that in some instances,businesses with l

122、ower levels of digital maturity may face a smoother path to the adoption of interoperable eInvoicing systems because they do not face some of the transition costs digitally mature businesses encounter switching from existing systems.Addressing digital maturity disparities will require targeted inves

123、tment in digital infrastructure,capacity building,and regulatory alignment across APEC.For instance,evidence from the APEC Digital Prosperity Checklist$0$2$4$6$8$10$12$14$1620242025202620272028(Billion,USD)Asia PacificLATAMNorth AmericaEurope 15 highlights the importance of tailored digital policy f

124、rameworks that support both advanced and developing economies in accelerating eInvoicing adoption and overcoming barriers to interoperability.vii 2.2.2 Other considerations relating to trade across APEC Several additional factors impact trade across APEC economies,including the regulatory environmen

125、t for eInvoicing and the broader implications of tariff and non-tariff measures.High tariffs on digital products can impede e-commerce growth and increase costs for cross-border transactions.viii Similarly,non-tariff measures,such as data privacy and cybersecurity regulations,influence eInvoicing sy

126、stem implementation.Addressing these challenges requires a mutual effort to harmonise regulatory frameworks and promote interoperability.ix APEC has taken steps towards improving eInvoicing interoperability,including the adoption of The Principles for the Interoperability of Electronic Invoicing Sys

127、tems as highlighted in the introduction of this report.Initiatives such as training programs,knowledge sharing,and technical assistance aim to support the adoption of eInvoicing across member economies.x Further,SMEs are key to APEC trade activities.The adoption of eInvoicing can streamline their pr

128、ocesses,reduce costs,and enhance competitiveness.However,barriers such as limited access to technology and data security concerns must be addressed to fully leverage the benefits of digital trade.Benefits and challenges of eInvoicing interoperability are further discussed in chapter four of this rep

129、ort.xi 16 3 eInvoicing state of play 3.1 What is eInvoicing?eInvoicing is the process of automating the digital exchange of invoice data between the accounting systems of a buyer and a supplier.eInvoicing eliminates the need for paper-based,Portable Document Format(PDF)invoices,or emails with invoic

130、es to be sent from a supplier to a customer.An eInvoice should not be confused with a digital invoice.While the terms are often used interchangeably,there are distinct and important differences between the two:Digital invoices can be viewed and processed digitally but feature unstructured and untrac

131、eable data.eInvoices feature structured data,are machine-readable and can be automated.For the purpose of this review,we are looking only at eInvoices.3.2 eInvoicing models 3.2.1 Interoperability The interoperability model involves a set of standards and protocols that dictate how information is exc

132、hanged.This standardised framework allows for the seamless transmission of data between parties,regardless of the network they use.xii The main particularity of interoperability is the use of service providers to exchange eInvoices.Service providers agree amongst themselves which formats to exchange

133、,resulting in open networks with many interoperable formats and service providers.xiii Figure 3.1:Interoperability Diagram Source:Pagero(2024)17 3.2.2 Continuous Transaction Control(CTC)Models Control and oversight of transactions have become essential for ensuring compliance and operational efficie

134、ncy.The Continuous Transaction Control method includes several electronic invoicing models with distinct processes.CTC models enables authorities to collect real-time data on business activities,either directly from commercial transaction exchanges or from company management systems.This strategy mi

135、tigates the inefficiencies of post-audit models,such as the interoperability model,where retrospective audits provide transaction information long after completion.xiv 3.2.2.1 Centralised In the centralised model,electronic invoices are transmitted in real-time to the domestic platform,which handles

136、 the receipt and processing of these documents.The central platform then forwards the invoice to the recipient.xv Figure 3.2:Centralised model Source:Pagero(2024)3.2.2.2 Clearance(Pre/Post)The Clearance model mandates that each electronic invoice must be validated or approved by the tax authority be

137、fore being sent to the recipient.Invoices are submitted in real-time to the domestic government platform,which then assigns unique identifiers and QR codes to each document.xvi Pre-clearance or hard clearance models require invoices to be cleared through local government agencies before sending them

138、 to the buyer.Post-clearance or soft clearance models allow taxpayers to distribute tax invoices to the buyer before sending them to the tax authority for clearance shortly afterwards.xvii This approach ensures efficient and precise management of tax information,minimising the necessity for retroact

139、ive audits.xviii 18 Figure 3.3:Clearance(Pre/Post)model Source:Pagero(2024)3.2.2.3 Real-Time Reporting(RTR)RTIR is a model implemented in Hungary and Korea,where there are no regulations for invoice exchange.However,the supplier is required to report a subset of the invoice to their tax authority in

140、 real-time after sending it to the buyer.The eInvoice must adhere to the mandatory format and include specific data such as document type,the names and VAT numbers of the trading parties,and VAT amounts.xix Figure 3.4:RTR model Source:Pagero(2024)3.3 Comparison and compatibility between different mo

141、dels Interoperability,clearance,and centralised eInvoice models each offer unique approaches to eInvoicing,with varying degrees of complexity and regulatory involvement.The interoperability model focuses on enabling seamless communication between different systems and platforms,ensuring that eInvoic

142、es can be exchanged and processed regardless of the underlying technology.This model promotes flexibility and broad adoption across diverse business environments.In contrast,the clearance model requires validation or approval from tax authorities before an invoice can be sent to the recipient.This r

143、eal-time verification process enhances tax compliance and reduces the need for retroactive audits,but it may introduce delays and require more robust infrastructure.The centralised model involves sending eInvoices to a domestic platform that processes and forwards them to recipients.This approach ce

144、ntralises control and simplifies compliance with domestic regulations but may limit 19 flexibility and increase dependency on the central systems reliability.While each model has its strengths,their compatibility depends on the specific regulatory,technological,and business requirements of the imple

145、menting region or organisation.While interoperability,clearance,and centralised eInvoice models each offer unique benefits,their compatibility and effectiveness depend on the specific regulatory,technological,and business contexts in which they are implemented.A thorough assessment of these factors

146、is essential for selecting the most suitable model for a given environment.The ability to send eInvoices between different models depends on the system setup.Firstly,the eInvoice standards and data formats must align;otherwise,the eInvoice will be rejected as invalid.Secondly,the communication proto

147、cols must be compatible to ensure successful transmission.Even when economies adopt a common framework like Peppol,cross-border invoices can still be rejected due to differing invoice requirements in each economy.This challenge persists unless specialised software with middleware capabilities is uti

148、lised to adapt and translate the data to meet each economys specific standards.Peppol PINT is an advanced specification developed by Open Peppol,intended to establish globally interoperable invoice standards.Currently,Peppol PINT is being adopted by Australia;Malaysia;New Zealand;and Singapore all w

149、ith their own variations with the exception being Australia and New Zealand(ANZ)as they both adopt the same standard format PINT A-NZ.xx The Peppol PINT rules are a set of guidelines established to ensure the integrity,reliability,and interoperability of electronic invoices across different regions

150、and systems worldwide.These rules are pivotal in creating a uniform standard that facilitates seamless cross-border transactions within the Peppol network.The rules mandate the inclusion of all essential details in the invoice such as the buyers and sellers information,invoice date,item descriptions

151、,quantities,and prices with a particular specification.xxi The Peppol PINT rules ensure that all required details are included in the invoice,confirm that the information remains unchanged since its creation,verify that neither party can deny sending or receiving the invoice,and ensure that invoices

