Taiwanese officials are implementing new electronic invoicing mandates in several industries but not for the reasons you may think. According to reports published Tuesday (Sept. 1) in The China Post, Taiwan’s Ministry of Health and Welfare is turning to e-nvoicing rules to curb potentially dangerous lapses in government oversight.
Reports said the ministry launched the digital invoicing mandate in Taiwan’s powdered milk industry starting Monday, allowing officials to more adequately track and regulate the sector and ensure the safety of the sector’s food products. Last July, officials approved of the rules to apply to other food industries as well.
Similar regulations were implemented within the oil sector last year, reports said, following various tainted oil scandals. Government officials are hoping that digital billing and invoicing can reduce shortfalls in product quality.
Regarding the powdered milk sector, authorities will require all authorized importers, manufacturers and sellers to use digital invoicing when conducting business with infant and adult powdered milk products. Failure to do so can lead to fines, according to the ministry’s Food Safety Division.
“Once the companies are using electronic receipts, all arriving or exiting shipments with an invoice can be monitored through the cloud, and government agencies can quickly see the current prices,” said Food Safety Division Section Chief Chou Pei-ju, reports said.
Using the cloud to track product prices has been introduced under the guidance of the Ministry of Finance, reports added. Officials said more than 96 percent of all powdered milk companies were already using digital invoicing.
Similar mandates will come into effect for the dairy, meat, genetically modified produce, flour, starch and lunchbox sectors beginning next year.
Experts say increasing transparency in B2B and government procurement procedures is one of the most prominent reasons why digital invoice mandates are implemented around the globe. Taiwan’s use of the e-invoice to track product quality and pricing, however, puts a new spin on the tactic.
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