152、 are sent and received in a timely manner.The rules are specific for an economys invoices and shall be applied by all senders who are creating invoices that are only applied by receiver who have a receiving capability for that economies invoice.Overseas receivers who are receiving invoices from the

153、sending economy but do not have a specific receiving capability for those will only apply the shared PINT rules and ignore not the economy specific rules.3.4 Current state of eInvoicing across APEC The following is a list of the current state of eInvoicing across APEC as of September 2024.1 Refer to

154、 A1 for a summary of the following.3.4.1 Australia 3.4.1.1 Model/Infrastructure Australia uses the Peppol framework for eInvoicing.xxii The Australian Taxation Office(ATO)is the Peppol Authority.xxiii 3.4.1.2 Mandates Federal agencies were mandated to be able to receive eInvoices by 1 July 2022.xxiv

155、 There is no corresponding mandate for companies to use this channel.1 Due to the ever-evolving nature of eInvoicing,there may be changes after the finalisation of this report.Current as of November 2024.20 New South Wales agencies were mandated to adopt eInvoicing by 1 January 2022.xxv 3.4.1.3 Tax

156、Invoice/invoice requirements Australias tax invoice requirements are detailed in section 29.70 of the A New Tax System(Goods and Services Tax)Act 1999.xxvi According to Public Ruling GSTR 2013/1,Electronic Tax invoices are an approved form of tax invoices.xxvii Where entities are not registered for

157、GST,there are no mandated invoice requirements.From 15 November 2024,mandatory business documents Peppol service providers must be able to process include:xxviii o PINT A-NZ invoice(mandatory)o PINT A-NZ credit note(mandatory)o PINT A-NZ self-billing(optional)o PINT A-NZ self-billing credit note(opt

158、ional)3.4.1.4 Other considerations The Australian Government promotes eInvoicing as an opportunity to deliver efficiency gains,increase productivity levels,and contribute towards digitalisation benefits for businesses as opposed to combating the shadow economy.xxix To try to encourage eInvoicing ado

159、ption five-day payment terms were introduced for businesses who use the channel with the Commonwealth government and meet the terms outlined in the payment policy Resource Management Guide 417.xxx 3.4.2 Brunei Darussalam There is no current model or announcements about economy wide eInvoicing howeve

160、r Brunei Darussalam has a Government Vendor Portal,the Treasury Accounting and Financial Information System(TAFIS)which uses SAP Ariba.xxxi 3.4.3 Canada 3.4.3.1 Model/Infrastructure There is currently no mandatory model or infrastructure for tax purposes.xxxii The Canadian Revenue Agency(CRA)is the

161、Tax Authority managing eInvoicing.xxxiii 3.4.3.2 Mandates eInvoicing is permitted but not mandatory.xxxiv In 2018,the government announced that all public body providers should be able to receive eInvoices,but it is not mandatory.xxxv 3.4.3.3 Tax Invoice/Invoice Requirements There is no required for

162、mat xxxvi For GST/HST purposes,standard archiving period is 6 years after the end of the year to which they relate.xxxvii 3.4.3.4 Other Considerations While not mandatory,the Canadian government encourages public bodies to accept eInvoices,aiming to evaluate the potential benefits for businesses.xxx

163、viii Canada Revenue Agency is an observer member of Peppol.xxxix 21 3.4.4 Chile 3.4.4.1 Model/Infrastructure Chile uses the Pre-Clearance model for eInvoicing.xl Chile uses the Electronic Tax Document-Documento Tributario Electrnico(DTE).xli Electronic invoicing is regulated by the Servicio de Impue

164、stos Internos(SII),which is the entity responsible for accrediting taxpayers as issuers and receivers of DTE.xlii 3.4.4.2 Mandates The DTE eInvoicing model has been operating in Chile since 2003 and has been mandatory for all Chilean taxpayers as of 2018.xliii 3.4.4.3 Tax Invoice/Invoice Requirement

165、s The required format is eXtensible Markup Language(XML),and it must be digitally signed prior to clearance by the SII.xliv The archiving period is 6 years for both issuers and receivers.xlv The most relevant mandatory DTEs include:xlvi o Invoices,o Non-Affected or Exempt Invoices,o Purchase Invoice

166、s,o Invoice Settlements,o Debit Notes,o Credit Notes,o Dispatch Guides,o Export Invoices,o Export Credit Notes,and o Export Debit Notes.3.4.5 Peoples Republic of China 3.4.5.1 Model/Infrastructure China has built a nationally unified e-fapiao service platform,providing taxpayers with 24-hour online

167、free one-stop services for the issuance,distribution and verification of digital e-fapiao.xlvii Taxpayers can use the National platform to issue,distribute,and verify e-fapiao instead of multiple platforms.xlviii The State Taxation and Administration(STA)is the Tax Authority managing eInvoicing.xlix

168、 3.4.5.2 Mandates eInvoicing is promoted on a voluntary basis.l 3.4.5.3 Tax Invoice/Invoice Requirements The required format is local XML.li After electronic invoices are generated,they are stored in the form of electronic data within the tax authorities information systems.Tax authorities establish

169、 a tax digital account for each taxpayer and a personal ticket folder for individuals,enabling automatic delivery,collection,and storage of invoices.The entire process is online,leaving a traceable record,eliminating the need for taxpayers to set up a fixed location for invoice storage.3.4.6 Hong Ko

170、ng,China 3.4.6.1 Model/Infrastructure The eInvoicing model in Hong Kong,China is post-audit.lii For B2B transactions,there is no designated infrastructure for sending eInvoices.Companies can either send eInvoices directly or use their chosen electronic invoicing system(such as ERP or a service provi

171、der).liii 22 For business to government(B2G)transactions,companies can upload or create eInvoices through the governments e-procurement system.liv 3.4.6.2 Mandates There is no mandatory requirement to use eInvoices in Hong Kong,China.lv For B2B transactions,companies must seek consent before sending

172、 eInvoices.lvi 3.4.6.3 Tax Invoice/Invoice Requirements Acceptable formats under the governments e-procurement system include PDF,.doc,.docx,.xls,and.xlsx,with an archiving period of at least 7 years.lvii To submit eInvoices to government departments,companies can manually input the eInvoice data in

173、to the system via the web form or perform batch upload of Zip files containing the eInvoice data in XML format under the governments e-procurement system.lviii The Electronic Transactions Ordinance(ETO)(Cap.553)provides the legal requirements for electronic transactions applicable under the legislat

174、ion.The legislation recognises electronic records as the same as paper records and signatures.lix The Inland Revenue Ordinance(IRO)(Cap.112)requires every person carrying on a trade,profession or business in Hong Kong,China to keep sufficient records in the English or Chinese language of his income

175、and expenditure to enable the assessable profits to be readily ascertained.Such records shall be retained for a period of not less than 7 years.There is no explicit requirement on the form of records(whether in paper or electronic form)to be kept.3.4.7 Indonesia 3.4.7.1 Model/Infrastructure Indonesi

176、a uses the e-Faktur Pajak system for eInvoicing which is a Pre-clearance model.lx The Direktorat Jenderal Pajak(DJP)is the Tax Authority managing eInvoicing.lxi 3.4.7.2 Mandates Since 2016,it has been mandatory that all VAT registered taxpayers whose sales exceed IDR 4.7 billion per year must issue

177、send their invoices through the e-Faktur system.lxii This is only applicable for standard tax invoices in relation to local VAT administration in Indonesia(not applicable for ESS VAT).lxiii 3.4.7.3 Tax Invoice/Invoice Requirements The required format is XML,and the archiving period is 10 years.lxiv

178、The issuer sends the electronic invoices to the DJP who will validate and approve the invoice content via a QR code to be included on the invoice.lxv 3.4.7.4 Other Considerations The main objectives of the Indonesian government implementing eInvoicing are to prevent tax fraud and improve trade effic

179、iency.lxvi 3.4.8 Japan 3.4.8.1 Model/Infrastructure Japan recommends and promotes the Peppol framework for eInvoicing.lxvii The Digital Agency,Government of Japan(DAJ)is the Peppol authority.lxviii 3.4.8.2 Mandates There are no mandates requiring the use of eInvoicing in Japan.lxix 3.4.8.3 Tax Invoi

180、ce/Invoice Requirements The required format in Japan is PINT(Peppol International Invoice).23 There are three specifications(JP PINT)that are compliant to the Qualified Invoice based Method.For the purpose of input tax credit,business is required to archive electronic invoice received in accordance

181、with laws and regulations for 7 years(in the usual case).3.4.9 Republic of Korea 3.4.9.1 Model/Infrastructure Korea uses a CTC model with RTR,where invoices are pre-cleared by the Tax Authority,National Tax Service(NTS).This system enables both the monitoring of transaction data by tax authorities a

182、nd the enforcement of tax regulations efficiently across businesses.lxx Korea has implemented a centralised model with a government-established platform called Hometax for exchanging electronic invoices between buyers and sellers.This central platform automatically validates transactions,ensuring ef

183、ficiency and accuracy.lxxi 3.4.9.2 Mandates eInvoicing is partially mandatory,required for businesses meeting certain criteria.From July 2023,any taxpayer whose yearly revenue exceeds KRW 100 million will be required to submit electronic invoices for clearance.lxxii 3.4.9.3 Tax Invoice/Invoice Requi

184、rements The required format is XML,with an archiving period of 5 years(10 years for immovable property).lxxiii 3.4.9.4 Other Considerations From July 2023,any taxpayer whose yearly revenue exceeds KRW 100 million will be required to submit electronic invoices for clearance.lxxiv This mandate also ap

185、plies to taxpayers with VAT registration,and for non-established individuals,eInvoicing is compulsory if the total supply value(including tax-exempt supplies)of goods or services in the preceding year is at least KRW 100 million.lxxv 3.4.10 Malaysia 3.4.10.1 Model/Infrastructure Malaysias MY-PINT st

186、andard is an extension of Peppol BIS Billing 3.0,meaning it is compatible with the global Peppol network while also incorporating local specifications.lxxvi The Malaysian tax authority is the Inland Revenue Board(IRB)or Lembaga Hasil Dalam Negri Malaysia(LHDNM).lxxvii Peppol authority is the Malaysi

187、a Digital Economy Corporation(MDEC).lxxviii 3.4.10.2 Mandates eInvoicing is partially mandated,with a planned implementation as follows:o 01/08/2024:Electronic invoicing for taxpayers with an annual turnover of MYR 100 million or more.o 01/01/2025:Mandatory electronic invoicing for taxpayers with an

188、 annual turnover of more than MYR 25 million and up to MYR 100 million.o 01/07/2025:Mandatory electronic invoicing for all other taxpayers.lxxix 3.4.10.3 Tax Invoice/Invoice Requirements Acceptable formats include XML or JavaScript Object Notation(JSON),with an archiving period of 7 years.lxxx 3.4.1

189、0.4 Other Considerations Each phase will target a specific business group according to their annual turnover.lxxxi 24 3.4.11 Mexico 3.4.11.1 Model/Infrastructure Mexico uses the pre-clearance model for eInvoicing.lxxxii In Mexico,the digital tax invoice scheme,Comprobante Fiscal Digital(CFD),should

190、use the internet digital tax invoice scheme to issue electronic invoices.lxxxiii Servicio de Administracin Tributaria(SAT)is the Tax Authority in Mexico.lxxxiv 3.4.11.2 Mandates The Mexican Government set that the use of CDFI(Digital Tax Receipts over the Internet),in its new version(4.0)is mandator

191、y from 1 April 2023 for all buyers and suppliers.lxxxv 3.4.11.3 Tax Invoice/Invoice Requirements The required format is CFDI XML.lxxxvi eInvoices must be archived for five years for both issuers and recipients.Documents must be archived according to NOM151 which gives legal guarantees to stored elec

192、tronic documents.lxxxvii 3.4.12 New Zealand 3.4.12.1 Model/Infrastructure New Zealand has adopted the Peppol eInvoicing Network as the common standard for eInvoicing.lxxxviii Peppol authority is Ministry of Business Innovation and Employment(MBIE).lxxxix 3.4.12.2 Mandates New Zealand currently has n

193、o eInvoicing mandate.However,from 31 March 2022,central public entities must be able to receive eInvoicing if their supplier chooses to using them.xc New Zealand announced new eInvoicing Rules will Impact Government Agencies and Businesses on 5 November 2024.xci The update mandates that by 1 January

194、 2026,a larger network of government agencies must have the capability to issue and receive eInvoices.xcii 3.4.12.3 Tax Invoice/Invoice Requirements The required format is Peppol BIS Billing 3.0,with an archiving period of 7 years.xciii It is expected that New Zealand will move to PINT A-NZ as their

195、 required format.xciv 3.4.13 Papua New Guinea The Papua New Guinea government does not have any current or future plans to regulate e-Invoicing systems.xcv 3.4.14 Peru 3.4.14.1 Model/Infrastructure Peru uses the post-clearance model for eInvoicing.xcvi Perus eInvoicing system is known as CPE(Electro

196、nic Payment Receipts)and is regulated by the Electronic Issuance System(SEE).xcvii 3.4.14.2 Mandates eInvoicing is mandatory in Peru for all companies and taxpayers are required to issue electronic invoices for both issuance and reception.xcviii 25 3.4.14.3 Tax Invoice/Invoice Requirements The requi

197、red format is XML,which uses UBL V2.1,with an archiving period of five years.xcix After generating a UBL 2.1 document,you must add a digital signature that ensures confidentiality and authenticity.Anyone registered and using the SUNAT portal receives a unique digital signature.c 3.4.14.4 Other Consi

198、derations The Superintendency of the National Tax Administration(SUNAT)is responsible for digitising the economy in Peru aiming for a more transparent market.ci 3.4.15 The Philippines 3.4.15.1 Model/Infrastructure The Philippines uses the Post-audit model for eInvoicing.cii The Philippines uses the

199、EIS program,requiring near real-time invoice reporting.ciii 3.4.15.2 Mandates As per sections 237 and 237-A of the Tax Code of 1997,as amended,the following taxpayers are required to issue electronic receipts or sales or commercial invoices and to electronically report their sales data to the Bureau

200、 of Internal Revenue(BIR),if applicable:civ 1.Taxpayers engaged in the export of goods and/or services;2.Taxpayers engaged in eCommerce;and 3.Taxpayers under the jurisdiction of the Large Taxpayers Service(LTS).3.4.15.3 Tax Invoice/Invoice Requirements The data is required to be transmitted to the E

201、IS in JSON format.cv Issuance and transmission can be done via the EIS portal or API connection.cvi The archiving period is 10 years.eInvoices must contain is:cvii o Document number o Date of issue o Unique Identification Number:this is linked to the Document Number to prevent the taxpayer from reje

202、cting or claiming that it is a different sales transaction.o Seller Information o Buyers information o Details of items/nature of service sold o Amount of the sale o VAT o Discounts 3.4.16 The Russian Federation 3.4.16.1 Model/Infrastructure Russia uses the Post Audit model for eInvoicing.cviii Russ

203、ian eInvoices must be generated as structured XML file with tags in Russian and regulated by the tax authority.cix Companies must use the services of an authorised EDI provider and must obtain a certificate issued by a Russian certification authority.cx 3.4.16.2 Mandates Federal Law No.371-FZ,taxpay

204、ers selling certain traceable goods imported to Russia and the Eurasian Economic Union(EAEU)are obligated to issue eInvoices.cxi 26 Since 2012 companies are able to use eInvoicing voluntarily.This requires an agreement between the issuer and the recipient.cxii 3.4.16.3 Tax Invoice/invoice requiremen

205、ts The required format is XML,with an archiving period of four years.cxiii All invoices must be signed by a certificate issued by a Russian certification authority,and a proprietary digital signature generation system.cxiv 3.4.16.4 Other considerations Since January 2017,Russia mandates e-accounting

206、 data to allow tax authorities to cross-check data between taxpayers,including scanned and digitally signed invoices.cxv By the end of 2024,Russia aims for 95%of invoices and 70%of transport and goods waybills to be issued in electronic form.cxvi 3.4.17 Singapore 3.4.17.1 Model/Infrastructure The Pe

207、ppol authority in Singapore is Info-Communications Media Development Authority(IMDA).cxix In January 2019 IMDA,as the Peppol authority in Singapore launched the Peppol network which eventually was renamed as InvoiceNow domestically.cxviii IMDA collaborates closely with the Inland Revenue Authority o

208、f Singapore(IRAS),which is the tax authority,to support tax reporting requirements tapping on the Peppol network.3.4.17.2 Mandates Whilst eInvoicing is not mandated the IMDA strongly promotes the use of Peppol e-Invoicing in B2B and B2G environments.cxx In April 2024,the IRAS announced a phased intr

209、oduction of eInvoice mandate for tax reporting prompting businesses to adjust to the new system for invoice submission via the InvoiceNow network.cxvii 1.Starting from 1 May 2025,a soft launch will allow existing GST-registered businesses to voluntarily begin transmitting invoice data to the IRAS us

210、ing InvoiceNow.2.By 1 November 2025,newly incorporated companies that voluntarily register for GST will be required to transmit invoice data to IRAS using InvoiceNow.3.From 1 April 2026,all new voluntary GST registrants must use InvoiceNow to transmit invoice data to IRAS.3.4.17.3 Tax Invoice/Invoic

211、e Requirements The required format is SG Peppol BIS Billing 3.0.cxviii Singapore is transitioning to PINT and IMDA has made this data standard available in early 2024 and currently in the process of enhancing the network and participating systems to fully support PINT within 2 years.cxix 3.4.17.4 Ot

212、her Considerations In Singapore,businesses face challenges such as inefficiencies in invoicing methods arising from different invoicing methods dictated by trading partners creating operational challenges for businesses.cxx 3.4.18 Chinese Taipei 3.4.18.1 Model/Infrastructure Chinese Taipei uses the

213、clearance model with the features of centralized invoicing.cxxi 27 Business entities issuing electronic uniform invoices upload the information for the electronic uniform invoices to the EInvoice Platform of the Ministry of Finance in Chinese Taipei(instead of eGUI)within the stipulated time.3.4.18.

214、2 Mandates There are various mandates for invoicing in Chinese Taipei,including the Value-added and Non-value-added Business Tax Act and Regulations Governing the Use of Uniform Invoices.Among other things,business entities selling goods or services shall issue uniform invoices to purchasers within

215、the stipulated time.However,exported goods,services related to exports,or services provided within the territory but used in foreign economies are exempted from the use or issuance of uniform invoices,both in paper and electronic forms.3.4.18.3 Tax Invoice/Invoice Requirements The current required f

216、ormat for uploading electronic uniform invoices to EInvoice Platform is MIG4,based on XML language.The uniform invoices must follow government specifications,with an archiving period of minimum 5 years.3.4.18.4 Other Considerations The implementation of eInvoicing aims to eliminate the use of paper

217、invoices after three years of phased adoption.cxxii Unless stipulated by other laws involving specific cases,it is not fully mandatory to issue eInvoices in Chinese Taipei,nor are there any sunset clauses for the use of paper invoices.3.4.19 Thailand 3.4.19.1 Model/Infrastructure Thailand uses the E

218、lectronic Transactions Development Agency(ETDA)system for eInvoicing via the e-Tax Invoice&e-Receipt system(RTIR).cxxiii e-Tax Invoice can also be sent through the e-mail system that allows eInvoices to be emailed to recipients and the tax authorities(only for small companies with annual turnover ID

219、R 4.7 billion/year Required format is XML Archiving period of 10 years Aims to prevent tax fraud and improve trade efficiency 58 Economy Model/Infrastructure Mandates Tax Invoice/Invoice Requirements Other Considerations Japan Interoperability model Recommends Peppol framework Digital Agency,Governm

220、ent of Japan(DAJ)is the Peppol authority No mandate Domestic standard:JP PINT(Peppol BIS Standard Invoice JP PINT and so on)Archiving period of 7 years(in the usual case)N/A Republic of Korea CTC model with real time reporting Uses e-Tax system National Tax Service is the Tax Authority Centralised p

221、latform Hometax Partially mandatory:from July 2023,required for taxpayers with yearly revenue KRW 100 million Required format is XML Archiving period of 5 years(10 years for immovable property)Mandate from July 2023 also applies to taxpayers with VAT registration Malaysia Interoperability model MY-P

222、INT standard extends Peppol BIS Billing 3.0 The Inland Revenue Board(IRB)or Lembaga Hasil Dalam Negri Malaysia(LHDNM)is the Tax Authority Malaysia Digital Economy Corporation is Peppol Authority Partially mandated with phased implementation between 01/08/2024 and 01/07/2025 Acceptable formats are XM

223、L or JSON Archiving period of 7 years Phased approach targets specific business groups according to annual turnover Mexico Pre clearance model Uses CFDI for eInvoicing Servicio de Administracin Tributaria is the Tax Authority Mandatory use of CFDI(version 4.0)from 1 April 2023 for all buyers and sup

224、pliers Required format is CFDI XML Archiving period of 5 years for both issuers and recipients Documents archived according to NOM151 N/A New Zealand Interoperability Model Adopted Peppol eInvoicing Network MBIE is the Peppol authority No mandate From 31 March 2022,central public entities must be ab

225、le to receive eInvoices if their supplier chooses to use them Required format is Peppol BIS Billing 3.0 Archiving period of 7 years Expected to move to PINT A-NZ N/A Papua New Guinea No current or future regulations on eInvoicing No mandate N/A N/A Peru Post clearance model Uses CPE regulated by SEE

226、 Mandatory for all companies Required format is XML(UBL V2.1)Archiving period of 5 years Superintendency of the National Tax Administration responsible for digitising the economy aiming for a transparent market The Philippines Post audit model Uses EIS program As per sections 237 and 237-A of the Ta

227、x Code of 1997,mandatory for:1.Exporters 2.E-Commerce 3.Large Taxpayers Service Required format is JSON Transmission via EIS portal or API connection Archiving period of 10 years N/A 59 Economy Model/Infrastructure Mandates Tax Invoice/Invoice Requirements Other Considerations The Russian Federation

228、 Post audit model Must use authorised EDI provider and obtain certification Mandatory for certain traceable goods as per Federal Law No.371-FZ Voluntary use since 2012 Required format is XML Archiving period of 4 years Aims for 95%of invoices and 70%of transport and goods waybills to be issued elect

229、ronically by end of 2024 Singapore Interoperability model Uses InvoiceNow(Peppol-based)IMDA is Peppol authority Not mandated but strongly promoted Phased introduction of tax reporting from 1 May 2025 and mandatory for specific groups starting 1 April 2026 Required format is SG Peppol BIS Billing 3.0

230、 Archiving period of 5 years Singapore is transitioning to PINT and to fully support PINT within 2 years.Delayed payments and inefficiencies in invoicing methods are challenges faced by businesses Chinese Taipei Clearance model with the features of centralised model Uses eGUI system clearance model

231、but with the features of centralized invoicing Mandatory for all companies Required format is MIG-3.2.1(XML)PDF must follow government specifications Archiving period of a minimum 5 years Aims to eliminate use of paper invoices after three years of phased adoption Thailand Real time reporting model

232、Uses Electronic Transactions Development Agency(ETDA)system via e-Tax Invoice&e-Receipt system(RTIR)eInvoices can be emailed for small companies Voluntary since 2012 Buyer consent required Required format of XML Archiving period of 5 years Data submitted to Thai tax authority by 15th of each month P

233、art of Thailand 4.0 initiative to transform into a digital economy Three-year tax deduction incentive introduced to encourage eInvoicing adoption The United States Four corner model Piloting a standardised B2B electronic document exchange system BPC oversees the new exchange network No mandates due

234、to tax complexities and lack of centralised authority Processed electronically in Structured or Hybrid invoice format(EDI or XML)Archiving period of 7 years from filing of tax return Influenced by IRS guidelines,state laws,and industry standards Paperwork Elimination Act mandates federal agencies an

235、d suppliers must have an option to submit an electronic invoice Nationwide eInvoicing mandate not yet possible due to absence of VAT system or input tax credit mechanisms in most states Viet Nam Clearance model Transmit data to tax authorities directly or through authorised service provider Mandator

236、y for all enterprises,business households,and individuals from 1 July 2022 Required format of XML Archiving period of 10 years Must have a digital signature and be archived securely Law 20/2023/QH15 allows digital messages to not be considered invalid due to receipt method Mandate aimed at combating

237、 VAT fraud and reducing VAT gap 60 A2.Appendix 2:File Format Protocols and Data Exchange Formats A.1.eXtensible Markup Language(XML)XML is a versatile,text-based format used for structuring and exchanging data online.In eInvoicing,XML provides a standard way to represent invoice data,ensuring smooth

238、 communication between different systems and organisations.Its customisable tags and structures make it adaptable to various applications while maintaining compatibility with industry standards and regulations.ccxxii XML organises invoice data hierarchically,including elements like invoice number,da

239、te,sender/receiver info,and tax details,which facilitates easy validation and automated processing.Supported by many software applications,XML enables seamless integration into existing business processes,ensuring efficient electronic invoice exchange between trading partners.By automating invoice g

240、eneration,transmission,and processing,XML reduces manual intervention,minimises errors,and speeds up transactions,enhancing overall operational efficiency.In summary,XMLs standardised,flexible,and structured format makes it crucial for achieving interoperability and improving the efficiency of eInvo

241、icing.A.2.JavaScript Object Notation(JSON)JSON is a lightweight,text-based data interchange format that is easy for humans to read and write,and easy for machines to interpret and produce ccxxiii In the context of eInvoicing,JSON serves as a modern and efficient method for representing invoice data,

242、enabling seamless communication between different systems and applications.JSONs simplicity and flexibility make it highly adaptable to various applications,including eInvoicing.ccxxiv In eInvoicing,JSON enables the seamless exchange of invoice data between systems and applications.JSONs simple synt

243、ax of key-value pairs and arrays facilitates the representation of complex data structures,making it ideal for API-based integrations.Its readability aids developers and business users in understanding and troubleshooting invoice data,while its lightweight nature improves network performance for rea

244、l-time and high-volume transactions.Widely supported across numerous programming languages and platforms,JSON ensures interoperability and efficient processing of electronic invoices in diverse environments.Its ability to create custom data structures allows adaptation to various industry standards

245、and regulatory requirements,providing tailored eInvoicing solutions while maintaining interoperability.A.3.Peppol Business Interoperability Specification(Peppol BIS):Peppol BIS is the eInvoice format specifically designed for electronic procurement documents within the Peppol network.It enables seam

246、less exchange of procurement-related documents,such as invoices.This standard is essential in modern eInvoicing,promoting interoperability and streamlined communication between different business systems across borders.EInvoices in Peppol must include buyer reference or purchase order reference.Invo

247、ice lines can include names of products or services,quantity,net amount,buyer accounting reference,time period,order reference,allowances or charges,and price details.ccxxv A.4.Peppol International Invoice(PINT)PINT billing is an advanced specification by OpenPeppol thats designed to create globally

248、 interoperable invoice specifications.It is set to replace the existing BIS Billing 3.0 specification in several economies around the world.61 ccxxvi Current APEC economies which have been impacted by the transition to PINT include Australia;Japan;Malaysia;New Zealand;and Singapore.ccxxvii PINT is a

249、n extension to Peppol BIS-Billing 3.0,BIS-Billing 3.0 is compatible with PINT.ccxxviii In 2018,Singapore became the first economy outside of Europe to adopt Peppol,requiring extension from the European-based specifications to meet local needs,while allowing network interoperability the solution is n

250、ot hassle-free.To improve on this,the PINT group was established to create an international business interoperability specification that eliminates the need for multiple economy-specific derogations.The PINT model consists of three layers:shared,aligned,and distinct.The shared layer includes univers

251、ally understood and consistent information,such as invoice numbers.The aligned layer addresses minor jurisdictional differences,like varying tax terminology(e.g.,GST in Australia vs.VAT in Europe).The distinct layer allows for economy-specific or industry-specific information that may not be relevan

252、t elsewhere.This structure ensures the shared layer is processed consistently across all participating economies,supporting cross-border interoperability,while the aligned layer is likely to be processed,and the distinct layer caters to unique local requirements.ccxxix Achieving comprehensive cross-

253、border interoperability will require collaboration,standardisation,and alignment among solution providers,governments,and stakeholders.The PINT model provides a promising framework for establishing a global standard for cross-border eInvoicing,promoting interoperability while accommodating specific

254、economy requirements.The adoption of the PINT model and continued stakeholder collaboration will be crucial in achieving seamless cross-border eInvoicing.ccxxx A.5.Electronic Data Interchange for Administration,Commerce,and Transport(EDIFACT):Electronic Data Interchange(EDI)is the computer-to-comput

255、er exchange of business documents in a standard electronic format.Unlike paper-based methods,EDI automates data transfer,enhancing efficiency,accuracy,and speed in transactions.EDI uses standard formats to ensure data is universally understood across systems,covering documents like purchase orders,i

256、nvoices,and shipping notices.Automation reduces manual errors and speeds up processing times.Transactions are encrypted and transmitted over secure networks,ensuring confidentiality and regulatory compliance.Common EDI documents include purchase orders,invoices,Advance shipping notices(ASNs),and pay

257、ment remittance advices.EDI is widely used across various industries,including retail,automotive,healthcare,logistics,and manufacturing,to facilitate smooth and efficient B2B communication.ccxxxi 62 A3.Appendix 3:Economic modelling steps and key assumptions A3.1 Overview of economic modelling for eI

258、nvoicing The economic modelling for eInvoicing across APEC economies involves quantifying the productivity gains and costs savings from shifting from PDF invoice to eInvoicing for cross border transactions.The key steps undertaken are set out below and described in more detail in the paragraphs that

259、 follow:1.Identifying the value of bilateral trade flows between APEC economies.2.Estimating the average transaction value of bilateral trade flows between APEC economies.3.Calculating the number of bilateral transactions between APEC economies.4.The benefits of an electronic invoice relative to a P

260、DF invoice are calculated based on evidence from the literature.This captures reductions in manual processing,error minimisation,and storage costs.5.Productivity benefits are adjusted based on estimated differences in labour costs by economy to generate a cost savings by invoice 6.Productivity benef

261、its are multiplied by number of bilateral transactions and various scenarios for adoption levels to estimate the magnitude of potential economic benefits across APEC.These steps are discussed in greater detail below.A3.2 Identifying the value of bilateral trade flows between APEC economies and avera

262、ge transaction value The model uses trade data for APEC economies to assess the value of bilateral transactions.These transaction values are based on annual international trade values from the United Nations(UN)ComTrade database.This is used alongside ABS data on average transaction values to estima

263、te average transaction value for bilateral economy pairs within APEC.These steps are outlined further below.A3.2.1 International trade value across APEC economies UN ComTrade data provides the trade values for each APEC economy.Table A.1 shows an example of annual APEC economys trade value.ccxxxii 6

264、3 Table A.1:Aggragated annual bilateral import value from Comtrade database,2023(USD,Billion)*Source:United Nations ComTrade database(2024)A3.2.2 Average transaction value and adjustment for bilateral trade relationships ABS data on Australias international tradeincluding total transaction counts,an

265、d aggregate trade values for imports and exportsis used to estimate a four-year average transaction value for imports and exports for each APEC economy trading with Australia.The application of a 4-year average mitigates annual fluctuations,thereby offering a more stable foundation for comparison.cc

266、xxxiii This is combined with data on average transaction values in for imports in Canada and imports and exports in New Zealand.Publicly available data on number of transactions was not identified for other APEC economies or the available data was considered too outdated to inform the analysis.For t

267、hese other economies,an average of their values in the ABS dataset and the average transaction value in New Zealand and Canada was used.Table A.2:Estimated average number of import transactions:*Four-year average Australians exports value.Source:Australian Bureau of Statistics,(2021),Characteristics

268、 of Australian Importers.The approach to estimating average transaction values by economy is an estimate only as these values are likely to vary considerably by economy and over time.Based average transaction values on information from Australia;64 Canada and New Zealand is likely to mean for other

269、APEC economies are an estimate only.Notably,transaction values for Australia were found to be relatively high and it is likely that other APEC economies(particularly those that share land borders)may have lower average transaction values.This would mean the estimated benefits may be conservative.A3.

270、2.3 Inflation adjustment and US dollar conversion Once the average transaction values are established,they are adjusted for inflationccxxxiv.The next adjustment addresses annual exchange rate fluctuations by converting all values into a consistent currencyin this case,US dollarsto establish a common

271、 benchmark.A3.2.4 Calculating the number of bilateral transactions between APEC economies This step combines the datasets outlined in Tables 1 and 2 to estimate the average number of transactions between APEC economies,a key factor in determining the productivity gains and costs savings from eInvoic

272、ing.To estimate the transaction counts,the bilateral import value between APEC member economies was divided by the average transaction value,providing an estimate of transaction number between each bilateral economy pair.A3.2.5 Assumptions and data considerations Note that transaction values were es

273、timated based on a small number of APEC economies from which this data could be sourced.As a result,these estimates should be seen as relatively high level indications of the magnitude of potential productivity gains from eInvoicing adoption rather than precise estimates.Further,while UN ComTrade pr

274、ovides a solid foundation for aggregated annual trade value for each APEC member,however,variations in reporting and data collection methods among APEC economies may introduce some differences.A3.3 Evaluate productivity gains and cost savings per invoice A3.3.1 Productivity metrics and cost saving a

275、ssumptions The productivity benefits per transaction were estimated using established benchmarks from existing eInvoicing studies.Deloitte Access Economics estimates that the productivity benefits of eInvoicing amount to USD 14.84 per invoice.ccxxxv The different components that make up these saving

276、s are shown in Table A.4.These estimates align closely with findings from the 2024 European Commission preparatory study on the effects of Directive 2014/55/EU,which highlights comparable productivity gains in public procurement.ccxxxvi Table A.4:Estimated productivity benefits breakdown 1 Deloitte

277、Access Economics,(2016)65 2 IBM Sterling Report(2010)3 AP Benchmark report average of paper processing costs in 2012 and 2013($10.16)cost of structured invoice processing($1.405),inflated to$2015 plus on costs and overheads.4 IBM Sterling report(2010)indicates a cost saving of$1.75 compared to a pap

278、er invoice-this is converted to AUD in 2016.5 IBM Sterling Report(2010)64%error rate based on Hackett Group(2014)reduced by 37%due to eInvoicing based on the IBM Sterling Report.The cost per error is$53.50 cost based on the IBM Sterling Report(2010)(4%x 0.37 x$53.50)Source:Deloitte Access Economics(

279、2024)Further,the productivity gains are allocated 60%to Accounts Payable(Imports)and 40%to Accounts Receivable(Exports),as per the Australian Taxation Office(ATO)eInvoicing value assessment for 2024.These figures have been adjusted to account for inflation and converted to US dollar.ccxxxvii Table A

280、.5:Estimated productivity benefits adjusted for inflation and conversion to US dollar Source:Deloitte Access Economics(2024)These benefits are split as follows:Accounts Payable:Accounts payable departments capture 60%of the total productivity gain,equating to USD 8.90 per invoice.Accounts Receivable

281、:Accounts receivable departments account for the remaining 40%,benefiting by USD 5.94 per invoice.ccxxxviii In the context of cross-border invoicing,the benefits to accounts payable accrue to importers while the benefits to accounts receivable accrue to exporters.A3.3.2 Assumptions and data consider

282、ations The analysis operates under the assumption that the base case comparison is between electronic invoices(PDF format)and traditional PDF invoices.In this context,it is presumed that the use of PDF invoices incurs higher processing costs,time delays,and error rates compared to electronic alterna

283、tives.This is a key assumption and productivity gains may be smaller if some of the shift is from semi-automated invoices that can be machine read to eInvoicing.Further,the analysis assumes that the productivity gains from eInvoicing will be consistent across various industries and transaction types

284、.However,note that different sectors may experience varying levels of efficiency improvements due to factors such as existing processes,technological adoption,and the complexity of transactions.For instance,industries with higher number of transactions or more straightforward invoice processing work

285、flows,such as retail,might see more pronounced productivity benefits compared to sectors that involve complex billing structures,such as construction or government contracting.Additionally,the assumption presumes that all organisations are equally equipped to implement eInvoicing systems effectively

286、.Variability in infrastructure,staff training,and organisational readiness can lead to disparities in productivity gains.A3.4 Assessing potential economic benefits by economy at varying adoption rates The final step of the modelling involved calculating potential economic benefits for each economy u

287、sing scenario analysis to account for varying eInvoicing adoption rates.The productivity benefit for imports was calculated as follows:66 Estimated number of import transactions eInvoicing benefit for Accounts Payable(Imports)Assumed eInvoicing adoption rate Similarly,the productivity benefit for ex

288、ports was calculated as:Estimated number of export transactions eInvoicing benefit for Accounts Receivable(Exports)Assumed eInvoicing adoption rate Each result was then adjusted by differences in labour cost per worker based on data from the Global Trade Analysis Projectccxxxix,allowing for differen

289、ces in labour costs.Ideally a direct measure of labour costs would have been used but such measures were not available on a consistent basis for all APEC member economies.Table A.6 below provides an example of Canadas productivity benefit when importing from Australia:Table A.6:Estimated eInvoicing

290、benefits for Canadas Imports from Australia*The analysis considers only productivity benefit generated from international trade,not internal economy benefits.Source:Deloitte Access Economics(2024)The total eInvoicing benefit for Canada includes the combined productivity gains from Canadas imports an

291、d exports with each of the APEC member economies.A total of 840 calculations were performed,covering all potential trade pairs between the 21 APEC members,to fully capture the network effects of eInvoicing adoption across the region.A3.4.2 Scenario analysis for adoption rates The model enables flexi

292、bility in adjusting eInvoicing adoption rates,allowing for estimation of the resulting economic benefits for each APEC member economy.The table A.7 below presents the potential annual productivity gains from import and exports for APEC members at various eInvoicing adoption levels.Table A.7:Potentia

293、l annual productivity gains for APEC members at different eInvoicing adoption levels(USD,Millions)*The analysis considers only productivity benefit generated from international trade,not internal economy benefits.Source:Deloitte Access Economics(2024)67 At a higher adoption level of 50%,the total be

294、nefits are projected to reach USD 5 billion,with the United States realising benefits of up to USD 2.2 billion.This modelling assumes that current cross border eInvoicing are not currently occurring but there is likely to be some cross border invoicing currently.Thus,these results reflect the value

295、of an increase in adoption from current levels i.e.,if adoption is 1%currently,the 50%adoption scenario is equivalent to an increase in adoption from 1%to 51%.A3.5 Caveats and limitations The eInvoicing economic model provides a way of assessing the potential magnitude of productivity gains and cost

296、 savings from an increase in eInvoicing adoption in APEC.Importantly,it is not a forecast or projection of eInvoicing adoption.In economies where eInvoicing has not been mandated,adoption rates have been well below 50%and thus this would represent an ambitious goal,although companies engaged in impo

297、rting and exporting do tend to be larger and thus likely to be more digitally mature.A key limitation arises from the use of transaction data from a limited set of economies as a proxy for estimating transaction values across other APEC economies.Data from these economies may not accurately reflect

298、the trade dynamics of all APEC economies,particularly smaller or geographically proximate economies where transaction values and volumes may differ significantly.For instance,economies that share land borders,or those with close historical trade ties,may experience a higher frequency of transactions

299、 with lower individual values.Consequently,this proxy-based approach could lead to a conservative estimate of productivity gains and cost efficiencies,particularly in cases where the number of transactions is likely higher than those estimated by the model.The models productivity estimates are also

300、based on average benefits per eInvoice,which may not capture sector-specific differences in efficiency gains.External factorssuch as varying regulatory landscapes,levels of digital readiness,and market maturity across industriescan all influence the degree to which businesses adopt and benefit from

301、eInvoicing.These dynamics are likely to affect the uniform application of the productivity benefits estimated in this analysis.While the model provides a benchmark for potential gains,variations across sectors and transaction types may lead to different outcomes in practice.A3.5.1 Range of results a

302、nd scenario variability(Best case vs.Worst case)The models results should be seen as a range of potential outcomes rather than definitive forecasts.This analysis provides a what-if scenario assessment,estimating the potential benefits if APEC economies achieve specific adoption levels and progress i

303、n unison towards interoperability in eInvoicing.The benefits depend on coordinated take up:as more economies adopt the system,the potential for cumulative productivity gains increases.However,this interdependence means that the realised benefits will vary based on the coordinated adoption rates amon

304、g economies.Disparities in adoption can lead to differences in overall productivity and cost savings,highlighting the importance of alignment in take-up across the region.If some economies adopt eInvoicing more rapidly than others,the distribution of gains may become uneven.Early adopters may face c

305、osts related to implementation without realising the expected benefits,especially if other economies do not adopt complementary international components.This scenario can lead to a situation where the advantages of early adoption are diminished.Therefore,for APEC to fully unlock the economic benefit

306、s of eInvoicing,a coordinated and harmonised approach would be most effective,highlighting the importance of collective action across member economies.68 Limitation of our work General use restriction This report is prepared solely for the use of the Department of Foreign Affairs and Trade.This repo

307、rt is not intended to and should not be used or relied upon by anyone else and the Department of Foreign Affairs and Trade and Deloitte accept no duty of care to any other person or entity.The report has been prepared for the purpose of improving eInvoicing adoption and interoperability across APEC

308、economies by identifying best practices and overcoming implementation challenges.You should not refer to or use the Department of Foreign Affairs and Trade and/or the name of Deloitte or this report for any other purpose.69 Endnotes i Client provided data,Draft-Principles for the Interoperability of

309、 Electronic Invoicing Systems in the APEC Region.(2024)ii APEC Business Advisory Council,Embrace Engage Enable Report to APEC Economic Leaders(April 2022)iii Asia-Pacific Economic Cooperation,Annex 1:Principles for the Interoperability of Electronic Invoicing Systems in the APEC Region|2023 APEC Min

310、isters Responsible for Trade Statement of the Chair,Annex 1:Principles for the Interoperability of Electronic Invoicing Systems in the APEC Region(2023).iv Billentis,The Global eInvoicing and Tax Compliance Report:Watch the Tornado!(April 2024)v APEC Economic Cooperation,E-commerce Status Analysis t

311、o Identify Best Practices,Digital Skills Development and Strategies that Promote E-Commerce in MSMEs in APEC Economies,(January 2024)vi APEC Economic Cooperation,Digital Economy Steering Group Report to APEC Senior Officials on the Implementation of the APEC Internet and Digital Economy Roadmap in 2

312、021,(5 November 2021),vii APEC Economic Cooperation,APEC Digital Prosperity Checklist,(November 2008),viii APEC Policy Support Unit,A New Look at the Free Trade Area of the Asia-Pacific(FTAAP):Review of APECs Collective Progress,(May 2024)ix APEC,APEC Regional Trend Analysis,(May 2024)x APEC Policy

313、Support Unit,A New Look at the Free Trade Area of the Asia-Pacific(FTAAP):Review of APECs Collective Progress,(May 2024)xi OECD and APEC Economic Cooperation,Pilot Program for Measuring the Regulatory Environment of Services Trade in the APEC Region,(16 September 2020)xii Pagero,The rise of eInvoici

314、ng CTC models across the world(5 July 2024)Pagero,The rise of eInvoicing CTC models across the world(5 July 2024)xiii Pagero,The rise of eInvoicing CTC models across the world(5 July 2024)Pagero,The rise of eInvoicing CTC models across the world(5 July 2024)xiv edicom,Electronic Invoicing Models:CTC

315、,Clearance,Real-Time,Centralized,Interoperable,and More|EDICOM Global(18 June 2024)xv Edicom,Electronic Invoicing Models:CTC,Clearance,Real-Time,Centralized,Interoperable,and More|EDICOM Global(18 June 2024)xvi Edicom,Electronic Invoicing Models:CTC,Clearance,Real-Time,Centralized,Interoperable,and

316、More|EDICOM Global(18 June 2024)xvii Pagero,The Rise of eInvoicing CTC Models across the World(21 August 2024)xviii Edicom,Electronic Invoicing Models:CTC,Clearance,Real-Time,Centralized,Interoperable,and More|EDICOM Global(18 June 2024)xix Pagero,The Rise of eInvoicing CTC Models across the World(2

317、1 August 2024)xx Australian Taxation Office and Ministry of Business Innovation and Employment,Minutes A-NZ Service Provider Forum(5 March 2024)xxi Peppol,Peppol PINT BIS Billing version 1.0.2,xxii Australian Taxation Office,What Is eInvoicing?(3 November 2022).Australian Taxation Office,What Is eIn

318、voicing?(3 November 2022).xxiii Australian Taxation Office,What Is eInvoicing?(3 November 2022).Australian Taxation Office,What Is eInvoicing?(3 November 2022).xxiv eInvoicing for Government,www.ato.gov.au(9 April 2024)https:/www.ato.gov.au/businesses-and-organisations/einvoicing/einvoicing-for-gove

319、rnment eInvoicing for Government,www.ato.gov.au(9 April 2024)https:/www.ato.gov.au/businesses-and-organisations/einvoicing/einvoicing-for-government xxv buy NSW,eInvoicing|Buy.nsw buy NSW,eInvoicing|Buy.nsw xxvi AustLII,A NEW TAX SYSTEM(GOODS and SERVICES TAX)ACT 1999-SECT 29.70 Tax Invoices xxvii A

320、ustralian Tax Office,GSTR 2013/1-Goods and Services Tax:Tax Invoices,(2013)xxviii OpenPeppol,Australia-Peppol Authority Specific Requirements(2024)xxix OpenPeppol,Australia(15 February 2024)xxx Australian Government Department of Finance,Part 1-Policy and Practice|Department of Finance(7 May 2024)xx

321、xi Ministry of Finance and Economy,Migration of eInvoice Portal to Government Vendor Portal in Tafis,www.tafis.gov.bn(29 March 2024)xxxii eInvoicing in Canada-APEC Interoperability Project Consultation with Deloitte Touche Tohmatsu through survey questionnaire,9 October 2024 71 xxxiii Edicom,Electro

322、nic Invoicing in Canada|EDICOM Global,xxxiv eInvoicing in Canada-APEC Interoperability Project Consultation with Deloitte Touche Tohmatsu through survey questionnaire,9 October 2024 xxxv Edicom,Electronic Invoicing in Canada|EDICOM Global,xxxvi eInvoicing in Canada-APEC Interoperability Project Cons

323、ultation with Deloitte Touche Tohmatsu through survey questionnaire,9 October 2024 xxxvii eInvoicing in Canada-APEC Interoperability Project Consultation with Deloitte Touche Tohmatsu through survey questionnaire,9 October 2024 xxxviii Jose Sanguino,Maria,eInvoicing in Canada:A Study on Implementati

324、on xxxix eInvoicing in Canada-APEC Interoperability Project Consultation with Deloitte Touche Tohmatsu through survey questionnaire,9 October 2024 xl eInvoicing in Chile-APEC Interoperability Project Consultation with Deloitte Touche Tohmatsu through survey questionnaire,13 November 2024 xli Edicom,

325、eInvoicing in Chile|EDICOM Global xlii Edicom,eInvoicing in Chile|EDICOM Global xliii Bakker,Nikkie and Lorea Lastiri,Advanced eInvoice Regulation Guide in Chile,News about global eInvoicing(10 March 2023)xliv Basware,eInvoicing Chile Compliance and Regulatory Updates,xlv Edicom,eInvoicing in Chile|

326、EDICOM Global xlvi Edicom,eInvoicing in Chile|EDICOM Global xlvii Pagero,eInvoicing Compliance in China|Pagero,xlviii Pagero,eInvoicing Compliance in China|Pagero,xlix Edicom,eInvoicing in China|EDICOM Global,l Edicom,eInvoicing in China|EDICOM Global,li Zhang,Zoey,eInvoice Management in China:How C

327、ompanies Can Stay Compliant,China Briefing News(4 February 2021)lii Bakker,Nikkie,eInvoicing Compliance in Hong Kong(Explained)(13 May 2023)liii Bakker,Nikkie and Lorea Lastiri,eInvoicing Compliance in Hong Kong(Explained)(13 May 2023)72 liv Bakker,Nikkie and Lorea Lastiri,eInvoicing Compliance in H

328、ong Kong(Explained)(13 May 2023)lv Bakker,Nikkie and Lorea Lastiri,eInvoicing Compliance in Hong Kong(Explained)(13 May 2023)lvi Bakker,Nikkie and Lorea Lastiri,eInvoicing Compliance in Hong Kong(Explained)(13 May 2023)lvii The Government of the Hong Kong Special Administrative Region,e-Procurement

329、User Manual eInvoice(October 2024)lviii The Government of the Hong Kong Special Administrative Region,e-Procurement User Manual eInvoice(October 2024)lix The Government of the Hong Kong Special Administrative Region,Digital Policy Office Electronic Transactions Ordinance(Chapter 553)(July 2024)lx Pa

330、gero,eInvoicing Compliance in Indonesia|Pagero,eInvoicing compliance in Indonesia|Pagero(2021)lxi Edicom,Electronic Invoicing in Indonesia|EDICOM Global, lxii Edicom,Electronic Invoicing in Indonesia|EDICOM Global, lxiii eInvoicing in Indonesia-APEC Interoperability Project Consultation with Deloitt

331、e Touche Tohmatsu through survey questionnaire(19 September 2024)lxiv Comarch,eInvoicing in Indonesia,(2014)lxv Edicom,Electronic Invoicing in Indonesia|EDICOM Global, lxvi Comarch,eInvoicing in Indonesia,(2014)lxvii Edicom,eInvoicing in Japan|EDICOM Global lxviii OpenPeppol,Peppol Authorities(30 Se

332、ptember 2024)lxx eInvoicing in Korea-APEC Interoperability Project Consultation with Deloitte Touche Tohmatsu through survey questionnaire,12 November 2024 lxxi eInvoicing in Korea-APEC Interoperability Project Consultation with Deloitte Touche Tohmatsu through survey questionnaire,19 September 2024

333、 lxxii Bakker,Nikkie And Lorea Lastiri,eInvoicing in South Korea:Navigating Compliance and Regulations (15 July 2023)73 lxxiii Edicom,eInvoicing in South Korea|EDICOM Global lxxiv Bakker,Nikkie And Lorea Lastiri,eInvoicing in South Korea:Navigating Compliance and Regulations (15 July 2023)lxxv eInvoicing in Korea-APEC Interoperability Project Consultation with Deloitte Touche Tohmatsu through surv